January 29, 2016
Data shows that millennials currently spend $600 billion a year, and that number is expected to increase to $1.4 trillion annually, representing 30% of total retail sales.
Four factors are changing consumer culture at the hands of this cohort. Namely:
1. Peer-to-peer payments: More than 50 percent of 18 to 34 year-olds use payment apps like Venmo, Paypal, etc.
2. Mobile payments: 44% of millennials prefer using their mobile phone than cash to pay for small items
3. Rewards-driven: 1/3 of this demographic make purchases only when they have a promo code or coupon. Thus, building customer loyalty is key to gaining business.
4. Bitcoin adoption: 56% of bitcoin users are between the ages of 19 and 35.