North American millennials will spend over $62 billion on media content in 2015, despite being dubbed as the ‘generation that won’t spend’, according to a new report.
The new study from Deloitte predicts that North America’s 83 million 18- to 34-year-old millennials will drop substantial sums on media consumption this year: roughly $62 billion.
That’s an average spend of $750 per person in the U.S. and Canada.
Pay TV is a surprisingly large part of the equation, accounting for almost half of that spending.
Deloitte estimates that 70 percent of millennials live away from their parents’ homes — and eight out of 10 will pay a monthly fee for television in 2015. So much for all the discussions about “cord nevers,” a group who opt never to pay for a cable or satellite TV subscription.
According to the firm’s projections, four-fifths of millennials will spend an average of $80 a month on pay TV packages.
Video streaming services like Netflix or Amazon Prime will likely add another $40 per year on average in 2015.
Deloitte also commented that millennials are spending less on traditional media than they did in the past, and less than older generations. A sixth of US millenials, which equates to just over 12 million, is likely to subscribe to a print newspaper in 2015, the company predicted, paying around $120 per year, which means the average millenial will spend $20.
American 18-34 year olds are half as likely as the national average to subscribe to a print newspaper, but spending has declined rather than ceased.
