At 92 million strong, the millennial generation is the largest in U.S history. Currently holding over $600 billion in annual purchasing power, millennials’ buying power is predicted to reach $1.4 trillion annually by 2020 and $11.3 trillion by 2030.
Like it or not, millennials are taking over the joint.
And despite popular belief, the majority of millennials are brand loyalists. Of 1,300 millennials interviewed by Forbes, “60% said that they are often or always loyal to brands”. As the oldest wave of millennials enters parenthood and the youngest wave of millennials enters adulthood, new buying habits and brand preferences are being formed.