Sunday, October 5, 2008

Millennial Hipsters Outpace Gen X in Buying Power

The new generation of twenty-something hipsters are creative, counterculture and serious consumers. Part of their ability to support the indie brands they love (Urban Outfitters, Steven Alan) is due to parentage: these hipster-ish Millennials are baby boomer kids, and baby boomers boast annual spending power of $2 trillion, much of which goes to offspring wants and needs. And there are about 70 million Millennials -- about one and a half times the population of Gen X -- with their collective eye trained on Vice's Dos and Don'ts.