As the millennial generation continues to mature, they will wield more and more economic power across multiple channels. Once they move into the 35-44 age bracket average household spending will increase 23% or greater than 10k per household (Franchese, 2011).
Where is the largest concentration of millennials (currently age 25-34)? Texas, followed closely by Washington, Arizona and Colorado.
(Franchese, 2011)
(Franchese, 2011)
Marketers attempting to reach this demographic should keep an eye on these states because the economic impact will likely be impossible to ignore should current trends continue.
These statistics will also be of special interest to local and regional companies located in these states that do not yet have this demographic on their radar. As millennials age, they will increasingly patronize businesses targeted to parents, home owners, investors, and the like.
If they are not doing so already, companies should be planning for this change now so they will be ready when millennials arrive.
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Franchese, P. (2011, July 13). Top 10 states for economic growth, based on millennial
pop. Advertising Age. Retrieved October 1, 2011 from http://adage.com/article
/adagestat/top-10-states-economic-growth-based-millennial-pop/228497/
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