Given that millennials grew up at a point in history where pirating music and films was a casual affair, it’s a wonder that consultancy Deloitte is predicting that the age group is looking to spend about $62 billion on entertainment as a whole this year. That includes TV, music, film, gaming and everything else under the sun. In fact, Deloitte says that’s more spend than the size Internet ad market.
“The reality is that millennials are spending less on traditional media than they did in the past, and less than older generations, but they are still spending,” Deloitte says in the report.
With 83 million millennials in the United States and Canada, the average person in this group is spending about $750 each. Pay TV is still the spendiest expense for millennials, although increasingly they are opting to cut the cord. Music is the second priority for millennials with computer games not too far behind.
“Millennials will likely continue to spend heavily on tech hardware and telecom services, but it may come at the expense of media and content spending. They will still spend on content, but may be choosier and more-price sensitive than young audiences in the past,” says Deloitte.
