PawnMaster Blog

Millennial Spending Habits

Posted on 14 May 2019

 header-Millennial Spending HabitsMillennials have proven themselves to be different than any other generation. This year they have become the country’s largest adult population group, totaling a whopping 83 million people, and with numbers comes influence. At present this demographic group only contributes 13% of the revenues to the pawn industry.

However, there is no question the millennial influence will be leaving a momentous imprint on today’s economy. Like other generations, Millennials have traits, practices, and behaviors that connect them to one another, this includes how they spend their money. By knowing what attracts millennials, how they interpret marketing and advertising, and what they tend to spend their money on, you can skew the odds of gaining more millennial dollars in your favor. 

Millennial spending averages around $600 billion per year, which is estimated to grow to 1.4 trillion just by next year! This is an untapped reservoir of opportunity for pawnbrokers. Many of these dollars can turn into uncounted revenue for you and your shop just by you getting in tune with millennial spending habits. For more tips on how you benefit from the retail trends of millennials follow the link below!

45 Statistics on Millennial Spending Habits in 2019

Derrion Love

Written by Derrion Love

Derrion Love Joined Data Age Business Systems, Inc. in 2016 as the Receptionist and moved on to the role of Administrative Assistant in early 2019. From there she advanced to the Marketing department where she currently serves as the Marketing Administrator. She has seven years of experience in customer service as well as customer relationship management software. She attained her Master of Business Administration from St. Leo University in 2019 and received her Bachelors from Florida A&M University in 2015. With a strong educational foundation and skillful background in customer service and written communication, she works to bridge the gap between products and people.

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