Grown-up millennials have increasing purchasing power
The millennial generation, also known as Generation Y, which includes those born between 1980 and 1995, has increasing influence both in purchasing power and in an ability to alter other generations’ spending habits, according to an Edelman Canada study released December 11.
“Millennials are not kids anymore,” said Edelman vice-president Robyn Adelson. “The oldest are turning 33, the youngest 18. They are a generation that now has families and careers of their own – not to mention an incredible amount of spending power.”
One finding that provides a glimpse of why this generation is punching above its weight when it comes to influence is that 57% feel the need to share their feedback with brands when they have a good or bad experience. That statistic is higher than other age groups, partly because millennials have grown up with social media and are active users of it.
Three-quarters of Canadian millennials (74%) said that they expect brands to entertain them. The top ways to do so include:
- co-creation (40%);
- sharing content online (30%);
- sponsoring entertaining events (29%); and
- real-time engagement on social media (27%).