Millennials Shopping, Down Economy, Shopper Marketing

Even in a Down Economy, Millennials Still Like to Spend Money

According to Retail Customer Experience, the National Retail Federation analyzed survey data from an April Consumer Survey.

Millennials Shopping, Down Economy, Shopper Marketing

A few points of note included:

  • 50% of millennials polled said they are spending less as a result of the economy, slightly less than the 56 percent of average adults.
  • 25% of millennials are spending time finding the best deals online, slightly less than the three out of 10 Americans overall.
  • 20% say they are spending less on apparel, compared to the 32 percent of other adults. Recent studies confirm that this generation has a high propensity to spend on apparel, and this certainly helps paint that picture.

From the article:

The data revealed that 89.5 percent of young adults feel the economy is affecting their spending plans in some way. But despite having a higher unemployment rate, 18- to 24-year-olds are less likely to pull back their spending due to the economy, said Dianne Kremer, senior analyst at Prosper Insights & Analytics.

“Being less likely to carry the financial burden of a mortgage or the responsibility of children, coupled with being happier with the current administration in Washington, young adults are significantly more likely to have a ‘live for today’ mentality when it comes to opening their wallets. Though it’s uncertain, these consumers remain more confident in the future health of the U.S. economy,” she said.