Younger adults to drive US economic recovery: Report

By Caroline Scott-Thomas

- Last updated on GMT

Related tags Generation x Generation y

Younger consumers aged 18 to 29 are likely to play an important role in US economic recovery due to optimism and a willingness to try new things, according to a new report from Packaged Facts.

The report, “Millennials in the US: Trends and Opportunities Surrounding Gen-Y Adults”,​ found that even though 18- to 29-year-olds – dubbed ‘millenials’ or ‘generation Y’ by many marketers – were hard-hit by the recession, they are less likely to have cut their spending than those in other age brackets.

Publisher of Packaged Facts Don Montuori said: "The older Gen-X consumers are at a 'big-spending' stage of life, while Gen-Y consumers offer a bright note in an otherwise dismal spending picture because throughout the recession they have been more willing than older shoppers to spend more in coming months. Additionally, Gen-Y consumers are at a stage in life where most of the income they earn is likely to be spent.”

In terms of food and drink in particular, the market research organization found that 18- to 29-year-olds are more likely to enjoy trying new drinks than any other age group, and those aged 25 to 29 are most likely to try new food products – even more so than younger adults.

There are 51 million Americans who fall into the 18- to 29-year-old age bracket and they have a combined income of nearly $1trn, according to Packaged Facts, therefore offering “significant opportunities”​ to marketers.

However, the report notes that consumers in the group are reputed to be notoriously difficult to reach.

“Although they have been bombarded with commercials and ads from their earliest years, Gen-Y consumers are seen as multi-taskers who have learned to filter out and discriminate among the vast number of commercial messages they receive in the course of their lives,” ​the report said, urging marketers to use creative and experimental strategies to target younger adults.

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