They’ve been dubbed everything from Generation Y and the echo boomers to the Recession Generation, as many of them came of age during the biggest economic downturn since the Great Depression.
They have been stereotyped as digital addicts tethered to their social networks, laptops, tablets and smart phones, who prefer shopping online to old fashioned brick-and-mortar stores.
But a survey of 100 Millennials by Advertising Age taken on the streets of New York City, albeit not representative of the group nationwide, revealed some lifestyle and shopping habits that belie the clichés.
Retailers and brand marketers would be wise to take note, as the preferences of this buying group will dominate purchasing decisions for decades to come."
"By the next decade, the Millennial generation, roughly ages 18 to 34, is expected to displace the baby boomers as the nation’s biggest consumer buying group, generating a projected $1.4 trillion in spending by 2020, according to Accenture research.