The Expanding Wallets And Purchasing Influence Of Millennials And Gen Z

And 6 Keys to Modern Customer Support That Can Help Businesses Tap Into Both

Any modern company understands that earning the business — and loyalty — of Millennial and Generation Z consumers is essential not only to fuel their current growth and profitability but also secure their position in the future marketplace.

Consider the following data:

• Millennial shoppers spend $600 billion in the United States annually
• Millennials are influencing upward of $1 trillion in total consumer spending
• Generation Z already has $100 billion in buying power
• Gen Z influences 93% of purchase decisions by Generation X

Business-to-Consumer (B2C) companies are not the only ones looking to benefit from the spending power and purchasing influence that these two demographic groups wield. Business-to-Business (B2B) companies have market share to compete for as well, as growing numbers of Millennial and Gen Z professionals assume decision-making and other high-influence positions in their organizations.

The opportunity to make money from Millennial and Generation Z consumers is clear, but how to do it is less obvious. Both demographic groups have reputations, deserved or not, for being hard to impress and fickle with their brand loyalty. However, that said, there is one thing all companies can do to gain an edge with these consumers: provide them with a modern and personalized customer support experience.