Understand changing consumer behavior

Interested in working in consumers? Understanding changing consumer behaviour is paramount. Here is a quick summary of Lindsay Drucker Mann from Goldman Sachs Global Investment Research Group video regarding “Millennials”.

Millennials: people born between 1980 – 2000

In the US: 92m of them (vs 77m baby boomers)

Key take-aways:

  • Millennials are approaching their peak spending years
  • Over the next 5 years, spending will increase by 15% (while baby boomers spending will decrease by 10%)
  • A generation that has grown up connected (mobile, social media etc.)
  • The tech overlay is extremely important
  • New shopping behaviours emerge (peer review, blogging etc.)