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June 18, 2018

Coming of age: how millennials are becoming a growing economic force

Millennials are the largest generation in history — and are on track to earn even greater purchasing power.
Millennials — those born between 1981 to 2000 — are frequently the center of marketing and targeting conversations. Traditionally, they’ve been defined by their digital savviness, liberal beliefs, and confident attitudes. In almost every regard, however, millennials are often defined by their youth.
Yet as we continue to evaluate this generation’s core characteristics and behaviors, it’s important we shift our perceptions of them as teens and young twenty-somethings. As millennials grow older and their social and economic influence increases, it’s important that advertisers update their messaging toward what millennials are on the cusp of becoming: the greatest economic force in history.
We recently partnered with Fundstrat Research to better understand the impact millennials will have in the next ten years. As the largest generation in history, millennials’ interests, beliefs, and shopping habits are set to transform the future of business and advertising.
  • Millennials represent the largest population cohort ever: This generation makes up almost half (45%) of the global adult population
  • The average millennial is older than you may think: Today, the average millennial is 26 and a half, with the oldest clocking in at 37 years old.
  • Millennial credit card spending is outpacing the rest of the population: Some areas, like San Francisco, see differences in growth rates as large as 9% between millennials age 25-34 and the total population.
  • Millennials will soon have unmatched purchasing power: By 2029, millennials will control the largest share of disposable income in the US.

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