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46 facts to know about Millennials before marketing to them

Posted on May 03, 2014 by Rob Petersen

 

 

Millennial Age Pyramid

Millennials describes the segment of the population born between 1980 and 2000 (approximately). Sometimes referred to in the media as “Generation Y,” Millennials are the children of the post-WWII baby boomer generation.

They are the 1st generation to come out of the new milllennian and the largest generation ever at 83 million; the 1st generation to be raised with technology and are on track to be the most educated.

The numbers make them an obvious target for marketers – from new technology offerings looking for early adopters to brands used by an older population trying to revive growth as their audience sunsets.

Maybe too obvious.  To connect with any audience, marketers not only have to know them but prove their brands share their values. With any audience, there is the good, bad and ugly to consider.

How does your brand connect with Millennials? Here 46 facts to know about Millennials before marketing to them.

THE GOOD

  • Annual spending is expected to be $2.45 trillion this year and by 2018, they will eclipse boomers in spending power at $3.39 trillion, (source: Oracle)
  • Most ethnically and racially diverse generation in the nation’s history. 18.5% are Hispanic; 14.2% are black; 4.3% are Asian; 3.2% are mixed race or other; and 59.8%, a record low, are white. (source: Pew Research)
  • 90% view entrepreneurship as a mindset today instead of the role of a business owner. (source: Millennial Branding/O Desk)
  • 88% of millennials are optimistic about finding a job. (source: Time)
  • 84% say that knowing they are helping make a positive difference in the world is more important to me than professional recognition. (source: Bentley University)
  • 84% report that user generated content on company websites somewhat influences what they buy. (source: Bazaarvoice)
  • 84% are seeking advice about finance. (source: Merrill Lynch)
  • 81% have donated money, goods or services. (source: Walden University and Harris Interactive)
  • 63% stay updated on brands through social networks. (source: Ipsos)
  • 61% are worried about the state of the world and feel personally responsible to make a difference. (source: Huffington Post)
  • 56% would take a pay cut to work somewhere that is changing the world for the better. (source: Brand Channel)
  • 54% either want to start a business or already have started one. (source: CNN Money)
  • More tolerant of races and groups than older generations (47% vs. 19%), with 45% agreeing with preferential treatment to improve the position of minorities. (source: US Chamber of Commerce)
  • 46% want to start a business in the next 5 years. (source: CNN)
  • 43% have liked more than 20 brands on Facebook. (source: Mr. Youth)
  • 40% visit Facebook more than 10 times per day. (source: Mr. Youth)
  • Millennials will be 40% of the electorate by 2020. (source: The Center for American Progress)
  • 35% of employed Millennials have started their own business on the side to supplement their income. (source: Edelman)
  • 15% are already managers. (source: Millennial Branding/PayScale)

THE BAD

  • 73% say consumers care more about their opinions than companies do – and that’s why they continue to share their opinions online (source: Bazaarvoice).
  • 71% don’t always obey social media policies at work (source: Cisco)
  • 69% believe office attendance is unnecessary on a regular basis. (source: Cisco).
  • 68% of corporate recruiters say that it is difficult for their organizations to manage Millennials. (source: Bentley University)
  • 67% say “you can’t be too careful” when dealing with people. (s0urce: Pew Research)
  • 65% say losing their phone or computer would have a greater negative impact on their daily routine than losing their car. (source: Zipcar)
  • 59% visit Facebook during class. (source: Mr. Youth)
  • 59% of business decision makers and 62% of higher education influentials give recent college graduates a C grade or lower for preparedness in their first jobs. (source: Bentley University)
  • 57% will change financial advisors for a tech setting. (source: WealthManagement.com)
  • 56% won’t work at a company if they ban social media access (source: Cisco)
  • 48% say word-of-mouth influences their product purchases more than TV ads. Only 17% said a TV ad prompted them to buy (source: Edelman)
  • 46% count on social media when buying online, but 55% of Gen Y share bad experiences. (source: YouGov)
  • 41% of Millennials do what their managers tell them to do, which is greater than older generations. (source: Pew Research)
  • 41% of Millennials have no landline at home and rely on their cellphones for communication. (source: Pew Research)
  • 41% of Millennials have made a purchase using their smartphone. (source: Edelman)
  • 40% think that blogging about workplace issues is acceptable. Compared to 28% of Boomers. (source: Edelman)
  • 39% have a tattoo. (source: Pew Research)
  • 33% have put off marriage or having a baby due to the recession. (source: Pew Research)
  • 25% re unaffiliated with any religion, far more than any American generation in modern times. (source: Pew Research)
  • It costs an average of $24,000 to replace each Millennial employee. (source: Microsoft/Experience, Inc.)

THE UGLY

  • $1 Trillion in debt. (source: Bloomberg)
  • Average Millennial carries $45,000 in debt. (source: Huffington Post)
  • Average student carries $12,700 in credit-card and other kinds of debt. (source: Newsweek)
  • 48% of employed college graduates work in jobs that don’t require a four-year degree. (source: McKinsey/Bureau of Labor Statistics)
  • 40% of Millennials said their stress had increased last year. (source: American Psychological Association)
  • 38% recommend pursuing a “promising start-up opportunity” versus completing a “traditional college degree.” (source: Millennial Branding/O Desk)
  • 37% are unemployed or out of the workforce, the highest share among this age group in more than three decades. (source: Pew Research)

If these facts peak your interest and you want know more about Millennials, below is an infographic from Badgeville.

Is your brand ready to connect with Millennials? Do these facts help you with marketing to them?

The-Rise-of-the-Millennials-infographic_1

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