Millennial Research
General Profile Demographics Types of Millennials
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General Profile
The 83.1 million millennials (ages 18-34) in the US comprise:
23% of total population
30% of voting age population
38% of primary working age population
38% of voting age minorities
43% of primary working age minorities
Millennial minorities are:
27% of total minority population
Millennial population expected to continue growing until 2036 due to immigration1. 3
General Profile
In 1975: Far more young adults lived with a spouse than a parent.
In 2016: More young people lived with their parents than a spouse.
First time in 140 years that young adults are more likely to be living in parents’ home than anywhere else2.
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General Profile
1 in 3 young Americans — 24 million in total — live in their parents’ homes
Of those, 1 in 4 does not work or go to school, but out of that group 28% have a disability and another 21% have a child
8.3 million young people living with their parents are either working or in school3
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General Profile
•
Low mobility – millennials are less likely to move than older generations
•
Increasingly putting off marriage and children
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Types of Millennials
29% Hip-ennial
Millennial Mom
“I can make the world a better place.”
“I love to work out, travel, and pamper my baby. ”
• • •
Anti-Millennial “I’m too busy taking care of my business and my family to worry about much else.”
•
Locally minded, conservative
•
Does not spend more for green products and services
Highly social and information hungry
•
•
Seeks comfort and familiarity over excitement/change/interruption
Can feel isolated from others by her daily routine
•
•
Slightly more female, more likely to be Hispanic and from the western U.S.
Older, highest income
Cautious consumer, globally aware, charitable, and information hungry
•
Greatest user of social media but does not push/contribute content
•
High online intensity
•
Female dominated, below-average employment (many are students and homemakers)
16%
22%
Wealthy, family oriented, works out, confident and digitally savvy
The Millennial Consumer, source: The Boston Consulting Group
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Types of Millennials
13% Gadget Guru
Clean and Green Millennial “I take care of myself and the world around me.”
“It’s a great day to be me.”
•
Successful, wired, free-spirited, confident, and at ease
•
Feels this is his best decade
•
Greatest device ownership, pushes/ contributes to content
•
Male dominated, above-average income, single
10%
10%
•
Impressionable, cause driven, healthy, green, and positive
•
Greatest contributor of content, usually cause related
•
Male dominated, youngest, more likely to be Hispanic, full-time student
Old-School Millennial “Connecting on Facebook is too impersonal, let’s meet up for coffee instead!”
•
Not wired, cautious consumer, and charitable
•
Confident, independent, and self-directed
•
Spends least amount of time online, reads
•
Older, more likely to be Hispanic
The Millennial Consumer, source: The Boston Consulting Group
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Consumer Profile Shopping Trends Buying Habits Preferences
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Consumer Profile
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5
34
12
45
5 4 3
AD M ON IT E
12 3 4 5
12 3
T I M E D A ON
Prefer access & peer-to-peer sharing over ownership (Uber, AirBnB, Spotify, Netflix, etc)4
Tend to value experiences over things
78%
55%
Prefer buying experiences
Spend more on live events & experiences than ever before4
74% of millennials said they are frustrated with receiving too many marketing communications The majority of millennials prefer just 1 to 3 marketing emails per month5
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Consumer Profile
In 2014, millennials spent $1.3 trillion despite being strapped for cash 54% of millennials shop online compared to 49% of non-millennials6
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Consumer Profile
63%
of Millennials make purchases on their smartphones compared to only
41% of Gen Xers
19% of Baby Boomers
Millennials still value brick and mortar stores, but they
expect cross channel experiences
84%
of Millennials use their phones for shopping assistance while in a store
53%
of Millennials use their phones in stores to search for coupons & discounts6 12
Consumer Profile
Price/value is the
#1 concern for millennials
Thanks to young millennials (ages 18 – 25), thrift shops online and offline are growing 20X faster than traditional retailers, 30% have shopped secondhand in past 12 months; 21% will shop secondhand in the future6
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Shopping Preferences
Millennials value sustainability, health, and corporate social responsibility
48%
72%
70%
69%
58%
56%
53%
try to use brands that are active in supporting social cause
are willing to pay more to do business with a company they trust
are willing to pay more for brands that promote wellness
are willing to pay more for organics
are willing to pay more for environmentally conscious brands
are willing to pay more to do business with a socially conscious brand
are willing to pay more for a product that has environmentally friendly packaging4
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Shopping Preferences
•
Value authenticity
•
Millennials like brands that personalize and cater to them
•
70% of millennials are comfortable with retailers tracking their purchasing and browsing behaviors in exchange for more relevant communications
•
Millennials want perks and love loyalty programs
•
Loyalty programs make them feel as though they are a part of a community while rewarding them at the same time for doing business with you
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Who Influences Millennial Purchases? Millennials are more influenced by bloggers and online peer recommendations than celebrities and ads, a major shift from previous generations •
•
70% are more influenced by non-celebrity bloggers 62% of young people 18-24 would try a product suggested by a YouTuber over a TV or movie star
79% of millennials believe that attending live events with friends strengthens friendships
69% experience FOMO (Fear of Missing Out)4
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Best Brands for Millennials 72%
72%
70%
Brands with the highest current customer scores for millennials7
60% 53%
51% 45%
42%
40%
40%
39%
38%
37%
35%
35%
34%
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Financial Profile Trends Influences
Financial Profile
71%
Millennials are using less credit cards Carry fewer banks cards than Gen X8
Auto & Personal Loans
Emerging Markets
Opening more auto and personal loans than Gen X did as young adults (21-34)8
71% of millennials in emerging markets expect to be financially better off compared to only 36% of millennials in mature markets9
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Increase in student debt
$30K
average student loan debt of recent bachelor’s degree grads
41%
of young families had a student debt in 2013, up from 17% in 1989
3x amount owed on student loans tripled since ‘896
Professional Development & Work Life
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Millennial Employment
Millennials are making less
More women in the workforce
Millennial men between 25-34 years old with incomes of less than $30K per year3
From 1975 to 20163
*adjusted for inflation
Up to $29K from $23K
1975
2016
Up 40%
Dropped from 43% to 14%
41% 25%
Number of women ages 25-34 in the work force
Median annual income of women *adjusted for inflation
Number of young female “homemakers” 22
Work Life Preferences
Length of time with an employer •
Millennials stay with their employers longer than GenX employees did at the same ages (largely due to the fact that the labor market is less fluid than it once was)
Millennial work values • •
•
Freelance flexibility with full-time stability9 Salary is top priority but 58% said they’d accept a 15% pay cut to work for a company with great values and culture, leadership, and communication10 Millennials value ethics and transparency in their managers more than getting recognized for their accomplishments11
Not as digital as you think •
•
Prefer face-to-face contact over digital options when it comes to learning new skills in the workplace Less likely than baby boomers to prefer virtual meetings for collaborations
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Values, Views and Attitudes
Millennial Attitudes
Millennials see wellness as a daily, active pursuit
Wellness
Tech
Spending
Millennials exercise more, eat better and smoke less than previous generations
Millennials use apps to track training data and online info to find the healthiest foods
Wellness is one area Millennials are willing to spend money on brands12
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Millennial Attitudes
Millennials have a reputation for selfishness, but research suggests otherwise:
% 61 61% of Millennials surveyed said they were worried about the state of the world and felt personally responsible to make a difference13
Millennials value inclusiveness •
Identify with leaders who appeal to anyone who might feel marginalized
•
Don’t support leaders who take divisive positions9
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Millennial Values
•
Competition
•
Loyalty and the foundation of trust
•
Want jobs and education over marriage and family
•
Value flexible work practices
•
Appreciate directness and passion over radicalism
Information gathered through user-generated media is trusted
40% more
than traditional media such as newspapers and magazines14
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Transportation Trends
Transportation Trends
Urban millennials travel on average 89 miles per week — less than their Gen X counterparts at 100 miles per week.
Millennials tend to get their driver’s licenses later
Millennials tend to live in urban areas and utilize alternative forms of transportation methods
Over Gen X, millennials are more likely to use the following transportation methods: • Bicycle • Ride sharing (Lyft & Uber) • Work/school shuttle15 29
Media & Social Behaviors
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Media and Social Behaviors
•
Millennials spend 18 hours per day consuming media
•
71% say they engage in social media daily
•
Social media is about 30% of daily media consumption14
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Media and Social Behaviors
69%
82%
39%
27%
26%
of millennials take a photo or video of their food before eating16
of millennials participate in live experiences such as parties, concerts, festivals, performances, races, and sports6
of millennials post reviews of brands or products6
of millennials reference brands in blog posts6
of millennials answer satisfaction surveys on mobile devices6
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Demographics & Diversity
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Demographics & Diversity Most urban cities saw an increase in millennials from 2010-2015 Increase occurred in not only big cities but smaller ones like Orlando, Charleston, Riverside, and Providence17
The millennial generation is ushering in the nation’s broader racial diversity
Cities are attracting millennials with jobs, great food, and free transportation •
•
•
Millennials are 58% Caucasian and nearly 30% “new minorities” (Hispanics, Asians, and those identifying as 2 or more races) In 2000, the young adult age group was 63% Caucasian In 1990, the young adult age group was 73% Caucasian1
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Demographics & Diversity
US Race-Ethnic Profiles for Age Groups, 20151
100%
Age 55+
Age 35-54
Age 18-34 “Millennials”
Age under 18 “Post-Millennials”
90%
80%
70%
60%
50%
40%
30%
20%
Hispanic
75% 61.5%
2+ Races
55.8%
Asian
51.5%
Black American Indian/ Alaska Native White
10%
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Demographics & Diversity
Percentage of Millennial Population Comprised of Minorities, 20151
51.3%
57.2%
52.5% 67.6% 53.5%
68.9%
Greater than 50%
51.4%
62.1%
40 - 50% 53.2%
74%
20 - 40% Less than 20%
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Index 1 Frey,
W. H. (2017, August 15). Diversity defines the millennial generation. Retrieved October 25, 2017, from https://www.brookings.edu/blog/the-avenue/2016/06/28/diversity-defines-the-millennial-generation/
2 Cilluffo,
A., & Cohn, D. (2017, April 27). 10 demographic trends shaping the U.S. and the world in 2017. Retrieved October 25, 2017, from http://www.pewresearch.org/fact-tank/2017/04/27/10-demographic-trends-shaping-the-u-sand-the-world-in-2017/ 3 Vespa,
Jonathan. (April 2017). The Changing Economics and Demographics of Young Adulthood: 1975–2016. US Census Bureau. Retrieved October 25, 2017, from https://www.census.gov/content/dam/Census/library/ publications/2017/demo/p20-579.pdf. 4 White,
J. (n.d.). There Are 83-Million Millennials in the US. Here's How They Spend Their Money. Retrieved October 25, 2017, from https://www.inc.com/john-white/there-are-83-million-millennials-in-the-us-heres-h.html?cid=search
5 Roesler,
P. (n.d.). How Marketers Can Connect With Technology-Distracted Millennial Shoppers. Retrieved October 26, 2017, from https://www.inc.com/peter-roesler/how-marketers-can-connect-with-technology-distract.html? cid=search 6 How
Millennials are Changing the Retail Game. (2017, October 13). Retrieved October 26, 2017, from https://mergein.com/infographics/millennials-shopping-habits/
Klara, R. (2017, July 05). A New Look at Millennials' Favorite Brands Shows a Few Surprises Climbing the List. Retrieved October 26, 2017, from http://www.adweek.com/brand-marketing/a-new-look-at-millennials-favorite-brandsshows-a-few-surprises-climbing-the-list/ 7
Oyedele, A. (n.d.). How Millennials Are Choosing to Spend Their Money. Retrieved October 26, 2017, from https://www.inc.com/business-insider/millennials-spending-habits-money-different-than-parents-personal-auto-loans.html? cid=search 8
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Millennial Survey 2017 | Deloitte | Social impact, Innovation. (2017, August 29). Retrieved October 26, 2017, from https://www2.deloitte.com/global/en/pages/about-deloitte/articles/millennialsurvey.html
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“salary is a priority but 58% said…” Source: Jared Lindzon, FastCompany.com; Connect EDU survey
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Roth Staffing Companies, L.P. (n.d.). Retrieved October 26, 2017, from http://www.rothstaffing.com/client/?p=4883
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Millennials Infographic. (n.d.). Retrieved October 26, 2017, from http://www.goldmansachs.com/our-thinking/pages/millennials/
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Agrawal, A. (2017, October 05). 9 Assumptions You're Making About Your Millennial Employees That Are Dead Wrong. Retrieved October 26, 2017, from https://www.entrepreneur.com/article/300781
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Taylor, K. (2014, March 10). Millennials Spend 18 Hours a Day Consuming Media -- And It's Mostly Content Created By Peers. Retrieved October 26, 2017, from https://www.entrepreneur.com/article/232062
Circella, G., Berliner, R., Lee, Y., Handy, S. L., Alemi, F., Tiedeman, K., . . . Mokhtarian, P. L. (November 15, 2016). The Multimodal Behavior of Millennials: Exploring Differences in Travel Choices between Young Adults and Gen Xers in California. Transportation Research Board. Retrieved October 25, 2017, from http://docs.trb.org/prp/17-06827.pdf 15
Amatulli, J. (2017, March 01). An Obnoxious 69 Percent Of Millennials Take Photos Of Food Before Eating. Retrieved October 26, 2017, from https://www.huffingtonpost.com/entry/study-says-69-of-millennials-take-photos-of-theirfood-before-eating_us_58b73078e4b0284854b39105?utm_hp_ref=millennial-experience 16
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Johnson, D. (2017, June 13). Millennials: See the Top 25 Cities Where They're Moving. Retrieved October 26, 2017, from http://time.com/4797956/cities-millennials-moving/
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