The spending habits of millennials has been a hot topic for many companies. People seem to universally agree that their unwillingness to spend is causing companies to fail. However, is this generation really at fault?
Described as those born between 1981 to 1997, millennials came of age during the great recession. They faced difficulties while trying to leave home that the gen x and baby boomer generations did not experience.
The loss of business from millennials may have more to do with less income to spend, than it really has to do with the want to spend.
A recent study showed that millennials have the same wants and tastes as their parents, they simply do not have the funds.
Rather than blame millennials for killing off industries, maybe it is time to gear more businesses toward helping and inspiring the generation instead? If big business can help them be more successful, then they will spend their money to fulfill wants they previously could not afford!
How can your business inspire millennials, and help them become more financially secure?