Earlier this month, Inc.com contributor writer Ryan Jenkins reported: that by 2020, Millennials will control an estimated amount of $7 trillion in liquid assets, and are expected to generate nearly 46 percent of all U.S. income by 2025. Research shows that in terms of consumer spending, Millennials are credited for spending more money online in a given year than any other age group. Because of this, companies are determined to pin point the root of their payment preferences and trends.
Jenkins further explains why these stats are so important to the Payments Industry and businesses alike, when it comes to securing the future of Millennial spending:
“Almost 90 percent of Millennials say their phones never leave their sides. 80 percent of Millennials reach for their mobile device first thing in the morning. It should come as no surprise then by 2020, when Millennials will control $7 trillion in liquid assets, that mobile commerce will make up 45 percent of total e-commerce, equaling $284 billion in sales.
Fifty-two percent of North Americans are aware of mobile payments (payment services performed from a device or via a mobile app), yet only 18 percent use them on a regular basis. The generation that uses mobile payments the most are Millennials, with 23 percent of Millennials using contactless payments at least once a week. The total value of mobile payment transactions are forecasted to grow 210 percent in 2016–from $8.71 billion to $27.05 billion.”