Millennials are projected to dole out $1.4 trillion in 2020.
Upon developing new marketing plans for the new year, 5WPR, the New York-based public relations agency, has taken a deeper look at the complexities of the modern consumer. And at the center, the company says, is the Millennial market.
“Millennials will not only be the highest spending generation in 2020 but are also the most highly influenced by the media,” Ronn Torossian, founder and chief executive officer of 5WPR, told WWD. “This means the messages brands are sending are more important than ever before. We now know that 82 percent of Millennials will purchase an item the first time they see it if they like it enough.”
This puts travel, experiences and dining out into “likely spurges” while health, wellness, home goods, beauty and clothing are “most likely to save” purchases. According to 5WPR’s report, more than half of young consumers use social media once, or multiple times a day. And 72 percent of Millennials are found to be influenced by “external sources” including articles, blogs, Instagram or celebrity endorsements.
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