Millennial Generation Projected Spending Expected To Top $1.4 trillion in 2 years
December 24, 2017
"By the next decade, the Millennial generation, roughly ages 18 to 34, is expected to displace the baby boomers as the nation’s biggest consumer buying group, generating a projected $1.4 trillion in spending by 2020, according to Accenture research.
They’ve been dubbed everything from Generation Y and the echo boomers to the Recession Generation, as many of them came of age during the biggest economic downturn since the Great Depression.
They have been stereotyped as digital addicts tethered to their social networks, laptops, tablets and smart phones, who prefer shopping online to old fashioned brick-and-mortar stores.
But a survey of 100 Millennials by Advertising Age taken on the streets of New York City, albeit not representative of the group nationwide, revealed some lifestyle and shopping habits that belie the clichés.
Retailers and brand marketers would be wise to take note, as the preferences of this buying group will dominate purchasing decisions for decades to come."
Marketing has become an incredibly clever form of publicity - after all, it seems that no matter where we turn, there is advertising of some sort or another. Whether it be television adverts, bus ads, magazine adverts, online banners, social media and sponsored ad, it seems to be never ending.
And yet more traditional forms of advertising, such as Promotional Products - are still going strong.
Businesses need promotional products as a cost-effective means of reaching out to more potential customers. This is a low-cost marketing method to drive customers. Even established global players resort to this marketing strategy. For small businesses like startups, promotional products help cut their marketing budget and still draw people’s attention.
Among the many great qualities of entrepreneurs is their ability to look at things long term. It’s called vision, and it’s a powerful thing. You also need to crush your short-term objectives. I recommend using the scrum methodology to help you manage your work. A more simple approach is to set seven-day goals. As quickly as possible, knock out all the short-term goals that lead you to your long-term vision.