Millennial Mindset and the Spending Power of Gen Y [Infographic]

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According to Pew Research, 2015 is the year that the Millennial Generation surpasses the Baby Boomers in size. At 80 Million plus, there are many reasons why marketers want to get into their pocket books. But we have to ask ourselves: Does the Millennial Mindset matter?

I do believe there are differences between generations, but it takes more than a representative cross-section to determine what those values truly are. This is because individuals change over time. I discuss this at length in my recent post on demographics. Without this information, we cannot account properly for the influence of individual differences, life events, and generational characteristics.

We’ve held many Millennial Think Tank panels and have learned a great deal about our participants. One of the areas of great interest is  related to mobile banking, payments, and personal financing. Weekly, our panels respond to market research and tell us from their own perspectives how well those results define them. We are often surprised by their statements because they don’t seem to mesh with what we hear from other marketers. They bring a balance and perspective which we sometimes lack as we discuss these topics.

In the following infographic, we have summarized their responses in four categories:

  • Spending and Customer Service
  • Student Loan Debt and Higher Education
  • Mobile Banking and Payments
  • The Remote Workforce

 

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To Read More About These Topics, Purchase our Report on The Millennial Mindset and The Spending Power of Gen Y. Or Get a Free Briefing by Entering Your Details Below.

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What is the Millennial Mindset?
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Receive a FREE copy of ARCOMPANY's latest briefing on the Millennial Mindset. In this PDF we explore Millennial views on mobile banking, payments and budgets. The year 2015 will see the Millennial Generation surpass the Baby Boomers in population size. It is more important than ever for enterprise to understand their spending habits.

 

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Susan Silver is a community focused strategist who uses social data insights as the foundation of her work with ARCOMPANY. Her philosophy “Humanity in Data” is informed by a background in cognitive-behavioral psychology. She is making positive change in people’s lives, and the world, with thoughtful communication on behalf of her clients.

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