Possibly spoilt and definitely more pampered than any other generation before theirs, Millennials have baffled marketers for years. Seemingly, they are immune to traditional models of marketing and advertising.
Or perhaps they are just misunderstood.
Whatever the case may be, as they grow older and their spending power increases it is becoming increasingly important to know all you can about this strange breed and what makes them tick.
Here are 10 surprising facts about Millennials which you may not know:
1. They Spend 85% of Their Day On Their Mobile Devices
Okay, this is a not-so-surprising fact. With the rise of social media, smartphones and mobile browsing, mobile devices have quickly become the center of the universe for Millennials. What should surprise you is what they actually do when they go online.
Far from the self-absorbed activities that you envisioned, most millennials use their time spent online to learn new skills they are interested in. They also spend that time asking factual opinions of others about products and services they want to spend their money on since they are usually wary of traditional advertisement methods and tactics.
2. Millennials Are Earning 20% Less than Their Parents Did
They may represent a staggering $200 billion in annual buying power, but Millennials are actually earning less than their parents did at the same age. According to a study done by the Young Invincibles, young adult workers (aged 24 yrs-36 years) earn a median income of $40,581. When adjusted for inflation, that figure comes up short by about $10,000 when compared with what their parents were earning at the same age.
3. Millennials Are Under Double the Student Loan Debt than the Last Generation Was
According to findings gathered by The College Investor, the average student debt burden for a U.S. millennial has grown to almost $40,000. A study showed, quite unsurprisingly, that these young people favor free tuition programs-but many of them don’t want them backed by federal tax dollars.
4. Millennials Save at the Same Rate as Their Parents
This may not be so obvious, given their apparent money problems. But Millennials are well educated about the benefits of keeping something aside for retirement, and a lot of them are doing so. According to a T. Rowe Price Survey, Millennials and the preceding Generation X save at an average 8% of their annual salary. Baby Boomers save 9%.
5. A Third of U.S. Adults Aged 18-34 Live at Home With Their Parents
For such a self-starting and ambitious generation, this is a surprising statistic. Pew researchers behind the findings blame a challenging job market and the high cost of housing.
6. Millennials Are Now the Numerically Dominant Age Group in the U.S. Workforce
They have overtaken Gen X-ers, and nearly 30% of them occupy management positions.
7. They Are Arguably the Most Charitable Generation
Perhaps they have earned their bad rep for being self-centred and feeling entitled. Nonetheless, they are capable of surprising amounts of selfless tendencies. According to a recent survey, 84% of Millennials make annual charitable donations and up to 70% volunteer their time and talents to causes they consider worthwhile. According to Blackbaud’s Next Generation of American Giving report, the average millennial gives out about $500 to charity each year.
8. Millennials Seem Better at Unplugging than the Generation Preceding Them
They may seem glued to the internet, but Millennials are 40% more willing to unplug themselves from the digital world while on vacation than Gen X-ers.
9. Millennials Care about the Environment. A lot.
A large scale study involving more than 20,000 Millennials from 181 countries found that, more than any other issue, Millennials are concerned about the possible effects of climate change.
10. Millennials are not Excited about the Great American Past Time
Baseball…only 18% of Millennials would describe themselves as fans. By contrast, soccer has risen in popularity to become the second most popular sport among 12-24-year-olds in the U.S. according to an ESPN poll.
Feeling enlightened about Millennials now?
P.S I am a Millennial.