The 2019 U.S. Millionaire Report touched on themes highlighting the ways consumer demographics are changing nonprofit and commercial spaces. The biggest demographic shift? The rise of the millennial population. So, with their growing presence, that begs the question: what influences millennials? And how do their values and habits influence the millionaire population?
Millennial Influence on Millionaire Population
As the fastest growing millionaire segment, millennials make up 2% of the millionaire population today. Millennial influence is already growing substantially, influencing how all of us give, save, and spend.
Most millionaires in the United States are now adopting key millennial values (sustainability, conservation, and diversity, among others) to inform their decision making. So, most millionaires, (Boomers and Millennials alike) are not as flashy as you’d think! Let’s take a look at what influences millennials, specifically, and how these values are influencing millionaires.
For example, for millionaires in the United States, their taste in vehicles is changing. Instead of opting for well-known luxury vehicles, millionaires are gravitating towards car models that are more economical (i.e. Honda Accord, Toyota Camry, Ford F-Series Pickup, etc.)
Millionaires are also moving from traditionally wealthy areas to the suburbs. If anything they’re expanding and diversifying the locations they decide to settle in. Millennials, for example, are shifting from urban areas such as New York and Silicon Valley to more suburban areas like Freemont or Atherton in California.
As Millennials continue to influence this population, it’s becoming more apparent that millionaires, and their values, are changing. So, as new personas emerge, the needs of millionaires are becoming more diverse. And, as Boomers enter retirement age, and Millennials continue to accumulate wealth, their influence will only continue to grow and impact the way we live.