Saw a recent forecast from Deloitte that Millennial spending (in the USA and Canada) on media in 2015 would be $62 Billion or roughly $750 a person. They’re getting off cheap is all I can say – but it does answer the question people keep asking about what people are spending their money on – since it’s clearly not fashion or gas.
Although this info from Recode (full article here), is about Millennials it seems to apply almost equally to Gen Xers and Boomers as well:
Pay TV accounts for almost half of that spending (so much for all the cord cutting) – my cable bill is over $1000 annually or 3X what a millennial spends!
Video streaming services like Netflix or Amazon Prime add another $40 per year on average in 2015.
Concerts are a major draw — with 80% likely to attend a live event in the coming year, and spend about $100. I recently spent $300 a ticket for Hedwig on Broadway!
Millennials see nearly seven films a year and spend a premium ($12) to go to the cineplex on Friday or Saturday nights. Ditto.
By far the biggest investment is the amount they spend on the equipment and high-speed Internet access required to access media spending roughly $3,000 a year on hardware and connectivity – DITTO!