PaymentsJournal
No Result
View All Result
SIGN UP
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
PaymentsJournal
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
No Result
View All Result
PaymentsJournal
No Result
View All Result

Oh, to Be a Debt Free Millennial

By Brian Riley
October 3, 2017
in Analysts Coverage
0
0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn
Vector Credit Card blue icon Isolated on white

Vector Credit Card blue icon Isolated on white

Baby boomers take note. You lived high on the hog with credit cards for decades.  Millenial spending, now at $170 billion, will soon outpace you as the segment matures with larger earnings and strategic savings.

  • Millennials accounted for $170 billion in purchases last year, making them one of the most powerful buying groups in today’s consumer market, with purchasing power that will soon exceed that of every other generation.

  • Yet the key factors that influence their purchasing decisions remain a mystery to merchants.

  • The burden of debt weighs so heavily that millennials have redefined financial success around it, with 46 percent saying that financial success means being debt free.

It might not stop them from purchasing a $1,000 mobile device, but it may keep them out of Nordstroms.   This article suggests three strategies to attract the market:

  1. Go mobile and get social.

  2. Offer short-term, low-interest financing at the point of sale.

  3. Offer a new form factor–fit in their mobile wallet

Part of it is memories of the recession when millennial parents lost their home or employment, and some of this group struggled themselves in the job market with high student loan debt.  Handling the segment with a targeted approach will hit a chord, but once they hit their forties and have growing families that require shoes, clothing and such, they will likely learn the thrill of accumulating consumer debt.

Overview by Brian Riley, Director, Credit Advisory Service at Mercator Advisory Group

Read the full story here

0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn
Tags: CreditDebtMillennials

    Get the Latest News and Insights Delivered Daily

    Subscribe to the PaymentsJournal Newsletter for exclusive insight and data from Javelin Strategy & Research analysts and industry professionals.

    Must Reads

    commercial card, Allpay ClearBank Prepaid Payments, wealth transfer

    How Banks Can Capture the Wealth Transfer from Boomers to Gen Z

    June 20, 2025
    embedded lending

    Embedded Lending as a Growth Strategy for ISVs—How to Maximize Revenue Potential

    June 18, 2025
    merchant ai

    Merchants Find More Use Cases for AI Amid Risks

    June 17, 2025
    prepaid payroll

    Taking the Check Out of Paycheck: The Role of Prepaid in Payroll

    June 16, 2025
    Banking-as-a-service BaaS

    Remodeling Main Street: How Community Banks Can Leverage the Banking-as-a-Service Paradigm

    June 12, 2025
    How Employee Performance Enhances the Customer Experience

    Three Strategies to Maximize Loyalty in the AI-Driven World 

    June 11, 2025
    PFM tools

    How FIs Are Cutting Through Subscription Clutter with PFM Tools

    June 10, 2025
    child identity theft

    Stranger Danger: Protecting Your Children from Identity Theft

    June 9, 2025

    Linkedin-in X-twitter
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter

    ©2024 PaymentsJournal.com |  Terms of Use | Privacy Policy

    • Commercial Payments
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    No Result
    View All Result