Millennials make up an increasingly significant piece of the global spending pie. A study from the Dartmouth Center for Marketing Research estimated that Millennials born between 1980 and 2000 possessed a spending power of $2.45 trillion worldwide in 2015. As the younger portion of the generation begins to control more money and become more financially independent, that number is expected to rise, and businesses want to be there when it does.
There are 80 million Millennials in the U.S. alone. Individuals born between 1980 and 2005 are increasingly having a major influence on a number of industries, but perhaps none more than that of banking. From choosing digital banking over the traditional “consumer-teller” practice to eschewing banks altogether, it’s clear that Millennials have put banks on notice. With the growing amount of money Millennials control, banks, now more than ever, must find a way to engage with and provide what this generation is looking for or risk losing it for good.
We live in an age of accelerated technological advancement. With everything they need right at their fingertips, Millennials are having a major influence on a rapidly evolving consumer landscape. A force of 80 million Americans born between 1981 and 2005 with real spending power increasingly prefer mobile payments via smartphones and tablets over brick-and-mortar shopping. Gone are the days of hanging out at the mall. This trend is changing not only the way merchants must connect with customers, but how goods and services are being bought and sold on a grand scale.