Millennials Are On the Rise reports that the 18- 37 age group (also know as Gen Y or Millennials) will be the population group that has more impact than Baby Boomers on the economy. This generation has 86 million people, 7% more than the Baby Boomers, and already account for 21% of consumer spending. The Millennials are already driving increased apartment demand and will likely impact housing demand in the future. Also, as Millennial save more for retirement, the stock market should benefit.
According to the article, the impact of the Millennials will start rising in 2015 and continue through 2029, which will be a significant positive of for stocks.
For more on Crossing Generations, check back every Thursday for a new segment.
This is not financial advice. Please consult a professional advisor.
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