Md Consulting

According to a recent report by Deloitte, the modern consumer is becoming increasingly distinct from those of years past. This reported focuses on American consumer.

You will find below three ways the new consumer is different than in years past.

1. Increasingly Diverse
In terms of ethnicity, the Baby Boomers are 75% white, while the Millennial generation is 56% white. This diversity also transfers to other areas as well, such as sexual and gender identities.

2. Under Greater Financial Pressure
Today’s consumers are more educated than ever before. In fact, the cost of education has increased by 65% between 2007 and 2017, and this has translated to a record-setting $1.5 trillion in student loans on the books.

3. Delaying Key Life Milestones
Getting married, having children, and buying a house all have one major thing in common: they can be expensive. The average person under 35 years old has a 34% lower net worth than they would have had in the 1990s.