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On the surface, very little appears monolithic about adult Millennials (defined as those in the 18- to 29-year-old age group and also known as Gen-Y). Millennials include full-time college students, late-20-somethings who have moved back to their parents’ home and married and unmarried couples with and without kids. Gen-Y consumers encompass college grads with high-paying full-time jobs and credit cards and bank accounts as well as those struggling with low-paying part-time jobs. They include a high-growth multicultural segment spearheaded by U.S.-born “fusionistas” who move effortlessly between their Latino heritage and the youth culture of America.
Yet, there are many generational ties that bind this diverse group of young consumers and differentiate them from older consumers. To name just a few, they include a deep comfort with technology, heavy involvement in social media, a multitasking mentality,non-stop immersion with screens on cell phones, digital tablets and PCs,a shared preference for hip-hop music, and parents who act like friends as well as authority figures. The challenge for marketers is to leverage this common ground to find Millennials whoever and wherever they are and engage them no matter what they are doing.
The report begins with an overview of the trends shaping the adult Millennial market, significant marketing opportunities and projections of market growth. It continues with an analysis of the demographic characteristics and core values of today’s adult Millennials. The next chapters of the report analyze how Millennials use financial services, including credit cards and banking services, and profile their shopping and spending patterns. The report continues with an in-depth analysis of the media usage patterns of Millennials, which highlights what multitasking Millennials are doing when watching TV and emphasizes their involvement with second screens. A chapter on the relationship between Millennials and technology covers their attitudes toward technology and their ownership and use of electronics such as digital tablets and cell phones. The report ends with an analysis of the fashion and entertainment habits of Millennials.
Scope of the Market
This Packaged Facts report analyzes the consumer attitudes and behavior of 18- to 29-year-olds. Those in this age group form the adult portion of the population group described as the “Millennial Generation” or “Generation Y” or ‘Gen-Y.” This report uses the terms “Millennials” and “Gen-Y” interchangeably. The report compares Millennials with Gen-X consumers (those in the 30- to 44-year-old age group) and consumers 45 years of age and older.
This report is based on information collected from firms active in the Millennial market as well as a thorough analysis of relevant industry and trade publications. U.S. Government data sources include the Census Bureau and Bureau of Labor Statistics Consumer Expenditure Survey.
The principal sources of primary research data are the Summer 2011 Experian Simmons National Consumer Study (NCS), which was fielded between July 2010 and September 2011 and the Fall 2011 Experian Simmons NCS, which was fielded between October 2010 and November 2011.
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