Millennials and Money: A Look at How Young People Shop and Spend in America (Infographic) Young people tend to shop more than their older counterparts, and they use technology as they shop in greater numbers too. Here, check out other striking stats on millennials' shopping habits.

By Diana Ransom

entrepreneur daily

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.

#insert RSS here#

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.

In the infographic from software provider Baynote (below), check out other fun facts about millennials' shopping druthers.

Related: The Rise of Entrepreneurship on College Campuses (Infographic)

Diana Ransom is the former deputy editor of Entrepreneur.com.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Editor's Pick

Related Topics

Business News

Former Pediatrics Professor Donates $1 Billion, Makes Albert Einstein College of Medicine Tuition-Free

Dr. Ruth Gottesman's husband left her $1 billion in Berkshire Hathaway stock with the following instructions: "Do whatever you think is right with it."

Devices

Get a 15-inch MacBook Pro for Less Than $375

Save on this refurbished MacBook Pro for a limited time.

Business News

'Next Tesla' Electric Car Startups Hit Speed Bump: 'Investors Want To See Demand'

Electric vehicle companies large and small, from Ford to Tesla to Rivian, are dealing with cooler-than-expected demand for EVs.

Social Media

With This LinkedIn Algorithm Change, Your Best Posts Could Reach New Readers for Years

It's one of many new features rolling out on the platform in 2024.