Millennials More Optimistic

A new report finds that Gen Y’s consumer confidence has hit an all-time high.

May 07, 2015

CHICAGO – Millennials are finally ready to spend some money. The latest IRI MarketPulse survey finds that the consumer confidence of Gen Y has reached an all-time high, Marketing Daily reports.

“Things are getting better,” Susan Viamari, editor of Thought Leadership for IRI, told the publication. “But they’re still not great. And it’s clear that for all consumers, but especially Millennials, the value proposition is more important.” That means Millennials are not about to give up searching for bargains anytime soon.

Overall, IRI’s Shopper Sentiment Index registered 138 during the first quarter of 2015, compared to 120 for the fourth quarter of 2014. Millennials scored 131, the highest number since the group started tracking Gen Y in 2001. That’s up significantly from 114 during the fourth quarter of 2014 and 95 in the third quarter of 2014.

One-third of Millennials see the economy as improving over the last six months, with 28% expecting a continued upswing in the next six months. However, some are still struggling financially, with underemployment remaining a serious issue for their generation.

Millennials still enjoy discounts, especially digital ones. “Retailers need to understand exactly who they are serving. Are they reaching out to the Millennials who are stuck in the mud? Or at the higher end of the spectrum?” emphasized Viamari. This generation also has shown a preference for do-it-yourself at retail. In addition, Gen Y hasn’t signed up for credit cards as much as previous generations.

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