Millennials and Money: A Look at How Young People Shop and Spend in America (Infographic)
Young people tend to shop more than their older counterparts, and they use technology as they shop in greater numbers too. Here, check out other striking stats on millennials' shopping habits.
ByDiana Ransom•
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It's well known that young people like to shop. In the relatively care-free years of high school and college -- before the responsibilities of having a family set in -- young people tend to plow their pennies into blouses, jeans and other must-have accessories.
Today's generation of 16-to 34-year-olds, known as Millennials, aren't so different from previous generations in this respect. However, new research suggests that they are more likely to wield a smartphone or other mobile device as a shopping companion than their older counterparts -- a key data point for any startup retail shop looking to cash in on apparel.
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Half of millennials reported regularly using a mobile device to compare prices or read user reviews while shopping compared with just 21 percent of non-millennials, according to new data from the Boston Consulting Group. What's more, the majority of younger shoppers prefer variety in sales platforms beyond just a bricks-and-mortar location. An ecommerce-enabled website and a mobile shopping app are key among this group, for instance.
In theinfographicfrom software providerBaynote(below), check out other fun facts about millennials' shopping druthers.
Related:The Rise of Entrepreneurship on College Campuses (Infographic)
