This infographic on millennials was crafted together by Goldman Sachs, a company with a vested interest in understanding how the economy and the world will change as millennials grow into full-fledged adults. One of the largest generations in history, technology-obsessed millennials are entering their prime spending years and are set to have a massive influence on the economy, as this chart posits.
One of the key points highlighted by this infographic on millennials is the fact that this generation represents the first digitally native generation. With millennials having grown up with the Internet and smartphones, their lives revolve around connected technology, something which will have major implications for society going forward.
Technology has also spawned a sharing economy, whose embracing by millennials is also going to change the outlook for many traditional businesses.
Millennial Influence Charts
This Infographic on Millennials Highlights Their Digital Reliance
Trend Themes
1. Digital Native Generation - Understanding and catering to the needs of digitally native millennials will be necessary for businesses to remain relevant and successful.
2. Shift Towards Connected Technology - As millennials prioritize technology in their lives, there will be a growing opportunity for businesses to offer innovative and integrated technological solutions.
3. Sharing Economy - As millennials embrace the sharing economy, businesses should consider ways to adapt and incorporate similar models to increase revenue and appeal to this demographic.
Industry Implications
1. Technology - As the digitally native generation grows and technology continues to evolve, there will be continuous opportunities for innovation in various technology sectors.
2. Retail - Retail businesses will need to innovate and invest in technology to cater to the demands and purchasing habits of millennial consumers who prioritize a seamless online and offline shopping experience.
3. Transportation - As the sharing economy grows in popularity, the transportation industry can innovate and adapt to offer alternative forms of transportation, such as ride-sharing or electric scooter rentals.