As a generation, Millennials are now the most populous (surpassing Baby Boomers), diverse, highest spending generation in America’s history comprising of more than a third of the workforce - making them a demographic no brand should ignore. Here are some key 'millennial statistics' for you to factor in while targeting this cohort.
DEMOGRAPHICS
- There are an estimated 72.1 million Millennials in America.
- Millennials account for 22% of the population in the United States.
- In the coming 10 to 15 years, 80% of Millennials will be parents.
- Now - 25%
- 10-15 years - 80%
- About 1 in 5 of the mothers in America are millennials.
- More than 1MM millennials are becoming moms each year
- 67% of Millennial Moms are multi-cultural
- 53% of Millennial moms are working full-time
MILLENNIAL PURCHASING POWER
- Millennials women are the most financially independent and the most educated generation in history. 7 out of 10 participate in the workforce.
- Millennials are the highest spending generation with $1.4 trillion in disposable income in 2020
- Millennial Moms contribute a significant part of the household income- 30% contribute half or more and 30% contribute between quarter and half
- Millennials have an average expenditure of approx. $59,000 + a year in the US
MILLENNIAL SHOPPING HABITS AND LOYALTY PROGRAM PREFERENCES
- More than 8 in 10 Millennial Moms join loyalty programs specifically to save money.
- Millennial shoppers typically look for authenticity, meaningfulness, uniqueness and innovation in a brand
- 71% will pay more for a brand / product associated with a charity
- They support brands that promote safety, healthiness, nutrition and education.
- Millennials cite Convenience as their key online shopping benefit
HOW THEY USE TECH, THE INTERNET AND SOCIAL MEDIA
- Millennial Moms love brands that seamlessly integrate technology, particularly mobile, into daily tasks for effective time management. 8 in 10 Millennial Moms use their mobile phone to shop.
- More than 3 out of 4 Millennial Moms use the Internet for parenting advice – twice as likely than to ask other people, such as relatives or friends.
- Millennial Moms have an avg of 3.4 social accounts and spend 17.4 hours per week on social networks.
- The most effective way for brands to reach Millennial women :
- 81% - Social media
- 36% - Trusted website
- 35% - Online articles
- 35% - Email
- 17% - Online Videos
- 35% of Millennial women say social media and online interactions are key purchase influencers.
- 90% of Millennial Moms share information about purchases they've made
WHAT BRANDS SHOULD KEEP IN MIND ABOUT MILLENNIALS
- There are too many to ignore (they are large spenders!)
- Leverage technology (they are digital natives!)
- Align with their values (they will pay more and be loyal!)
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