Millennials are disrupting industries across the board. Millennials, those aged 18 to 34, now make up over a quarter of the US population. As consumers, they are highly adept at using technology and very active social media users. They are also are more influenced by product offerings that are marketed as ethical, sustainable, and environmentally friendly. But what does this mean for retail? Here’s 5 Ways Millennials are Disrupting Industries (and be sure to watch the video below for more)
5 Ways Millennials are Disrupting Industries:
An estimated 1.1 million housing units were started in 2015, more than double 2009’s 554,000 new units –driven by millennials who now make up 32% of home buyers, and a whopping 68% of first time purchasers.
In 2014, millennials represented 37% of the furniture market, a significant increase from the 14% they represented in 2012. In fact, from 2012 to 2014, millennials’ share of spending on furniture and bedding more than doubled, from $11 billion to $27 billion—catapulting the group to the core of many retailers’ growth strategies.
A recent survey found that millennials are much more concerned about eating right and exercising than previous generations. 24% of millennials believe that eating right is the most important aspect to achieving well-being, versus only 12% of boomers.
4. Car Ownership
35% of millennials indicated that they plan to purchase a vehicle in the next 12 months compared to 25% of total U.S. adults. In fact, 2014 was a watershed year where millennials surpassed Gen Xers in new car purchases for the first time.
More than 3 in 4 millennials would choose to spend money on a desirable experience or event over buying something desirable, and 55% of millennials say they’re spending more on events and live experiences than ever before.
For more on millennials, read my Forbes article: From Housing To Groceries, Millennials Are Disrupting Industries.