Published On: 12/22/2014

MillennialsThere are 74.3 million millennials in the US, representing a combined purchasing power of $170 billion and a key segment for businesses. These young consumers further have unique spending priorities and expectations from the brands they interact with. For example, in the US, 18% of 19-36 year olds go out of their way to buy from companies or brands that support LGBT issues. About 42 percent of millennials are in the market to buy a home within the next five years. To fully understand how millennials will interact with businesses in 2015, it’s necessary to observe the factors driving their consumption.

Millennials value Digital Engagement with Brands

  • 36% have switched where they do business based on the company’s mobile app.
  • 4 out of 5 say it is important for retailers to have a mobile app.
  • Nearly HALF advocate for brands they love by purchasing online.

Education and Employment

  • Millennials are expected to become the largest percentage of the workforce in 2015.
  • 58% expect to be at their job for less than 3 years.
  • 79% of Gen Y members hold at least a bachelor’s degree.