The retail industry is in the midst of a seismic shift, as younger shoppers, new technology and the desire to spend on high-end experiences are reshaping modern luxury.
Millennials are an extremely powerful consumer group. They will represent more than $2.5 trillion in spending by 2020. In 2015 they are on the brink of making some of the most significant purchases and decisions of their lives. According to Daria Taylor, contributor for CMO, 2015 will be the year when we finally see the impact of the Millennial consumers. (CMO.com)
Want to know how much millennials have to spend? CNBC correspondent Krystina Gustafsonm looks at how, for young adult shoppers, new technology and the desire to spend on high-end experiences are reshaping modern luxury. According to the Chamber of Commerce, millennials have about $200 billion in direct purchasing power and account for $500 billion more in indirect spending through influencing their parents. By 2017, the generation is expected to outspend the baby boomers, according to a separate study by Berglass + Associates recruiting firm. (CNBC.com)
Retailers are eager to reach the millennial demographic. Newscred commissioned a study to survey 501 millennials and the results reveal that nearly two-thirds (62%) feel a direct correlation between content marketing and brand loyalty. The problem is that only 32% find today’s brand communication helpful. The survey also revealed 10 proven tactics that brands can leverage in their content marketing to successfully reach this elusive demographic. You can download the free guide, “The Millennial Mind: How Content Drives Brand Loyalty” here: (NewsCred)
How Millennial are you? Take a 14 question Pew Research quiz and find out. You can also compare yourself to see how you scored in comparison to others your age. (PewResearchCenter)