The millennial generation is growing faster than ever and set to change the face of the economy as it enters its prime spending years.
The term millennials — first coined by sociologists William Strauss and Neil Howe — has been gathering momentum in recent years and forcing businesses to adapt their business models to cater to those with less spending power but who are more tech-savvy than their predecessors.
Goldman Sachs created these slides to look at how the economy will be affected by the millennial generation from its impact on the residential real estate market and participation in the “sharing economy”, through to looking at how its affinity for technology will affect the retail space.
There is no universal definition for the millennial generation but Goldman Sachs defines it as those born between 1980 and 2000.
Millennials eclipsed the Baby Boomer generation this year, making up more than one quarter of the population in the United States.
Millennials are projected to drive the housing boom as they get their foot into the real estate market.
But for now, most are happy to put off buying a home as they continue to pay off student loans and face higher living costs.
The millennial generation is also choosing to get married later amid changing sentiments on marriage and career demands.
Millennials are also becoming more informed customers than ever -- they've done their research and know what they're looking for.
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