Multi-Faceted, But Not Beyond Understanding
Retailers need to tune into the 18-to-30 crowd that comprises almost a third of all Americans – a bigger population segment than Baby Boomers. The Millennial generation numbered 79 million in 2011, with an outlook to stay at 78 million by 2030. Meanwhile, Baby Boomers will be retracting from their current 76 million to 56 million by 2030. This enormous segment of the population tends to make more transactions, but spend less per transaction. They have discretionary income and are willing to spend it… but the question is how, and where? The answers can be contradictory.
At MasterCard, we have seen data pointing to some varied behaviors within the Millennials category, as well as how they like to shop and how they’ve started to change the nature of shopping itself. Not surprisingly, a comfort level with technology has a lot to do with their ease in navigating the multichannel retail landscape – after all, they’re the ones who’ve made social media into the retail marketing tool it currently is. MasterCard has data from 80 billion anonymous credit card transactions to help better understand the needs of the Millennial consumer segment. [Read more…]