Gen Xers account for nearly a quarter of consumer spending as well
Millennials account for an estimated one quarter of consumer spending, according to August 2015 research. Yet, advertisers spend more than a third of their total media budget pursuing them.
Advertiser Perceptions surveyed 305 US agency and marketing professionals who are involved in media brand selection decisions and recommending, specifying or approving spending for mobile advertising. Of the total media budget that marketers have allocated to reach millennials (34%), 39% is allocated to mobile budgets to reach this age group.
Additionally, marketers estimated that millennials and Gen Xers account for almost half of all consumer spending, according to the data.
And notably, teens and tweens combined spent as much as baby boomers.
It’s not surprising that marketers want to reach millennials—they are impulse shoppers. A January 2015 survey from Chase found that 83% of US millennials had made an impulse purchase. A separate August 2014 study by Gallup found that millennials were more likely than Gen Xers or baby boomers to make impulse purchases.