The role of Millennials in the digital economy and the generational divide

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The role of Millennials in the digital economy and the generational divide

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The role of Millennials in the digital economy and the generational divide
Are Millennials really that different? Older cohorts increasingly exhibit similar behaviours and consume a similar mix of digital services.
As the fastest adopters of technology, Millennials have become the focus of many marketers. However, as the digital expenditure of older, richer cohorts grows rapidly, companies need to deliver solutions and services for the whole market.
Australia’s digital economy to reach A$600 billion in 2020 (30% of GDP)
The continued proliferation of smart phones and the increasing usage of apps will drive significant growth in online transactions especially FY16–18. This spend will be led by the growing sharing economy and by online retail.
Older cohorts will increasingly drive digital consumer spending
Well settled in their careers or retired with considerable wealth, Gen X and Baby Boomers have much greater spending power than Millennials. They will increasingly direct this towards online transactions and the sharing economy. Therefore, while marketers are focused on Millennial behaviour today, they also need to monitor the behaviour of older cohorts who are becoming more immersed in technology and online activities.
Millennials are leading digital device ownership and media consumption, but older generations are catching up
Being the first generation of digital natives, Millennials are more tech savvy and adopt technology faster than Generation X, Baby Boomers and Matures. However, device ownership and digital media consumption are now growing at higher rates among the older generations — reducing the generational digital divide day-by-day.