“Millennials” are the hot demo target these days. But how well do you know them? If you need to brush up on your knowledge of the young-and-hip, the findings of three recent studies might help you. The reports are the “Future Foundation Millennials Study, 2014”; the “SDL Millennials Study, 2014”; and the “Millennial Central Study (females only), 2014.” Here are some of the key points…
Millennials:
- Constitute 27% of the population
- Born after 1981
- Are more diverse than any previous generation
- 20% are of Hispanic origin
- 2.6% identify as multiracial
- Marry later in life than previous generations
- Leave home later than other generations
- They are early adopters and rely heavily on technology
- 30% use four or more devices a day
- On average, they check their smartphones 43 times a day
- Their financial picture is transitional
- 18% live at home and are financially dependent on their parents
- 25% of those still at home have full-time jobs
- Another 20% work part time
- 55% believe their personal financial situation will improve within one year
- What they purchase is heavily reliant on word of mouth
- 68% are completely unfazed by celebrity endorsements or star-studded ads
- 93% have purchased a product after hearing about it from a family member or friend
- 89% trust these recommendations more than claims by the brand
- 59% make product recommendations to share highly positive or negative experiences
- 41% pass these recommendations to friends and family via social media
