Information coming out from newer surveys is painting a picture of today’s Millennial that is a bit different from how Millennials have been described in the recent past. Often described as the lazy, narcissistic, tech introverts; more current data is showing they’re not so different from the population as a whole when it comes to retail spending. And that as we’d suspect, their perceived failure to launch into the traditional timeframe for life markers like marriage and kids, have impacted some key spending categories like real estate and transportation; but have also buoyed retail categories like travel and entertainment. 30’s are the new 20’s!
With the average age of a first marriage and first child moving up nearly a year every few years time, Millennials are now finally settling down… in their 30’s.
So it’s not that surprising to see some inflated figures for entrainment and dining and decreased spend in categories like home improvement and grocery. However, expect these to flatten out to look more like non-millennials over the coming couple years. With 85% of births happening with Millennial parents, 35% of home sales by millennials, and 60% of first time home buyers being millennials, expect the evenings out at the show and dinner with friends to diminish some.