Millennials are one of the largest generations in history, and they're on the cusp of their prime spending years. These are the industries that stand to benefit the most. Popular media coverage of millennials often fixates on the industries the generation is allegedly killing and their supposed fiscal irresponsibility. But over the next few decades, Generation Y will enter its prime spending years — and it’s set to receive $30T in wealth from baby boomers and Gen X.
This transfer of wealth has already begun transforming a range of industries. Some industries benefiting from millennials’ 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 millennials’ 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.Read Complete Article