Millennials And Retail: A Match Made In Heaven?

by MR Magazine Staff

Let’s face it: Retailers need millennials, not the other way around. Millennials spend nearly $600 billion every year on retail alone. By 2020, they are expected to represent nearly a third of total retail sales in the United States. Their sheer numbers and strong online presence mean merchants big and small are dependent on this customer base now more than ever. Take Amazon Prime, for instance, where close to 40% of users were between the ages of 18 to 34 in 2017. But while they may be flexing their muscles in retail, millennials are highly budget-conscious. Even amid a strong economy, they tell pollsters they’re concerned about the state of their personal finances. The majority of them worry about debt every day, and with good reason: Millennials owe an average of $42,000 each, mostly in the form of credit card debt. Read more at Forbes.