Neilson recently published a new report on Millennials, called “Millennials: Breaking the Myths of this No Strings Attached Generation.”
No matter how you cut it, Millennials are a force to be reckoned with. Nearly 80 million strong in the US alone, they represent 24% of the country’s population. These 18 to 36 year old consumers, are still climbing the income ladder with younger Millennials reporting a median income of $25,000 compared to the older Millennials at $48,000. Both young and old groups seek accessible luxury – they want the latest and greatest, and are determined to find thrifty ways to get it.
For these ‘deal-seeker’, ‘deals’ account for just over 30% of their total shopping dollars. Further, their top 20 apps are either discount or retail related.
Millennials reported high receptivity to cause marketing initiatives as they are likely to spend more on a product if the company gives back. Neilson’s report highlights a few key themes for product development targeted at Millennials – personalization, authenticity, and customization.
Millennials are highly vocal, and regularly voice their opinions – positive and negative – online through their social networks.
A few other consumer characteristic insights worth noting:
- Diverse, expressive and optimistic: Millennials are the most racially and ethnically diverse generation in history. They value this diversity and the overall pursuit of self-expression. Despite current economic challenges, they remain optimistic for a brighter future.
- Driving a social movement back to the cities: Millennials are driving an urban revolution, as they seek the ‘downtown lifestyle’. They value the convenience of walking to shops and restaurants and prefer public transportation and car sharing vs. car ownership.
- Struggling, but they have an entrepreneurial spirit: Millennials are faced with low incomes, high unemployment and large student loans. Despite these struggles, they are highly entrepreneurial.
- Connected and want the personal touch: Millennials are always plugged in. These digital natives, value authenticity when interacting with companies; and they’re willing to advocate for their favourite brand.