Millennials have surpassed Baby Boomers as the largest population in the U.S.
This is massive.
For years, Baby Boomers defined how products were shaped, sold, and marketed, because this cohort was the leading demographic subset. However, the 75.4 Millennials living in the U.S. (ages 18-34) have now eclipsed Baby Boomers, and marketers, product developers, and technology services are paying very, very close attention.
As market researchers at InterQ, our job is to help our clients understand demographic patterns, lifestyles, and attitudinal segments closely. We’ve recently wrapped up some studies that have allowed us to get up-close-and-personal with Millennials.
Through mobile ethnographies, in-depth interviews, and focus groups, we’ve been thrilled to have the opportunity to have lengthy conversations with this age group, and get to know them better. We wanted to share with you some highlights of what we’ve learned.
First off, let’s look at the demo breakdown for Millennials in the U.S. Here are average stats:
- Male female split: 50/50
- Average HH income: $50k
- Ethnicity: 69% White, 15% Black, 13% Hispanic, 3% Other
- College graduates: 36%
- Not married: 58%
- Employed: 54% full-time, 17% part time
Millennials are defined as “mobile explorers.” Essentially, this group is defining how social apps are shaped and built, they heavily influence internet-buying, and their reach even extends to how they use apps to shape their living situations, ride-sharing, and their income sources via the gig economy. In the following categories, they are considered “Super Influencers,” meaning they have more reach than any other cohort in how the following categories are developed and marketed:
- Mobile phones
- Internet services
- New Tech
- Physical fitness
In other words, this group is dramatically shaping major sources of the U.S. economy and products. The bottom line is – if your industry covers any of these categories, and you don’t understand Millennials thoroughly, you’re missing the major demographic that is driving behavior.
How Millennials Want to Connect with Brands
Millennials are different from the generation (Gen X) that preceded them: This is an age cohort that seeks to connect with brands in a way that is entertaining – in fact, 80% say they want to be “entertained” by brands. Additionally, they pay attention to brands that allow them to influence products through co-creation; brands that offer customer support through social media; and connect them with other brand enthusiasts through entertainment.
And this is just scratching the surface …
The Millennial subset defies what and how companies and marketers have traditionally developed products and messages for. In fact, most “traditional” or legacy companies and brands are seen negatively by Millennials. However, Millennials have very firm ideas about how brands should speak to them and what they should offer. When done properly, they will be your most loyal customers. At InterQ, that’s what we help you understand. If you are looking at releasing a product or messaging aimed at Millennials, make sure you conduct market research that closely studies how they interact with your product, their opinions about it, and how they expect the message to reach them.