December 16, 2019
1 minute read
Generation Y now make up a third of the UK population, but how is the way they shop affecting the retail marketplace?
As the generation currently aged between 23 – 37 (going by the definition as those born between 1981 and 1996), Millennials are a group with varying yet considerable spending power. As Experian note in their recent report, Millennial Growth: Spending Power Index 2019, “many Millennials are now homeowners, starting their own families, and moving towards senior positions in work. As a result, the millennial pound is strengthening.”
At the other end of the Millennial-scale, younger members of the generation may not yet share this kind of financial freedom, but they’re certainly just as tech-savvy and sustainably aware, if not more, than their older counterparts. This generation are having more of an impact on the retail marketplace than any other right now, here are five ways Millennials are transforming the way we shop.