Wednesday, August 10, 2011

Financial Size of Generation Y

Since Echo Boomers constitute one of the largest generations in U.S. history, consider the financial power of the Millennial generation in this article:

Echo boomers already have massive buying power of more than $200 billion yearly, pointed out Carol Ruiz, assistant chair of ULI's Residential Neighborhood Development Council. "It's been said by experts that if your company doesn't learn [how] to market to this group, you won't have a company by 2020," she said.
$200 billion? Remember, that's for now.

Some Echo Boomers haven't reached their financial peak yet (see How Big Is Generation Y? and How Much Money Do Echo Boomers Make?). As this generation matures, the figure could easily double or triple the above figure. The bottom line is that Echo Boomers constitute one of the most important demographics for businesses.