Who Are Millennials?
The Millennial Marketing Key Facts:
- Millennials are people born between 1977 and 2000. Although, there is not a universal agreement on this definition.
- There are more than 80 million of them. This makes their generation larger than Baby Boomers and 20 percent bigger than Generation X.
- Millennials make up 25 percent of the U.S. population.
- Currently, Millennials has 21% of consumer discretionary purchases, which is estimated over a trillion dollars in direct buying power and a huge influence on older generations . Their influence in some categories on other generations is far greater and cannot be ignored
- Millennials are not a homogenous cohort.
- Millennials often seek peer affirmation before making decisions — even small ones.
In my own research, I have found five major studies that document behavior, mindset, lifestyle, and habits of millennials. One to note, which was published in 2011, “American Millennials: Deciphering the Enigma Generation,” is a comprehensive study of the attitudes and habits of this consumer group. Another key research paper is, The Millennial Generation Becomes New Parents, which was published in October 2013. This study focuses on a new wave of American pragmatism and the trends that follow.
- Millennials include some of the earliest digital natives.
- Millennials are interested in participating in your marketing.
- Millennials are known as content creators and users.
- Millennials crave adventure- often “safer” adventures.
- Millennials strive for a healthy lifestyle.
- Millennials seek peer affirmation.
- Millennials are “hooked” on social media in much the same way older. generations are “hooked” on email at work.
- Millennials are not a homogeneous cohort.
- Millennials embrace authentic cause marketing and align to brands with a purpose.
- Millennials are in many ways similar to older generations.
Information source: https://www.barkleyus.com/millennials