While the term “millennial” might often be associated with the college or teen set, this social media focused generation is growing up. Last year, 85% of the babies born in American were born to this generation.
New phase for Millennials. Millennials are entering a new phase of their lives, and they are changing the way the consumer market works. According to whom you ask, the millennial generation either started being born in 1980, 1981 or 1983 but regardless, there are now more people at the age of 24 in the United States that any other age. With the average age of women having their first child at 26, odds are the vast majority of Americans will spend the next five years making major purchases, looking for new technology and taking their penchant for mobile into their lives as parents and adults.
Generational differences with tech and mobile. There are some notable differences between generations when it comes to technology and mobile. People who are ages 30 to 34 are 20% more likely than 26-to-29 year olds to buy an iPhone instead of an Android. As the Millennial generation grows up and can afford to spend more, they are likely to purchase Apple products.
Amazon is also prepping for the coming millennials. This age group is entering 20 years of its peak earning power, and they are a generation used to on-demand products and services such as Amazon’s Prime service, which delivers most products within two business days. Retailers are expecting that this generation will spend more than ever for more convenience and instant gratification.
Not all rosy for millennials and the economy. However, the outlook isn’t entirely rosy. Analysts caution that this is also the generation that lived through the greatest economic crisis since the Great Depression. It is also facing mountains of student debt and an unsettled economic landscape that has been disrupted by the very technology they use to post on platforms like Snapchat.