As the struggles of the U.S. economy worsen, retailers and fashion brands are focused more than ever on the Millennials -- the savvy and hard-to-please consumers between the ages of 14 and 29.
Females between the ages of 13 and 24 spent $33.7 billion on clothing in the 12 months through April, according to The NPD Group. That compares with $16.9 billion purchased by 25- to
34-year-old women, including some older members of the Millennials, and $29.8 billion by Baby Boomers between the ages of 45 and 64.
The poster girl for the group is Miley Cyrus, the
15-year-old star of the Disney Channel's hit series "Hannah Montana." The character she portrays has spawned an empire estimated to reach $1 billion this year through sales of everything from $6
shampoo to $29.50 jeans. As the Millennials, sometimes dubbed Gen-Y, flex their purchasing muscle, they are forcing companies to reexamine their strategies.
"Tried and true is not the way,"
says Debra Stevenson, who tracks fashion and retail at Skyline Studios in Los Angeles.
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