If the Baby Boomers shaped the culture, politics and economics of yesterday, the Millennials are shaping today and tomorrow.
At about 92 million strong, they have now made the baby “boom” sound like a baby “pop.”
They are a generation that only knows a 24-hour news cycle. They do not know a world without cell phones – many don’t know a world without smartphones. They can affect a much larger social circle with a simple click. They have had literally everything from information to purchase power at their fingertips.
But this generation, who has lived its life technologically in fast forward, is forced to push the pause button when it come to life’s big changes!
These folks, mostly in their 20’s and early 30’s, have come of age in a post 9/11, post bank collapse, down economy. That said, they are earning less and owing more than earlier generations did at their age. Because money it tight, or just because they’ve been babied (chuckle, chuckle) they are living with mom and dad longer. It seems that all of life’s major milestones … marriage, new home, children … will come to this generation later than the rest.
The following are experts from the Goldman Sachs “Millennials Coming of Age” infographic.
- Lower employment levels and smaller incomes have left younger Millennials with less money than previous generations. Add to that, post-grad Millennials are paying more in student loan debt.
- With less to spend, they’re putting off commitments like marriage and home ownerships.
- A growing number are choosing to live at home.
- The percentage of young people married and living on their own has dropped by more than 50% since the 1960s.
- Millennials aren’t just putting off marriage. They’re also waiting longer to have children.
- But 70% say they want to get married and 74% say that they want children.
- It’s not just homes: Millennials have been reluctant to buy items such as cars, music and luxury goods. Instead, they’re turning to a new set of services that provide access to products without the burdens of ownership, giving rise to what’s being called a “sharing economy.”
- Wellness is a daily, active pursuit. They’re exercising more, eating smarter and smoking less than previous generations.
This is clearly not the 80’s generation, wearing Jordache Jeans simply because of the prestige of the label on the butt. Killing the environment so their hair feathers just right. They are more socially and economically accountable.
It’s important to note that, in the Goldman Sachs survey, Millennials did not say that they do not WANT to get married, buy homes and have children. They are simply being realistic, responsible and frugal.
This enormous segmentation bubble will burst … bringing with it unprecedented change. A likely housing explosion and spike in a new generation … it will just take a bit longer than we’re used to.
It is vital to implement a life stage approach to marketing now as these individuals are starting to think about and plan these major life changes. They need and want advice … and experts to help guide them.
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