RENO, Nev. (MyNews4.com & KRNV) -- Spending habits of consumers ages 18-34, known more commonly as Millennials, are looking bright, according to a recent survey by IRI’s MarketPulse. Experts say that age group is becoming more positive about the economy and spending money compared to a year ago.
Millennials may be the most financially-conservative generation since the Great Depression, but experts say with some economic pressures decreasing, it is changing how the age group is spending money. "We were pleasantly surprised Millennials actually increased their spending by 20-percent from 2013 to 2014, which really shows that that market segment is really coming into their own,” said Bryan Wachter of the Retail Association of Nevada.
Wachter said the nationwide study should give some relief to retailers who may be worried that the age group's frugalness would be bad news for the future of the retail sector. "Things that traditionally were very large purchases, the millennial generation seems to be shying away from those and looking at things that are necessary, but they do show a very willingness to spend on those items that they do deem as necessary."
Wachter said Millennials in the Silver State are performing even higher than the national increase, because the recession affected Nevada more than other states. "We're very optimistic in Nevada that things are increasing and looking at the millennial shopping group, so we're excited to see that they are entering that market in full force and really driving those trends."
Wachter said as unemployment continues to drop, retail spending overall will increase.