For the past decade, marketers seemed to have been falling over backwards trying to target Millennial consumers. And while Millennials may still be a huge generation with spending power to match, they may be upstaged by a different generation: Baby Boomers.
“Millennials are up for grabs,” said Jason Dorsey in conversation with Jan Rogers Kniffen, retail consultant, on CNBC’s Power Lunch. “We’re up for grabs, we have the least established loyalty, and we’re trendsetters. Millennials are increasingly earning and spending money.”
However, since Millennials are still saddled with student debt and are waiting longer than any other generation to get married and start families, Dorsey pointed out that it’s actually the older generations who are still leading with spending power.
Once Millennials start getting married and having kids, both of which they’re doing later than other generations, Dorsey assured that they will start spending.
“Millennials had a tough entry in the work force,” added Dorsey. “They weren’t able to build any nest egg, but it’s finally changing.”
Click here to watch the entire interview!