Millennials 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!