The Biggest Consumers

Why retailers should focus on Millennials

Location	Industry	Trend Watch
Worldwide	Retail	Insight

By 2020, Millennials will make up a majority of the workforce. Gen Y has surpassed previous generations as the largest yet in US history. They will hold the majority spending power, with an estimated $200 billion spending power according to Forbes.

They are well connected and well travelled. International brands may find it easier to appeal to young adults, as cultural context becomes less of an issue with global communication accessible from their fingertips. Travel-related accessories increase in demand as more millennials are choosing to spend their money on exploring the world.

Cross-border shopping becomes easier. Brands are no longer restricted by physical locations as ecommerce logistics become more fine-tuned for the global consumer.

Over sharing online may not be a bad thing. Millennials are prone to sharing details of their lives on social media, particularly if they feel a discovery has been made or have a particular affinity to the brand. Brands can take advantage of the extra exposure for brand recognition and to boost sales.