7 Stocks To Ride The Millennial Spending Wave
Zacks Investment Research | Dec 18, 2019 09:40PM ET
The United States is experiencing a boom in millennial population or simply, the Generation Y cohort, which will be steering the economy for many years to come. Currently representing more than 30% of the U.S. workforce, millennials are projected to make up roughly 75% of the labor force by 2030, per media reports. Naturally, their spending patterns and approach matter a lot. A report from Accenture (NYSE:ACN) suggests that millennials’ spending in the United States will increase to $1.4 trillion annually and represent 30% of total retail sales in 2020.
Millennials, people born between 1981 and 1996, are a hot topic of discussion. From actively engaging on social media to taking interest in offbeat travel destinations and leisure activities, and from streaming online to endorsing fashionable apparels, millennials are making a mark across the sphere. Needless to say, they have the potential to enhance a brand’s reputation. With millennials as brand advocates, companies can cash in on a whole range of opportunities, in terms of product innovation and service offerings.
This section of the population is more value focused, price-sensitive, digitally equipped and well-informed in terms of technologies. They are a generation who prefer making purchases online and getting deliveries at their door steps. Also, they show a clear preference for ride-hailing services over owning a car. It goes without saying that with millennials taking center stage, the consumption pattern is likely to alter.
7 Stocks to Gain From Millennials’ Spending Pattern
Industries, which are likely to benefit from millennials’ spending behavior, include e-commerce platforms and online streaming services, fast food restaurants as well as health and wellness categories, housing and home goods, hotels and lodging, airlines, and smart wearables. In this context, we have picked seven stocks with a Zacks Rank #2 (Buy) that are poised to make the most of this emerging trend. You can see Original post
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