Millennials are shaping the future of the economy with their unique consumption patterns, driven by their values and experiences. This generation, born between 1980 and 2000, is the largest in size and is coming of age during a time of technological change, globalisation and economic disruption. These factors give millennials unique characteristics that differentiate them from previous generations.
Millennials are more willing to buy experiences rather than goods. They are also more health-conscious, leading to a surge in health and wellness industries. This generation is also more connected than any other, with 91% owning a smartphone and spending an average of 25 hours per week online.
Millennials are also delaying major life milestones, such as marriage and home ownership, due to economic constraints. They are also the first generation in the modern era to have higher levels of student loan debt, poverty and unemployment, and lower levels of wealth and personal income.
Despite these challenges, millennials are optimistic about their economic future. They are also more supportive of developing clean energy and believe in the shared economy, which is reflected in their spending habits.
Millennials’ unique characteristics and consumption patterns are reshaping the economy and will continue to do so as their influence grows.
Go to source article: http://www.goldmansachs.com/our-thinking/outlook/millennials/index.html