Millennial's, also known as Gen Y, are the demographic cohort following Generation X and preceding Generation Z. Pew Research Center has projected that by the end of 2019, Millennial's will be the largest generation in history.
Over the next few decades, Millennial's will enter their prime spending years and the generation is set to receive over $30 trillion in wealth from baby boomers and Gen X. This enormous transfer of wealth has already begun transforming a range of industries. Some industries benefiting from millennial's’ increased spending power, such as travel, reflect well-worn Gen Y tropes like the general preference for “experiences” over things. Others, like car ownership and camping, show that many of the claims about millennial's’ different spending habits are overblown, and that significant continuities exist between Gen Y and their parents and grandparents. However, these industries won’t thrive unchanged. The companies that will come out on top are those that are reorganizing and re-prioritizing around Generation Y. This means they’re embracing changing preferences to offer more sustainability, affordability, and flexibility in their products and services. They’re also embracing new technology and the unprecedented discoverability and customer connections it allows.
In this report from CBInsights, they dive into twelve of the industries that they predict could benefit the most from the rise of GenY. Check them out and feel free to add your own in the comments.
Activities & Hobbies
Consumer goods
Transportation
Finance
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