Millennials, a generation of consumers currently between the ages of 13 and 31, are not only heavy consumers of electronics products, they also exert considerable influence on others when it comes to buying consumer electronics devices, according to a new study released by the Consumer Electronics Association (CEA).
The study, “Millennials: The New Face of Retail,” compares Millennials to three other generations: the Silent Generation (1928-1945), Baby Boomers (1946-1964) and Generation X (1965-1980). Among the generations, Millennials have the highest intent to purchase CE devices, with 75% planning to purchase CE products in the next 12 months, compared to 67% among Generation X, 55% among Baby Boomers and 49% among the Silent Generation. While income constrained Youth Millennials do not spend as much money on CE devices as Adult Millennials, they heavily influence their friends’ and family members’ CE purchases.
Despite their heavy use of social media and the Internet, Millennials still rely on brick-and-mortar retail stores for CE purchases. Two in five Millennials (42%) usually visit a store prior to purchasing a CE product and half of Millennials believe it is important to touch and feel a product (55%) before purchasing.