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.
1. 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.
2. Millennials are always on their smartphones—no surprise there. They own, on average, 7.7 connected devices and use 3.3 each day.
3. 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.
4. 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.
5. The Millennial generation makes up nearly half of the U.S. workforce.