Retailers are facing a conundrum. On paper, Millennials carry the greatest heft when it comes to sales potential for decades to come. There are more of them than Boomers, their salaries are growing and they’re going to benefit from the largest wealth transfer in history as Boomers continue to age. All signs point to “Target the Millennials!” Except for one tedious detail. They’re not discretionary spenders.
Even as Millennial hourly earnings are growing at a rate nearly double the national average, a recent Gallup poll found that Millennial spending is actually shrinking, as 18- to 29-year-olds today spend nearly $20 less every day than their counterparts roughly 10 years ago, particularly on items like apparel.
Learn how Wolverine Worldwide is viewing the COVID-19 crisis as a catalyst to strengthen their digital foundations.