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Millennials' Consumer Behavior - 11/11/16

The Millennials, those young adults among us, are now the largest generation in the country.  Collectively they have annual spending power of six hundred billion dollars and each member spends an estimated eight five dollars per day on average. 

There are many stereotypes associated with this youthful generation, and not all of them are positive.  However, many of these generalizations are not borne out by data.  For instance, there is a view that the Millennials appreciate flex time and the opportunity to sleep in.  However, according to recent survey data, seventy one percent of Millennials said that they would rather never pay full price while shopping again than be able to sleep in at their leisure. 

It turns out that Millennials are an extraordinarily thrifty lot.  As reported by Bloomberg, when asked to name a key factor in a beauty product purchase, recently polled millennial women overwhelmingly said value.  Seventy one percent of Millennials go online to compare prices before making a purchase and more than half compare prices while in the store. 

More than four in five purchase generic goods and about half routinely purchase used items.  There are many reasons for this search for value, including student debt and lingering economic uncertainty.    

Anirban Basu, Chariman Chief Executive Officer of Sage Policy Group (SPG), is one of the Mid-Atlantic region's leading economic consultants. Prior to founding SPG he was Chairman and CEO of Optimal Solutions Group, a company he co-founded and which continues to operate. Anirban has also served as Director of Applied Economics and Senior Economist for RESI, where he used his extensive knowledge of the Mid-Atlantic region to support numerous clients in their strategic decision-making processes. Clients have included the Maryland Department of Transportation, St. Paul Companies, Baltimore Symphony Orchestra Players Committee and the Martin O'Malley mayoral campaign.