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Maybe you love them, maybe they make you cringe. Or maybe you are one.
Whatever you may think about millennials, they’re not going anywhere. According to the US Census, millennials comprise one-quarter of the world’s population. That’s over 800 million millennials on the planet. And seeing as how they make up half of the workforce, and spend around $600 billion in the U.S., millennials are a market segment worth getting to know.
Here are some useful stats to help.
Millennials came of age during the modern digital revolution and are very comfortable with life online.
- Millennials spend an average of 7.2 hours online each day. (eMarketer), two and a half hours on social media (World Economic Forum), and a bit over two hours watching videos (Wibbitz).
- 71% of millennials regularly shop online using their mobile devices. (AdWeek)
- 94% use digital coupons. (Valassis)
- Millennials will pay attention to online content for four seconds longer than Gen Z-ers. (Vision Critical)
- 74% of millennials will purchase something online at least once a month. (Ernst & Young)
- 40% of millennials rely on online reviews and testimonials before buying a product from a particular brand. (Millennial Marketing)
- 83% of millennials find online content useful when making purchasing decisions. (Sharethrough)
Putting Down Roots
According to the Pew Research Center, Millenials are somewhat delayed in putting down their own roots compared to previous generations. They are living with mom and dad for longer, marrying later and moving less. In 2018:
- 15% of millennials were living with their parents.
- 20% of millennials without a college degree were with their parents.
- 10% with at least a bachelor’s degree were with their parents.
- 16% moved into a new home.
- 46% of millennials were married, and It’s likely that one in four millennials will not marry by their early 50s.
- 48% of millennial women had children.
Financial Health and Spending
Financially speaking, millennials are somewhat worse off than previous generations with a higher likelihood of debt. This is reflected in their spending habits.
- 63% have over $10,000 in student debt. (Padilla)
- 52% carry over credit card debt month to month. (CNBC)
- In 2016, 52% were concerned about defaulting on loans in the next 10 months. (UBS)
- Millennials spend two thirds the amount that older generations do on entertainment each year. (Bureau of Labor Statistics)
- In 2018, 60% of millennials preferred generic products over brand names. (Millennial Marketing)
Higher Education and Employment
According to the Pew Research Center, Millennials have received higher education than previous generations, and women especially have advanced in this area.
- 39% of millennials have a bachelor’s degree or higher compared to 25% of Baby Boomers.
- About 43% of females and 36% of males have at least a bachelor’s degree.
- 80% of millennials had worked for their employer for at least 13 months.
Millennials are shifting the political landscape with more democratic views and a high number of voters. According to the Pew Research Center:
- Millennials are the second largest voting block following Baby Boomers.
- 51% of registered millennial voters came to the polls in 2016.
- 59% of millennials were democrats in 2018, compared to less than half of older voters.
Marketing to Millennials- Let’s Get Started!
We hope this information has helped you learn a bit more about millennials. Now let’s take the lessons you’ve learned in this blog – and start building your own millennial buyer personas.
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