Millennials Heavily Influence Electronics Purchases, CEA Study Finds
ARLINGTON, Va. - (BUSINESS WIRE) - Millennials - a generation of consumers currently between the ages of 13 and 31â are not only heavy consumers of electronics products, they also exert considerable influence on others when it comes to buying consumer electronics (CE) devices, according to a new study released today by the Consumer Electronics Association (CEA). The study, Millennials: The New Face of Retail, examined how Millennials learn and research CE devices, where and why they purchase CE and their influence on others in purchasing CE.
The study defines Millennials as anyone born between 1981 and 1999, with Youth Millennials born between 1995 and 1999 (ages 13-17) and Adult Millennials born between 1981 and 1994 (ages 18-31). The study compared 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 percent planning to purchase CE products in the next 12 months, compared to 67 percent among Generation X, 55 percent among Baby Boomers and 49 percent among the Silent Generation. While income constrained Youth Millennials do not spend as much money on CE devices as Adult Millennials, they do heavily influence their friends' and family members' CE purchases, thereby influencing overall purchasing trends. Among Youth Millennials, more than half (60 percent) say they have some influence on their parents' CE purchases, and 41 percent give advice to friends and/or parents on the CE products they should purchase. Among Adult Millennials, 33 percent give advice to friends and/or parents on the CE products they should purchase.
Related Business Wire News