Buying Power: 64 Percent of High-Earning Influential Millennials are Women
By Leah Melby
Throughout recent history, men have typically been the ones holding the purse strings, whether due to traditional gender roles or the wage gap. Now, a survey conducted by FutureCast of the 6.2 million "affluent millennial" households in the United States (people age 18 to 34 and making an annual income of $100,000 or more) has found that the tides are changing, and ladies are bringing home more bacon than ever before.
"As the [group] of young adults with the means to act on the shopping attitudes and preferences of the general millennial population, affluent millennials have the largest amount of influence today," FutureCast president Jeff Fromm told WWD. Of the high-earning sectors of millennials, 64 percent were female, a majority stake that's never been seen before. The study suggests that the switch-up is due to a higher amount of women graduating college than men and the fact that in 2012, female's hourly earnings had crept up to be 92% that of male counterparts (considered a victory even though it's not at the completely equal level).
When it comes to shopping, it's no surprise that millennials have embraced online-only tools more than older generations. Fifty-nine percent are likely to rate or review products online and more than a third report regularly posting on brand and product sites (versus 47 and 26 percents for non-affluent millennials).
Our generation's power is continuing to grow too: the 18-to-34 age set is set to be the #1 generational group in the luxury consumer space sometime in the next three to five years.
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