Wednesday, 10 June 2015

Buying Power: 64% of High-Earning Influential Millennials Are Women

Buying Power: 64% of High-Earning Influential Millennials Are Women

Throughout recent history, men have typically been the ones holding the purse strings, whether due to traditional gender roles or the wage gap[1]. Now, a survey conducted by FutureCast of the 6.2 million "affluent millennial" households in the United States (people age 18 to 34 and making an annual income of $100,000 or more) has found that the tides are changing, and ladies are bringing home more bacon than ever before.


"As the [group] of young adults with the means to act on the shopping attitudes and preferences of the general millennial[2] population, affluent millennials have the largest amount of influence today," FutureCast president Jeff Fromm told WWD[3]. Of the high-earning sectors of millennials, 64 percent were female, a majority stake that's never been seen before. The study suggests that the switch-up is due to a higher amount of women graduating college than men and the fact that in 2012, female's hourly earnings had crept up to be 92% that of male counterparts (considered a victory even though it's not at the completely equal level).

When it comes to shopping, it's no surprise that millennials have embraced online-only tools more than older generations. Fifty-nine percent are likely to rate or review products online and more than a third report regularly posting on brand and product sites (versus 47 and 26 percents for non-affluent millennials).

Our generation's power is continuing to grow too: the 18-to-34 age set is set to be the #1 generational group in the luxury consumer space sometime in the next three to five years.

More Shopping News:
Study Shows Women Would Rather Share Dating History Than How Much They Spend on Shoes
7 Secrets of Shoppers Who Never Pay Full Price

Photos: BFA

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