The millennial generation trumps all others in terms of sheer size; at 92 million, they are the largest generation in U.S. history. For reference, there are 77M baby boomers and 61M gen x’ers.

 

So, how do millennials tick? Slowly, for one! Millennials are putting off large purchases and milestones, with a preference for short-term commitments and experiences:

 

·         Roughly 1 in 3 say owning a car, television or house is important, but not top of mind

·         The average age for marriage is 30

·         60% prefer to rent, rather than buy

·         The primary motivation to work, aside from paying for necessities, is to fund travel

 

With lower disposable income and average student loan debt of around $21,000, it’s no wonder 30% of millennials live at home with their parents.

 

Not surprisingly, millennials are heavy users of social media: 38% indicate they use it to communicate with others about a service, product or brand, and 34% say they prefer brands who utilize social media to connect.

 

For marketers looking to reach this audience, brands should weave in content on social media that speaks to their lifestyle preferences, and focuses primarily on the experience that their product or service may offer. Brands should also adjust to the 24/7 connectedness of this group by maintaining constant communication, particularly by way of offering support whenever it’s needed.

 

Sources: Goldman Sachs, Forbes