Quick Insights to Clue You Into Millennials
At BrightMark we spend a lot of time studying, observing and advising companies on how to get to the heart of Millennials. Why?
This is the biggest cohort group ever to hit America and they bring a distinct set of values that is already transforming how we live, think, and communicate.
According to the US Census, this group was born between 1981 to 1997 and represents roughly 75.3 million people. A generation marked by war, planetary health issues and economic austerity, Millennials are leading the way to a new world.
According to PEW, tech is a defining characteristic of this generation, but we are learning they are a whole new breed.
Quick Bits About Millennials
Core Values: Mobility, connection, social responsibility, self-sufficiency, teaming/collaboration. They like to live “lite” and are highly conscientious with consumption and activities.
Marrying Later: Of those age 20–34 years old:
1960: 77% were married
2013: 30% were married
Entrepreneurs: A generation built on self-sufficiency. Want to start/create their own thing. The Entrepreneur Center at NYU. Pitchfests. Shark Tank!
Highly Diverse: 40% are people of “color” and 15% are first generation immigrants; more women in the workforce than ever.
Leaders of their own movement: Invented hashtag activism and it works. They connect online with things happening in the streets.
Want their information in different ways: Quick. Efficient. Just the facts. Easy to share.
Philanthropic: ¾ have given a gift to a non-profit.
Huge distrust of Government: It’s a system that has failed and is dysfunctional.
Changing entertainment consumption: Content streaming is becoming a new standard for all.
Multiple identities: They maintain both a cyber identity and in-person identity, resist being categorized and see themselves as a blend of identities.
Late Home Ownership: 60% plan to purchase and 24% already own; 16%: will not purchase.
Purchase Drivers Different than Boomers: Get to their heart, then their mind and then the wallet.
No matter where you sit or what business you are in, it is likely that this generation is going to have a transformative effect on you. The question for everyone is how, and how to benefit from it.
image from Huffington Post
