…and here’s where it’s projected to rise the most.
Yay! Happy days are apparently here again for many Americans, at least according to the recently released American Lifestyles 2015 report from Mintel. The report looks at consumer markets over the next five years and predicts total sales will increase by 21.9 percent. Leading the way is spending in “nonessential categories,” such as vacations and eating at restaurants, with projected five-year gains of of about 27 percent each.
If you’re in the vacation/tourism business, Mintel says the best customers to target are Baby Boomers, who are taking more vacations (especially as more of them retire), and Millennials, who are now earning enough to take vacations.
Tech spending is also expected to grow through 2019, with “a 26 percent increase, driven by smartphones, trends in wearable devices and advanced media technology to support 4K resolution which may strengthen TV sales.”
Restaurant owners will be happy to know Mintel says American will be dining out more. The report says consumers want—and will pay more for—“safe, higher-quality food.” That translates to food that’s “local, organic and hormone-free.”
Nearly 20 percent of consumers say they plan to spend more “month-over-month,” which Mintel says will lead to a 3.9 percent overall increase in spending this year.
Rieva Lesonsky is CEO of GrowBiz Media, a media and custom content company focusing on small business and entrepreneurship. Email Rieva at email@example.com, follow her on Google+ and Twitter.com/Rieva.