As we approach 2017, Millennials have started to take over every part of every day life. Whether it’s culture, the workforce, or the consumer base, the Millennials are undoubtedly moving into their prime. The millennial generation, also known as Generation Y, is defined as the generation starting from people born in 1980 and going into the early 2000s (Dictionary.com) that have been brought up in a world experiencing a major tech boom and an ever-changing consumer culture. When it comes to the question of when a young adult becomes an adult, in general, I find it is related towards the consumer side of things. As millennials are starting to reach their “prime spending years” (Goldman Sachs), it is evident that the prime years are related to their promotion into adulthood.
The graphic above shows how much influence millennials already have in the consumer market, and this is only expected to grow over the next several years. One in four millennials are parents and 53% of millennial households have children (Millennial Marketing) which shows the correlation of adulthood to buying more and more. The millennials are in the midst of reaching adulthood in the next few years. There are key differences, however, between millennials and other generations in terms of consumer shopping. First, price has mattered more than it ever has with the generation and that can be explained because of the economic downturn a few years back. Millennials also shop online more than they ever have before; this is an unsurprising statement due to the large tech boom that is happening. This definition of the millennial generation is an abstract way to think about how the world is changing and how the new generation is starting to become the adults. Consumerism is a big part of life through every generation, and the millennials prove to value it just as highly if not more than past generations.