Home / Knowledge / News / Retail / Millennials similar to consumers 30 yrs ago: US study

Millennials similar to consumers 30 yrs ago: US study

Jun '19
Pic: PR Newswire/Deloitte
Pic: PR Newswire/Deloitte
Millennials are spending the same percentage of their income on categories as similar age cohorts did in the past, according to the Deloitte Changing Consumer Report released recently by the company’s Centre for Consumer Insights, which surveyed more than 4,000 US consumers over the past year to gain insights into their behaviours and underlying attributes.

The popular belief now, however, is that millennials are breaking the conventional spending habits.

Millennials are financially worse off than their predecessors, with a 34 per cent decrease in their net worth since 1996. And the rise in the education level of millennials hasn't come cheap; since 2004, the cost of student debt has soared by 160 per cent, the study found.

A growing share of the millennial's wallet is going toward health care, housing and education. Thus, it is not so much a change in the consumer, but rather a change in the economic pressures that the young consumer is under, says the report.

Despite what is often characterized as changing preference and behaviours driven by a fundamentally different, technology-driven consumer, this study found that today's consumer in many ways isn't all that different. Instead, it is the economic, demographic and cultural factors around them that are creating the nuances that are turning traditional retail and consumer products sectors on their heads.

A clear driver of changing consumer behaviour is the greater financial pressures compared to what a consumer 30 years ago experienced. This is particularly evident in low-income, middle-income and millennial consumers.

Since 1996, the net worth of consumers under the age of 35 has fallen by 34 per cent, says the report.

Food, alcohol, furniture, food away from home and housing all constitute roughly the same percentage of the consumer's wallet today as they did three decades ago. Even entertainment, a category where one might expect to see an increase in experience-driven spending, was basically flat. The real differences show up in several non-discretionary expenses, such as health care.

In 2018, consumers traveled to more stores, more often, compared to the previous year, and consumer-oriented traffic (retail, convenience, and hospitality/travel) increased by 6 per cent. Even brick-and-mortar retail saw a 2 per cent increase in traffic. (DS)

Fibre2Fashion News Desk – India

Must ReadView All

Pic: Shutterstock

Textiles | On 17th Sep 2021

UK again delays post-Brexit import trade controls

The United Kingdom has again delayed the implementation of some...

Pic: Shutterstock

Retail | On 17th Sep 2021

American retailers oppose business tax rate increases

The National Retail Federation (NRF) has opposed the proposed...

Pic: Shutterstock

Apparel/Garments | On 17th Sep 2021

Bangladesh looking to boost man-made fibre apparel exports: TexPro

Bangladesh is looking to focus on the man-made fibre apparel market...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

Instagram & fashion will go a long way together

Textile Industry, Head honchos

Textile Industry
Head honchos

Strongly believe in 'people first' policy.

Textile Industry, Head honchos

Textile Industry
Head honchos

Quality & affordability to affect market acceptability of new fibres

Kriti Kanodia,

Kriti Kanodia

A TV show in 2012 where actor Sonam Kapoor customises her own pair of...

Ritu Oberoi,

Ritu Oberoi

Established in 2018, Forsarees is a socially driven business enterprise,...

Noemi Sanchez,

Noemi Sanchez

Established since 1846, Evlox is a specialised denim manufacturer with its ...

Seth Casden, Hologenix

Seth Casden

Hologenix is a material sciences company dedicated to developing products...

Shujaul Rehman, Garware Technical Fibres

Shujaul Rehman
Garware Technical Fibres

Garware Technical Fibres Ltd (formerly Garware-Wall Ropes Ltd) is a...

Tiasha Renganathan, Twinery Innovations by MAS

Tiasha Renganathan
Twinery Innovations by MAS

Twinery-Innovations by MAS is the innovation arm of Sri Lankan company MAS ...

Megha Kumari & Jigar Mali, Label Megha & Jigar

Megha Kumari & Jigar Mali
Label Megha & Jigar

New Delhi based label Megha & Jigar blends India's unique handcrafts...

Abhishek Bajaj & Samiksha Bajaj, Samshek

Abhishek Bajaj & Samiksha Bajaj

Samshek is a fashion forward tech brand which combines digital experience...

Shalini Sharma & Shweta Pundir Sharma, Six Yard Story

Shalini Sharma & Shweta Pundir Sharma
Six Yard Story

Six Yard Story is a premium artisanal brand with a focus to bring handloom ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies


Leave your Comments

September 2021

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

Advanced Search