15 Mind-Blowing Stats About Millennials
By 2020, Millennials are expected to account for 30% of retail sales in the United States. We’re talking $1.4 trillion in spending. Here’s more about what marketers ought to know when targeting this lucrative group.
By 2020, Millennials are expected to account for 30% of retail sales in the United States. We’re talking $1.4 trillion in spending.
But these 18- to 34-year-olds don’t have the same media consumption and buying habits as their parents and grandparents. Here’s more about what marketers ought to know when targeting this lucrative group.
- The U.S. Census Bureau defines Millennials as people born between 1982 and 2000. They are 83.1 million strong and represent more than one quarter of the nation’s population.
- Millennials are always on their smartphones—no surprise there. They own, on average, 7.7 connected devices and use 3.3 each day.
- The differences between an 18-year-old and a 34-year-old are many. For example, 97% of 18-year-olds live in someone else’s home, primarily with a parent or parents. Conversely, 90% of 34-year-olds live in their own homes, and 60% do so with children.
- The “Internet of Me” applies to this generation in a big way, and they’re incredibly engaged with content in every sense of the word. Half of Millennials—versus 38% of the population—consider themselves content creators, and 75% share content online.
- The Millennial generation makes up nearly half of the U.S. workforce.
- In 2014, Millennials launched almost 160,000 startups and made up nearly one-third of all entrepreneurs in the U.S.
- The 18-to-34 age group is now making 54% of its purchases online, up from 51% last year and five points ahead of the 49% of online purchases made by non-Millennials.
- When asked about how they will make their next online purchase, 32% of Millennials said they planned to do it on a laptop or desktop computer, 25% said a smartphone, 24% will use a tablet, and 11% will shop in a physical retail store.
- Half of the Millennial generation watches sports content on smart TVs, mobile devices, PCs, or gaming consoles.
- Thirty-percent of Millennials have done their grocery shopping online.
- Ninety percent of Millennials have a smartphone—most of whom (93%) use it to access the Internet—and 53% own tablets.
- Also, 28% of Millennials watch original programming within three days after airing, mostly on their laptops or mobile devices.
- Twenty-seven percent of Millennials use Facebook less than once a week, if at all, including 11% who don’t even have an account. In addition, a majority (54%) said they don’t have an account with Snapchat, and roughly four in 10 said they don’t have accounts with Pinterest (41%), Twitter (39%), or Instagram (39%).
- Ninety percent of Millennials use coupons. However, unlike their parents who used the paper kind, Millennials rely on digital formats such as RetailMeNot and Guilt City.
- Seventy-eight percent of Millennials would choose to spend money on a desirable experience over buying something that is desirable. They are all about creating, sharing, and capturing memories.