Key Words: No recession? Thanks, millennials!

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‘They are turning 30. They’ve had 10 years to be in the workforce. They’ve had 10 years to build a credit score. They’ve had 10 years to meet a significant other and get prepared to build a household. We’re seeing this behavior show up in this millennial demographic which should help buffer the economy from a more significant slowdown.’

That’s Tony Dwyer, Canaccord Genuity’s chief market strategist, explaining to CNBC this week why he believes millennials are a critical component of his bullish stance on where the stock market goes from here.

“It’s a really big deal,” he explained. “The peak birth year in the millennials [1990] is almost as big as the peak birth year of the baby boom generation.”

Dwyer is looking for the S&P 500 SPX, +0.18% to hit 3,350 by the end of next year. At last check, the broad market gauge was up slightly at 3,013 in Tuesday’s session. The Dow DJIA, +0.12% was barely in the red.

He is particularly fond of consumer-discretionary stocks, which he believes will benefit from the spending trends of the younger generation.

“If a household is fully employed, they have income and they can go to the bank and get a home-equity line of credit or credit-card debt or whatever a bank is willing to lend them, you have some pretty consistent spending behavior as we’ve seen over the past 10 years,” Dwyer told CNBC.

Watch the full interview:

Dwyer’s views echo those of Smead Capital Management Chief Executive Bill Smead, who explained last week how “incredibly economically impactful things” are about to happen as millennials begin to prioritize necessity spending. Big ticket items, Smead says, will soon be prioritized over “Apple AAPL, +0.39% devices, craft beer and Chipotle CMG, -1.35% burritos.”