Excerpt from Forbes.com. Click here for full article.
There are currently 11.8 million Millennials age 18-30 living in U.S. households with annual incomes exceeding $100,000, according to the Ipsos Mendelsohn Affluent Survey. Plus, never before has such a large group of young people been raised by wealthy parents: 34% of today’s Millennials have been wealthy throughout their lifetime, say American Express and the Harrison Group.
“There are more out there than you expect,” says The Luxury Institute’s Milton Pedraza. “If you are a 28-year-old working as a creative executive, you are making $130,000 a year and are most likely are single. It’s not as if you have a lot of assets. You might have some debt, but there’s still a lot of disposable income to go to technology, travel, and entertainment.
This group will take over as the largest generational segment in the luxury consumer market around 2018-2020, according to Unity Marketing. And these Millennials aren’t driven by money or traditional status symbols. Gone are aspirations to acquire the must-have brand-name purse and thousand-dollar bespoke suit. They don’t seek to drive a BMW since that is the car they had when they were 16-years-old. They believe cable TV, home security systems, and jet-skis are standard household necessities.
