Thursday, January 28, 2016

A Small Age Difference Makes for a Big Buying Difference

eMarketer reports on, “How Younger and Older Millennial Shoppers Differ”. For this study, millennials are looked at through a more detailed lens.

According to the Bureau of Labor Statistics, the older millennial households (25- to 35-year-olds) spend an average of $49,547 while households with younger (those under the age of 25) millennials in-charge spend an average of $32,179. The Bureau compared spending on things like furniture, healthcare, pets, and entertainment, all of which the 25- to 35-year olds spent significantly more.

From an advertiser’s standpoint, this information can be very useful. Since we know that older millennials have more money to spend on all the “extras” in life, we can accommodate more of the budget towards these consumers, whereas it may be beneficial to target younger millennials with less expensive or budget friendly advertisements. 

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