Invest in Millennials
If you aren’t selling to millennials, you’re missing a growing market. Millennials are the future of the consumer electronics industry. According to Millennials: The New Face of Retail, a recent study by the Consumer Electronics Association, millennials are larger purchasers of CE products and accessories than any other generation. To top things off, intent to purchase CE in the next 12 months is also higher among millennials.
One thing is for certain, accessories retailers and manufacturers cannot afford to ignore millennials. According the U.S. Census Bureau, there are approximately 86 million millennials in the U.S. between the ages of 13 and 31. This represents a huge portion of the American population (27 percent), and is roughly the same size as the baby boomer population.
Being the first generation to grow up in the digital world, it’s no surprise millennials are more likely than other generations to be early adopters of new technology. This generation is driven to have the latest and greatest because the digital landscape is constantly evolving and advancing. As millennials age and gain more purchasing power and influence, it is important for retailers and manufacturers in the tech industry to understand how they learn about and eventually adopt technology.