The Aging Millennial
It’s happening: Millennials are getting older. The generation that has forever been personified as youthful, embodying the future and pursued by marketing agencies for their buying power will be in their mid- to late-40s by the end of the next decade. But will the shift into middle age affect their spending habits? “We’ve actually already seen the beginning of the change of the Millennial consumer,” Marshal Cohen, chief industry adviser, at The NPD Group, told WWD. “Over the last three, four, five years, they were the favored nation. Everybody was chasing after the Millennial consumer. But they didn’t necessarily bare as much fruit as everybody thought they would deliver.” In fact, Millennials are notoriously nonshoppers. So much so that they have been accused of killing everything from engagement rings to the beer and napkin industries to department stores to fabric softener to stilettos. (Although other forces are likely at play, like ath-leisure in the case of stilettos and the rise of online shopping weighing on department stores.) Interestingly, Millennials aren’t saving their hard-earned dough either, Cohen said. Rather, the distinction lies in what they’re buying. Millennials tend to spend more money on experiences, including eating out, than they do on things like fashion. Shutterstock / Jack Frog “Millennials areFollow WWD on Twitter or become a fan on Facebook.
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