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Millennial Buying Power 2017

Contrary to many reports, student loan debt is not an insurmountable barrier to homeownership for millennials. Student loan debt is more likely to delay the timing of homeownership, but it does not necessarily prevent homeownership. But, this begs the questions, how does student loan debt impact house-buying power? And, is higher education a worthwhile investment?

millennial buying power 2017

If nonprofit organizations want to have long term fiscal sustainability, they must start attracting Millennials to their organization and their cause. Millennials are currently the largest living generation and are amassing a substantial amount of wealth and buying power. Nonprofits must look at establishing new marketing techniques and revamping traditional ones to capture the hearts and dollars of this generation. To improve relationships with this generation, nonprofits should consider investing in communications, technology, branding and experience. While it may seem like a daunting task, nonprofits can begin work on these four areas of marketing to Millennials to see monumental returns in the long term.

These shifts are creating a need for budget-friendly family recreational activities. 50% of existing millennial campers say that having children and increased spending power has made them want to camp more often. 64% of families with children intend to take more camping trips in 2021, and similar sentiments are driving interest in RV ownership, suggesting a lasting upward trend in outdoor family recreation.

In 2018, Marriott International opened a hotel designed specifically for young travelers in Tampa, while Hilton began building a new iteration of its millennial concept hotel, Tru, in Baltimore. The relatively small, stylized rooms at Tru cost less than $100 a night and feature a smartphone-powered check-in system, designed for affordability and efficiency.

Millennials are 3x more likely than previous generations to research new brands and products using social media, and 37% more likely to trust a brand after coming across a sponsored post about it. Beauty videos in particular are on the rise: global views of beauty videos on YouTube increased by 60% to a total of 219B between 2016 and 2017. Influencer marketing is especially effective when targeted toward millennial consumers, with 66% of millennials indicating that social media trends affected their cosmetics purchasing decisions in 2020.

But with many millennials seeking reliable secondhand vehicles over new purchases, the perceived price point and reliability of EVs may be dissuading them from making the leap from gasoline to battery power. This trend appears to have been accelerated by the Covid-19 pandemic, with 71% of non-vehicle owners expressing an interest in traditional gasoline-driven vehicles compared to just 6% who expressed an interest in purchasing an EV as their first car.

A key question retailers should ask themselves is: How are we thinking about millennial talent? Many organizations will need to ramp up their efforts in millennial recruiting and retention in order to ensure they have a pipeline of talent. They should also consider adopting best practices from other industries that excel at recruiting purpose-driven, next-generation talent, including open-concept work spaces, flexible work options, meaningful work and a commitment to social responsibility. Development opportunities are also a priority for this cohort, making robust training programs a powerful talent attractor.

Black millennials are the leading innovators in technology use, according to a 2016 Nielsen report. That same report attributes $162 billion in buying power to Black millennials with African Americans as a block projected to have $1.3 trillion in buying power in 2017.

  • Obtain a PREAPPROVAL LETTER from a local, reputable lender; if in doubt, ask for a few names from your buyer agent. The preapproval process requires verification of income, assets and debt. Combined with your credit rating (FICO score), a lender will determine your buying power. This one document can make the difference between you getting the house or losing it to someone who has one.

For many, they have been advised not to spend more than 30 percent of their monthly income for the purchase of their home to avoid the possibility of financial hardship. A closer look into the buying trends of millennials indicates they are being more cautious. 041b061a72


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