After a rocky end to 2013, consumer confidence increased dramatically in Q1 2014, according to IRI’s latest MarketPulse™ survey. All age groups across the board are reporting a sunnier outlook, including millennials.
Millennials are showing particularly notable improvements in their financial attitudes, a sign of good things to come from this segment. Sales and brand potential abounds with this group as they mature into salary-earning young professionals and parents with a unique financial perspective. For the first time since IRI developed its Shopper Index in 2011, millennials are showing their greatest uptick in confidence, even though they’ve been one of the most downtrodden consumer segments since the economic downturn began in 2008. IRI has been monitoring closely the struggles of millennials and is taking a closer look at this notable increase.
Even if they still behave conservatively, this shift shows that millennials plan to relax somewhat. They have expressed some more comfort in shopping and will continue to do so when addressed appropriately by brands and retailers.
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