Some marketers might find it hard to wrap their minds around millennial consumers, but they’ve got to do it.
“The millennial generation is larger than the Baby Boom generation and three times the size of Generation X,” said Rick Ferguson, vice president for knowledge development at Aimia, a provider of loyalty programs. “Across the globe, the Baby Boom generation is retiring, and as such it’s critically important for marketers to understand how millennial attitudes towards technology, data privacy and rewards will change the way brands build strong, profitable relationships with their best customers.”
Of course, millennials’ attitudes about technology, data privacy, rewards and more are important to the lead generation industry. A session on lead generation and millennials will be held at the upcoming LeadsCon Las Vegas.
Here are 18 statistics that’ll help you get a handle on millennials, who were born between the early 1980s and early 2000s.
1. Numbering roughly 77 million, millennials make up about one-fourth of the US population (Nielsen).
2. 43 percent of millennials in the US are nonwhite, the largest share of any generation (Pew Research Center).
3. One-fourth of millennials in the US speak a language other than English at home (US Census Bureau).
4. Millennials in the US wield about $1.3 trillion in annual buying power (Boston Consulting Group).
5. The median income for millennials in the US who are year-round, full-time workers is $33,883 (US Census Bureau).
6. More than 85 percent of millennials in the US own smartphones (Nielsen).
7. US millennials touch their smartphones 45 times a day (SDL).
8. 87 percent of online adults in the US age 18 to 29 use Facebook, with 53 percent on Instagram, 37 percent on Twitter and 34 percent on Pinterest (Pew Research Center). That age group represents a large chunk of millennials.
9. Five out of six millennials in the US connect with companies on social media networks (SDL).
10. The top five favorite brands of millennials in the US are Nike, Apple, Samsung, Sony and Walmart (Moosylvania).
11. Millennials in the US are seven times more likely to give their personal information to a trusted brand than to any other brand (SDL).
12. One-third of older millennials (ages 26 to 33) have earned at least a four-year college degree, making them the best-educated group of young adults in US history (Pew Research Center).
13. Just 26 percent of millennials in the US are married, compared with 36 percent of Generation X, 48 percent of Baby Boomers and 65 percent of the Silent Generation at the same age (Pew Research Center).
14. 66 percent of millennials in the US follow a company or brand on Twitter and 64 percent like a company or brand on Facebook to score a coupon or discount (University of Massachusetts Dartmouth).
15. 56 percent of millennials in the US would share their location with companies to receive coupons or deals for nearby businesses (USC Annenberg Center for the Digital Future).
16. 51 percent of US millennials would share information with companies in exchange for an incentive (USC Annenberg Center for the Digital Future).
17. Only 6 percent of millennials in the US consider online advertising to be credible (SocialChorus).
18. For 95 percent of millennials in the US, friends are the most credible source of product information (SocialChorus).
In digesting all of these statistics, keep in mind this observation from market research company Mintel:
“Companies or brands that successfully market to millennials are ones that recognize that there is no such thing as a ‘millennial’ — just individuals or groups of individuals who are at a similar life stage and have lived through similar experiences. They want to be treated for who they are, rather than be lumped together and labeled.”
Click here to register for LeadsCon Las Vegas 2015.