Millennials in the U.S.

 
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Published Apr 23, 2012 | 178 Pages | Pub ID: LA3867595

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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.

Methodology

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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        •   Mean Income Trends 2004-2010, 18- to 29-Year-Olds vs. All Adults

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        •   Consumer Confidence, 18- to 29-Year-Olds vs. Other Age Groups

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        •   Consumer Confidence, 22- to 29-Year-Olds by Education Level
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        •   Attitudes toward Corporate Use of Personal Information, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group
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        •   Multicultural Adults as Percent of U.S. Adult Population by Age Group, 2010 (in thousands)
        •   Multicultural Population Growth as Percent of Total Population Growth of 20- to 29- Year Olds, 2010 vs. 2015

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        •   Media Consumption Habits of 18- to 29-Year-Old Latinos, English vs. Spanish
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        •   Planned Purchases of Consumer Electronics Products, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group
        •   Ownership of Digital Tablets and Personal Computers at Home, Latino and non-Latino 18- to 29-Year-Olds vs. Other Age Groups

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        •   Attitudes toward New Drinks and Food Products, 18- to 29-Year-Old vs. Other Consumers by Age Group
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        •   Adult Gen-Y Population as Percent of Total U.S. Adult Population, 2010 (in thousands)

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        •   Size of Adult Gen-Y Population by Age Group, 2010 (in thousands)

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        •   Projected Growth in the Adult Gen-Y Population by Selected Age Group, 2010 vs. 2015 (in thousands)

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        •   Aggregate Income of 18- to 29-Year-Olds by Age Group, 2010

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        •   Aggregate Earnings of 18- to 29-Year-Olds by Age Group and Work History, 2010

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        •   Aggregate Income of 18- to 29-Year-Olds by Selected Demographic Characteristics, 2010

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        •   Aggregate Income by Age Group, 2010

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        •   Projected Growth in Aggregate Income of 18- to 29-Year-Olds, 2011-2016

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        •   Projected Growth in Aggregate Income of 18- to 24-Year-Olds, 2011-2016
        •   Projected Growth in Aggregate Income of 25- to 29-Year-Olds, 2011-2016
        •   Percent of Aggregate Income Growth of 18- to 29-Year-Olds by Age Group, 2011-2016

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        •   Events Experienced in Last 12 Months, Gen-Y Consumers vs. All Adult Consumers

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        •   Selected Demographic Characteristics, Gen-Y vs. All Adult Consumers

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        •   Educational Profile of 18- to 29-Year-Olds by Gender, 2010
        •   Educational Attainment of 18- to 29-Year-Olds by Gender

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        •   Employment Profile, Gen-Y Consumers by Age Group vs. All Adult Consumers

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        •   Employment Plans of Unemployed, Gen-Y Consumers by Age Group vs. All Adult Consumers

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        •   Household Income, Gen-Y Consumers by Age Group vs. All Adult Consumers

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        •   Living Arrangements of 18- to 29-Year-Olds by Age Group, 2011

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        •   Profile of 25- to 29-Year-Olds Living in Household of Parent, 2011

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        •   Marital Status of 18- to 29-Year-Olds by Gender and Age Group, 2011

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        •   15- to 29-Year-Olds Living as Partners in Opposite-Sex Unmarried Couples by Presence of Children under 18, 2011 (in thousands)
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        •   Attitudes toward Trying New Things, Gen-Y Consumers vs. Other Adult Consumers by Age Group
        •   Attitudes toward Risk-Taking, Gen-Y Consumers vs. Other Adult Consumers by Age Group

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        •   Attitudes toward Friends and Family, Gen-Y Consumers vs. Other Adult Consumers by Age Group

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        •   Attitudes toward Work and Money, Gen-Y Consumers vs. Other Adult Consumers by Age Group

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        •   Influencing Others, Gen-Y Consumers vs. Other Adult Consumers by Age Group

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        •   Importance of Religion, Gen-Y Consumers vs. Other Adult Consumers by Age Group

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        •   Political Profile, Gen-Y Consumers by Age Group vs. All Adult Consumers

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        •   Social and Political Values, Gen-Y Consumers vs. Other Adult Consumers by Age Group

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        •   Attitudes toward the Environment, Gen-Y Consumers vs. Other Adult Consumers by Age Group

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        •   Ownership and Use of Credit Cards, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group

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        •   Frequency of Use and Payment Patterns of Credit Card Users, 18- to 29-Year-Old vs. All Credit Card Users

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        •   Demographic Profile of 18- to 29-Year-Olds, Credit Card Users vs. Non-Users

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        •   Use of Debit/ATM Cards, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group

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        •   Demographic Profile of 18- to 29-Year-Olds, Debit vs. Credit Card Users

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        •   Bank Accounts Currently Have, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group
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        •   Loans Currently Have, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group

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        •   Demographic Profile of 18- to 29-Year-Olds Owning Any Investments

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        •   Method of Paying Bills, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group

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        •   Method of Preparing Taxes, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group

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        •   Demographic Comparison of 18- to 29-Year-Olds Using On-Site Services and Online Tax Preparation Software

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        •   Reasons for Store Selection, 18- to 29-Year-Old vs. Other Consumers by Gender and Age Group

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        •   Attitudes toward Shopping at New Stores, 18- to 29-Year-Old vs. Other Consumers by Gender and Age Group

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        •   Shopping as a Social Experience, 18- to 29-Year-Old vs. Other Consumers by Gender and Age Group

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        •   Shopping Behavior, 18- to 29-Year-Old vs. Other Consumers by Gender and Age Group

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        •   Visits to Malls in Last Four Weeks, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group

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        •   Shopping Patterns by Category of Store, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group

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        •   Demographic Profile of 18- to 29-Year-Old Frequent Shoppers by Category of Retailer

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        •   Most Popular Department/Discount/Clothing Stores, 18- to 29-Year-Old vs. 30+-Year-Old Men
        •   Most Popular Department/Discount/Clothing Stores, 18- to 29-Year-Old vs. 30+-Year-Old Women

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        •   Impact of Online Sharing Websites on Consumer Behavior, 18- to 29-Year-Old vs. Other Adult Consumers by Gender and Age Group

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        •   Form of Internet Ads Leading to Purchase Very Often/Often/Somewhat Often, 18- to 29-Year-Old vs. All Adult Consumers

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        •   Attitudes toward Cell Phone Ads, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group

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        •   Importance of Price, 18- to 29-Year-Old vs. Other Adult Consumers by Gender and Age Group

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        •   Products Bought in Last 12 Months, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group

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        •   Demographic Profile of 18- to 29-Year-Olds by Type of Major Purchase in Past 12 Months

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        •   Characteristics of Consumer Units Headed by Consumers Under 25 Years of Age, 2010
        •   Consumer Expenditure Categories with Above-Average Expenditures by Consumer Units Headed by Consumers Under 25 Years of Age, 2010

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        •   Items Ordered Online in Last 12 Months, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group

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        •   Amount Spent Online in Last 12 Months, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group
        •   Demographic Profile of 18- to 29-Year-Olds Spending $500 or More Online in Last 12 Months

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        •   Catalog Shopping in Last 12 Months, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group

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        •   Activities Performed Very Often/Often/Somewhat Often While Watching TV, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group

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        •   Demographic Profile of 18- to 29-Year-Olds Using Other Forms of Screen Entertainment While Watching TV by Type of Screen Entertainment
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        •   Attitudes toward Television and Radio, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group
        •   Most Popular Cable Television Channels, 18- to 29-Year-Olds vs. Other Adults
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        •   Media Followed on Social Sharing Websites, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group

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        •   Attitudes toward Television Advertising, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group

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        •   Use of Online Sharing Websites, 18- to 29-Year-Old vs. Other Adult Consumers by Gender and Age Group
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        •   Involvement in Social Sharing Websites, 18- to 29-Year-Old vs. Other Adult Consumers by Gender and Age Group

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        •   Attitudes toward Radio, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group

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        •   Listening to Online Radio, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group

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        •   Most Popular Radio Formats among 18- to 29-Year-Old Men and Women

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        •   Attitudes toward Print Media, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group
        •   Readership of Newspapers, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group

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        •   Readership of Magazines and Newspapers Online, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group

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        •   Most Popular Magazines among 18- to 29-Year-Old Men and Women
        •   Most Popular Magazines among Adults 30 Years Old and Over by Gender

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        •   Attitudes toward Owning Gadgets, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group

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        •   Influence on Home Electronics Purchasing Decisions of Others, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group

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        •   Factors Affecting Purchase of Home Electronics, 18- to 29-Year-Old Consumers vs. Other Adult Consumers by Age Group

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        •   Ownership and Use of Personal Computers, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group

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        •   Use of the Internet, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group

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        •   Online Activities-Used/Visited in Last 30 Days, 18- to 29-Year-Old vs. All Adult Consumers

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        •   Website Groupings Visited, 18- to 29-Year-Old vs. Other Adult Consumers by Gender and Age Group

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        •   Ownership of Portable MP3/Digital Media Players, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group

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        •   Purchase of E-Books and Books in Last 12 Months, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group

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        •   Use of Cell Phones, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group

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        •   Attitudes toward Cell Phone Features, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group
        •   Additional Cell Phone Services, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group

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        •   Cell Phone Subscription, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group

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        •   Attitudes toward Service Providers, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group

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        •   Cell Phone Service Provider, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group

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        •   Amount Spent on Most Recent Cell Phone Purchase, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group
        •   Cell Phone Brands Owned, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group

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        •   Type of Cell Phone Plan, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group

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        •   Amount Spent on Last Month's Cell Phone Bill, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group

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        •   Keeping up with Fashion, 18- to 29-Year-Old vs. Other Consumers by Gender and Age Group

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        •   Staying in Style, 18- to 29-Year-Old vs. Other Consumers by Gender and Age Group
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        •   Buying Clothes, 18- to 29-Year-Old vs. Other Consumers by Gender and Age Group

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        •   Purchase of Jeans in Last 12 Months, 18- to 29-Year-Old vs. All Consumers by Gender
        •   Purchase of Sneakers/Athletic Shoes in Last 12 Months, 18- to 29-Year-Old vs. All Consumers by Gender

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        •   Purchase of Men's Apparel & Accessories in Last 12 Month, 18- to 29-Year-Old Men vs. All Men
        •   Purchase of Women's Apparel & Accessories in Last 12 Month, 18- to 29-Year-Old Women vs. All Women

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        •   Attendance at Live Entertainment Events in Last 12 Months, 18- to 29-Year-Old vs. Other Consumers by Age Group

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        •   Favorite Music Types, 18- to 29-Year-Olds, Non-Hispanic White vs. Multicultural

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        •   Purchase of Music in Last 12 Months, 18- to 29-Year-Old vs. Other Consumers by Age Group

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        •   Number of Times Attended Movies in Last 90 Days, 18- to 29-Year-Old vs. Other Consumers by Age Group
        •   Type of Movie Seen in Last 90 Days, 18- to 29-Year-Old vs. Other Consumers by Age Group

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        •   When Usually Go to See a Movie, 18- to 29-Year-Old vs. Other Consumers by Age Group
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        •   Percent Owning or Playing Video Games, 18- to 29-Year-Old vs. Other Consumers by Gender and Age Group
        •   Percent Playing Video Games Five or More Hours in Last Seven Days, 18- to 29-Year-Old vs. Other Consumers by Gender and Age Group

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        •   Most Popular Leisure Activities/Hobbies, 18- to 29-Year-Old vs. Other Consumers by Age Group

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        •   Most Popular Sports, 18- to 29-Year-Old vs. Other Consumers by Age Group
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