The following paragraph
and chart are from the Wells Fargo
Economics Group, who provides domestic and international economic commentary. The
AIM program has found the Wells Fargo analysis to be useful in understanding
macro-economic trends across the US and globe. This report on Millennials was
especially interesting and insightful in understand a significant secular shift
in spending behavior. (Click on the chart for a larger view).
Mobile
Millennials
The two fastest
growing categories of consumer spending among Millennials (Ages 18-34) are food away from home and entertainment, underscoring the
current nonmaterial nature of Millennial spending. There are some early signs
however that this trend may be reversing as home ownership and transportation
spending have begun to recover. It is difficult to say for certain how much of
the overall trends in consumer spending by category is driven by pure
demographic change and those driven by cyclical factors. That said, there is
clear evidence of increased diversity of the Millennial generation relative to
prior age demographics, which suggests, based on prior evidence, a structural
change in the tastes and preferences of the population.
