Understanding what makes Millennials tick, with the important caveat of realizing the inherent limitations of broad generalizations (particularly when applied to the most diverse generation ever), is the first step in configuring a new gaming experience designed to appeal to younger consumers without alienating existing casino guests.Īt a time when places like the Las Vegas Strip are seeing gambling – as a revenue stream – taking a backseat to non-gaming activities such as dining, entertainment and retail, it is critically important to recognize the influence of Millennial “culture” on this behavior shift. 2 With the oldest Millennials turning 35 this year, it is critically important to recognize the immediacy of their influence as disruptors on both the transformation of business as we know it and upon broader consumer behaviors and expectations that span across generations.Īt this most interesting and pivotal time, tremendous revenue opportunities exist for the gaming industry, at a most interesting and pivotal time, to modernize offerings in ways that resonate with a very different type of customer.
The median “middle age” of all Americans today is 37.6 (half older, half younger). Gaming industry executives often use the term “next-gen” when talking about this demographic, perhaps without fully appreciating the magnitude, scope and proximity of the opportunity they truly represent.
This age group already accounts for $1.3 trillion in total consumer spending annually. Millennials will account for one-third of all retail spending within the next five years and will represent more than half of the total workforce. At 87 million strong in the U.S., they are larger as a group than Baby Boomers (76 million). Generation Y – also known as Millennials – is broadly defined as the age group born between 19.
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