Stereotypes about millennials often rely on claiming that this generation is ‘killing off’ a huge number of traditional industries, but if you look a little closer, you will be able to spot huge opportunities for your business to appeal to the under-40s. "52% of millennials were likely to make impulse purchases. Only 42% of millennials in 2016 owned their own home, so when you combine their lower earning power with rising house prices, you can start to understand why their spending habits differ from their parents. Paradoxically, this generation is the first in the UK to earn less than the generation before. The oldest millennials are now over 40 years old and the youngest are 26, meaning that their spending power will be increasing as they climb the career ladder. Millennials are a broad array of people at different stages of life, but there are trends that hold them together as a demographic. However there are various interpretations of these terms and many sources use slightly different ranges to define each term, so for the purposes of this article we advise you to think of millennials as being born between 19, and Gen Z as those born in or after 2000. The generation referred to as millennials technically refers to those born between 19, while Gen Z refers to those born between 19. Did you know that almost half of millennials believed supporting small and local businesses during the Covid-19 pandemic was important ? Of these, 47% actively changed their shopping habits as a result! While the shift towards online shopping has been a continuing trend for many years, it is clear that brick-and-mortar stores still have a place in the shopping habits of younger consumers - but how can you maximise your point of sale to appeal to them?
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