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The oldest Millennials are reaching the magic age of 35 this year, and that’s good news for the economy because that’s the age one’s peak spending years typically begin.
Over the next few years this group’s total spending is expected to increase by 25%, according to a Morgan Stanley report. That’s a big deal for the economy considering the US Bureau of Labor Statistics found Millennials account for nearly $1 trillion of consumer spending each year, with people between the ages of 25 and 34 spending an average of $48k each in 2013.
And seeing as personal consumption expenditures make up almost 70% of US GDP, should Millennial spending increase by the expected 25% we can expect GDP to grow by 1.35%, adding an extra $250B to the economy. [Investopedia]
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