Research conducted by Unity Marketing and FutureCast shows key insights on how affluent millennials live and spend in the United States.
#1. The 15.5 million affluent millennials aged 18-34 with annual household incomes over $100,000 will receive a massive generational wealth transfer of $59 trillion, and they will become the dominant consumer group in the luxury market between 2018 and 2020.
#2. The majority of affluent millennials are between ages 30-34, and 64% of affluent millennials are women. 57% of affluent millennials are currently married and 6% of them are currently engaged. Additionally, affluent millennials are clearly entrepreneurial, and 44% of them did not graduate from college.
#3. Affluent millennials do not perceive basic needs as separate from internet connectivity and they are digital shoppers. More than one-third of affluent millennials regularly post on brand and product sites, and 59% of them have posted on online ratings and review sites.
#4. There are four primary segments of affluent millennials:
A. Active Influencers: are more likely to be at their first job and are most likely to be the first among their friends to try a new trend.
B. Calculated Go-Getters: are established in their careers and families, and are less likely to pay more for perks.
C. Big City Bachelors: are the only male-dominated affluent millennial segment, and are more likely to buy a product they saw in a movie, TV show, or video game.
D. Family Forward: prefer to spend time at home with their family and are most likely to indulge their children.