SOURCE: Packaged Facts
September 21, 2010 13:12 ET
Economically Optimistic Gen-Y Adults Are Essential to Nation's Recovery
NEW YORK, NY--(Marketwire - September 21, 2010) - With an aggregate income approaching $1 trillion, the adults of the Millennial Generation are expected to play an essential role in the recovery of the American economy and consequently offer significant opportunities to marketers of consumer goods and services, according to survey data published in Millennials in the U.S.: Trends and Opportunities Surrounding Gen-Y Adults by market research publisher Packaged Facts.
Though hit harder than any other age demographic during the recession due to pay cuts and rampant unemployment, Millennials remain optimistic about the future of the American economy and are less likely to have cut spending despite the downturn.
"The older Gen-X consumers are at a 'big-spending' stage of life, while Gen-Y consumers offer a bright note in an otherwise dismal spending picture because throughout the recession they have been more willing than older shoppers to spend more in coming months. Additionally, Gen-Y consumers are at a stage in life where most of the income they earn is likely to be spent," says Don Montuori, publisher of Packaged Facts.
Of the 51 million Millennial adults between 18- to 29-years-old, approximately 42 million are employed and have a mean income of nearly $24,000. Packaged Facts expects that the aggregate income of 18- to 29-year-olds will total $1.2 trillion in 2015, for a cumulative growth of 18% during the 2010-2015 forecast period.
Diversity is a hallmark of Millennials, and multicultural Gen-Y adults are gaining in importance. Between 2010 and 2015 all of the growth in the 20- to 29-year-old population will be generated by Hispanic, black and other multicultural population groups, which are expected to increase by nearly 2 million adults. Since there are significant differences between the attitudes and behavior of multicultural Gen-Y consumers and those of their non-Hispanic white counterparts, marketers will need to adjust their strategies to take into account the changing profile of the diverse and tech-savvy Millennial population, counsels the report. For example, report data based on Experian Simmons' Winter 2010 National Consumer Study indicate that multicultural Millennials are comparatively much more likely to assign prestige to foreign automobiles and are especially interested in the technology that would allow them to use cellphones as a platform to select and purchase merchandise in stores.
Millennials in the U.S.: Trends and Opportunities Surrounding Gen-Y Adults analyzes the consumer attitudes and behavior of 18- to 29-year-olds. Those in this age group form the adult portion of the population group described as the "Millennial Generation" or "Generation Y" or "Gen-Y." The report begins with an assessment of trends shaping the adult Millennial market and identifies opportunities available to marketers interested in connecting with Gen-Y consumers. It continues with a forecast of the growth of the buying power of Gen-Y consumers through 2015 and a detailed demographic profile of the Gen-Y population. The next chapters analyze how Gen-Y consumers manage and spend money. For further information, please visit: http://www.packagedfacts.com/Millenials-Gen-2661911/.
About Packaged Facts -- Packaged Facts, a division of MarketResearch.com, publishes market intelligence on a wide range of consumer market topics, including consumer goods and retailing, foods and beverages, demographics, pet products and services, and financial products. Packaged Facts also offers a full range of custom research services. To learn more, visit: www.packagedfacts.com. Follow us on Facebook, LinkedIn and Twitter.