Annual US Millennial spending to hit $1.4 trillion by 2020
Twitter (TWTR) sees huge growth potential in Asia. Speaking with Bloomberg TV early this month, the head of Twitter’s for Asia-Pacific region, Maya Hari, pointed out that half of the world’s Internet users are in Asia, and the region is also home to 60% of the world’s Millennials. With Millennials’ purchasing power growing as they enter the parenting stage, brands around the world are seeking to connect with this consumer demographic, thereby enlarging advertising opportunities for digital advertising providers such as Twitter.
In the United States alone, Accenture predicts that annual spending attributed to Millennials will hit $1.4 trillion by 2020 compared to ~$600 million in 2017.
According to a report from UBS, global Millennial wealth is on track to hit $24 trillion by 2020, further highlighting why Millennials are a coveted consumer demographic for brands in a variety of industries. According to Hari, Asia presents an incredible growth opportunity for the company because of its large Millennial population.
Heated race for Millennial economy in Asia
Besides Twitter, many other technology companies are seeking to monetize Asia’s massive Millennial population. China’s Tencent (TCEHY), for instance, has built a multipurpose Millennial-oriented app called WeChat, which it’s rolling out in more countries.
In India, one of the largest Millennial markets in Asia, Twitter is battling it out with Google (GOOGL), Facebook (FB), and Snap (SNAP) for advertising dollars. Facebook currently dominates the social media market in India with a 92% market share, according to StatCounter data. Google’s YouTube controls ~2.0% of the social media market in India. Last year, Snap partnered with Tyroo to help drive its advertising business in India.