- September 27, 2016
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- September 8, 2016
Digested From “Millennials' Spending Is Up, but Not to Pre-Recession Levels”
San Diego Daily Transcript (06/24/13) Henry, Samantha
Michael Wood, senior vice president at TRU, told an audience at the 2013 NAA Education Conference & Expo earlier this summer that the Millennial generation -- born from about 1980 to 2000 -- is 78 million strong and entering their prime consuming years. He urged, "It's important to understand who they are now so we can speak their language when they arrive at our doorstep."
TRU tracked spending by teens, which doesn’t include what parents spend on their behalf, and found that their cash outlays are on the rise for the first time in a number of years. A slight increase was also found among twenty-somethings, many of whom are carrying student loans. Wood stated that the current market is allowing Millennials the opportunity to make wise decisions. He remarked, "This is a generation that is OK with 'good enough' as long as it is hitting and serving their basic needs."
Shopping at bargain stores like Wal-Mart and T.J. Maxx may have once been a secret, but Millennials as a group are embracing and are even proud of the "art of the steal." Wood further noted that Millennials love to have online conversations about companies, brands, and industries in general. He stated that it is important to pay attention to those conversations and to be in the position to do something about it and act swiftly. Millennials' ability and even need to multitask makes them a busier demographic than previous ones, which can make it more difficult to get them to pay attention to your message. "Young people are always interested in something new and different," Wood reasoned. "In order to keep their attention, you always have to do something new and different."
Previous generations saw college as a safe investment, buying a home as a safe investment, and saving money in a 401(k) as a guarantee. Not so with Millennials. "All three are up for grabs with this generation," Wood concluded. "This is groundbreaking for everyone in this room because of the skepticism around homeownership and because of the advantages and flexibility of renting."
In terms of apartments, green construction is important. Furthermore, research has shown that Millennials are interested in dual-purpose rooms. According to Wood, that could mean a kitchen that can switch into a different function for another need. He added that videos are better than photos when showing off a rental unit. With regards to features and amenities, Wood said Millennials crave convenience and flexibility.
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