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- Published: Wednesday, 02 December 2015 14:31
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Study: Millennials Cautious About Spending
Staten Island business bank cites poll that finds demographic group pessimistic about financial future
If you operate a business on Staten Island or elsewhere, marketing your products or services to the right audience, in the right way, is a vital component of growth, says Victory State Bank.
When targeting potential customers, Staten Island's only community-based commercial bank suggests that businesses closely evaluate consumer-spending trends in order to refine their expectations.
If your marketing strategies are targeting Millenials, for example, you may want to take a closer look at this demographic group. A new survey conducted by Radius Global Market Research (Radius GMR) shows that while Millennials represent a significant share of consumers, their continued general pessimism about their financial futures is driving conservative purchase habits.
"Other than in a relatively few high profile industries like tech, Millennials are not seeing significant job opportunities or wages increases," says Jamie Myers, Radius GMR's Global Director of Client Services. "This should concern marketers looking for Millennials to drive their businesses into the future."
Millennials feel like 'Generation Broke'
The majority of Generations X (55 percent) and Y (56 percent) are worried about having enough money to pay their bills every month. That worry intensifies for those who are parents as they are spending significantly more across almost every category.
These financial matters are top of mind when young consumers are spending. Nearly half of Gen X and Gen Y rank being financially secure as one of the top two factors considered in their decision to purchase.
The worry about finances at home carries over to their feelings about the financial future of the U.S. with Millennial males being the most pessimistic. Nearly half of Gen X (40 percent) and Gen Y (49 percent) consumers are pessimistic about the country's financial future. And in both Gen X and Gen Y groups, males are significantly more pessimistic about the future (nearly 50 percent more) than females.
"Interestingly, the Radius GMR study showed that Millennials on a budget will still spend on themselves as a treat," adds Myers. "Brands that position a product or service as a well earned or frugal splurge may increase engagement with these generally cautious spenders."
About Victory State Bank
VSB Bancorp, Inc. (OTCQX: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.’s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island: The main office in the community of Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank. For additional information, Victory State Bank may be reached at 718-979-1100 or visited online at www.VictoryStateBank.com.