As the size of the Millennial generation grows, both in spending power and size, so does the allocation of budget to reach them.
As this eMarketer article illustrates, spending has grown to over a third even while Millennial spending power lags that figure – hanging around 25% currently. What we are seeing is a mad dash to capture the brand preference as this generation moves into the prime of the ‘age of acquisition.’ This is even more of the case for the 25-35 year old segment of the 18-35 year olds.
With an expected 50% of the workforce in 2020 being Millennial and more than doubling their spending power over the next 5 or so years…. Look Out!