Millennials and Money: A Look at How Young People Shop and Spend in America (Infographic)
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It’s well known that young people like to shop. In the relatively care-free years of high school and college -- before the responsibilities of having a family set in -- young people tend to plow their pennies into blouses, jeans and other must-have accessories.
Today’s generation of 16-to 34-year-olds, known as Millennials, aren’t so different from previous generations in this respect. However, new research suggests that they are more likely to wield a smartphone or other mobile device as a shopping companion than their older counterparts -- a key data point for any startup retail shop looking to cash in on apparel.
Half of millennials reported regularly using a mobile device to compare prices or read user reviews while shopping compared with just 21 percent of non-millennials, according to new data from the Boston Consulting Group. What’s more, the majority of younger shoppers prefer variety in sales platforms beyond just a bricks-and-mortar location. An ecommerce-enabled website and a mobile shopping app are key among this group, for instance.