Do you know who millennials are?
For starters, a millennial is someone born between 1981 and 1996. Millennials are currently between the ages of 23 and 38. Some even count millennials as the people born between 1980 and 2000.
Nevertheless, in the past two decades, millennials have been a generation that sets trends and drives technological progress.
But what about millennial marketing statistics? Read on to find out.
- By 2020, 50% of the global workforce will be millennials.
- More than 85% of millennials own smartphones.
- 84% of millennials do not trust traditional advertising.
- 90% of millennials have a Facebook profile.
- 30% of millennial users feel loyal to brands.
- 91% of millennials buy because of a recommendation from a friend.
- 80% of millennials realize that ads serve a purpose for brands.
1. There are approximately 73 million millennials in the US.
(Source: Dynamic Signal)
- 44% of the millennial generation belong to minority groups.
- Millennials comprise more than 30% of the voting-age population in the US.
- It’s projected that the millennial population in the US will peak in 2036 at 76.2 million.
- 54% of millennials either want to start a business or already have started one.
Millennials are the most racially diverse generation, although Gen Z is quickly changing these stats. Millennials currently make up 25% of China’s entire population – more than the whole population of the US. However, the country with the highest millennial proportion is Iran with 32.2%.
More than half of this generation is looking to build its own future by developing a business. Millennials have a keen sense of ownership and want to make the world a better place for themselves and others alike.
2. More than 85% of millennials own smartphones.
- 38% of millennials say they’ve purchased the latest digital device.
- 94% of millennial users in the US own a smartphone, 100% own a mobile phone.
- 35% of the millennial generation prefer digital video over traditional television.
Millennials and technology go hand by hand. Furthermore, more than a third follow millennial trends and insist on always having the latest gadgets on the market. And there’s nary a millennial without a mobile phone – they’ll probably get a panic attack, should they go out without one.
In fact, around 65% say they would be more devastated by losing their phone or computer than losing their car.
And Millennials generation statistics indicate millennials are 2.5 times more likely to adopt technology earlier than other generations.
Question time: How big is the millennial market?
The millennial market consists of about 73 million people between the ages of 23 and 38. Millennials are currently the largest generation.
3. 90.4% of millennials are on social media.
- 42% double-check the accuracy of information posted on social media.
- Social media is the most relevant advertising channel for 42% of millennials.
- 93% of millennials access social media on their smartphones.
- Facebook (88%) is leading the popularity chart among millennials, followed by Youtube (83%).
Research on millennials found out that the vast majority of the generation uses social media to communicate and find information. While that’s not a surprise to anyone who hasn’t just fallen off the Moon, social media has a key role in understanding millennials’ behavior and needs.
To get the attention of millennials, you need to be present and create engaging content on social media. Furthermore, you need to be active on multiple channels and keep getting their attention with videos, images and a social position.
Question time: What is millennial marketing?
Millennials require a different approach to marketing. They are savvy enough to know when they’re being pitched to, and they have built up a resistance to it.
10 facts you need to know about millennials:
- They love their smartphones.
- They love the internet.
- They are perfectionists.
- They are very anxious.
- They love to travel.
- They think about work a lot.
- They have the highest stress levels of any generation.
- They are better educated than past generations.
- They love to read.
- They don’t take many vacations.
4. 50% of millennials say positive service experience is a factor in their loyalty to brands.
- 57% of millennials compare prices of products in physical stores and online.
- 47% of millennial consumers consider social media as part of their shopping route.
- Around 44% of millennials are willing to promote products or services through social media in exchange for rewards.
This generation can be hard to impress. Statistics on millennials state that around half of them will be loyal to your brand after a positive experience. Still, millennials like to compare prices around the web, social media and physical stores, so don’t try to fool them.
Give them a reward instead. Then they will be quite willing to promote you. It’s also worth mentioning that 37% of the generation is willing to purchase a product with a cause they believe in. Even if that means spending more.
What’s more, 50% are willing to do business with a company supporting a cause. Oh, and on top of that, 69% of millennials crave adventure, so think of a way to give them some. Or at least some games – that’s always a hit!
5. 79% of millennials recognize ads serve a purpose for brands.
- 46% of millennials are not bothered by advertisements at all.
- 80% of millennial users think that ads are necessary for brands.
- 58% of millennial viewers don’t mind watching ads to support their favorite digital personalities.
- Every 1 out of 3 millennials uses an ad-blocker.
Nobody likes ads, right? Still, 8 out of 10 millennials realize ads are necessary for brands and serve a purpose. Advertising to millennials is not a hard task if you know how to do it.
They won’t have anything against watching some ads, should they like your brand. Heck, they would even do it willingly to help you. Still, millennial stats reveal that about a third use ad-blockers.
The term “millennial” was created in 1991 by historians Neil Howe and William Strauss in their book “Generations”. They decided on the label based on the fact that older millennials would be graduating high school in 2000.
In the same book, Howe and Strauss define 7 basic traits of millennials:
6. Millennials spend $600 billion each year.
- 68% of millennials prefer online shopping.
- Department stores are a preferred choice for shopping by 84% of millennials.
- 57% of millennials have spontaneously decided to purchase something they saw on social media.
- The median income of millennials is $33,883.
Everybody likes to spend money in exchange for goods. However, millennials appear to be on top of the cash-splashing charts. According to millennial spending statistics, they spend more than $600 billion every year.
And contrary to popular belief, they prefer visiting physical shops more than shopping online. Millennials are also quite spontaneous and will purchase something instantly, should it grab their attention.
Question time: How do you advertise to millennials?
There’s a number of key steps you should take to reach millennials effectively. Optimize your content for social media, give instant responses, appeal to their values, and keep it real.
7. 40% of millennials say online influencers understand them better than their real-life friends.
(Source: Digital Marketing Institute)
- 42% of Instagram influencers are aged 18-24.
- 70% of millennial consumers are influenced by the recommendations of their peers in buying decisions.
- 70% of millennials are more keen on YouTube personalities compared to traditional celebrities.
It may sound weird, but it’s a fact! According to 40% of millennials, some unknown people online (a.k.a. “influencers”) understand them better than their real friends. Try explaining that to your grandfather!
Millennial statistics further reveal most of the generation would rather trust online personalities than traditional ones. This is because TV celebrities lack authenticity and honesty, while a YouTuber is more often than not considered a genuine human being.
Question time: Who are the millennials today?
People born between 1981 and 1996 are considered to be the millennial generation.
8. Nearly 97% of millennials read online reviews.
- 89% trust online reviews.
- 8 out of 10 millennials never purchase before reading online reviews.
- 70% of millennials trust a recommendation from a friend to make a purchase.
Millennials are skeptical audience. Nearly all of them consult with online reviews and a large proportion trusts those reviews, as well.
Still, you must have at least 15 reviews that are fresh, in order to gain their attention and trust. If you do manage to win them as customers, they will certainly pay you back by making the so-called user-created content.
They will take photos for Instagram featuring the name of your business and share their mood with emojis. And that definitely means ‘likes’, ‘shares’ and essentially free advertising for you!
9. 68% of millennials between 20-36 years old use a second screen while viewing.
- 50% of millennials are distracted by multi-screening.
- 85.8 million adults in the US regularly use the internet on a second-screen device while watching TV.
- It’s estimated that in 2018, 176.1 million adults used their smartphones and TV simultaneously.
This is something that kinda became a trend overnight. How many times have you seen someone browsing on their smartphone while watching TV?
A recent millennials study shows second-screening is a thing for more than two-thirds of millennials. And this is a direct hit towards traditional advertising. Advertisers are now up to the challenge of a second screen strategy.
Now you know what millennial marketing statistics dictate. Millennials are no longer an enigma to you. Use the knowledge to gain the trust of a few millennials and more will come knocking on your door.