What’s the big deal about Millennials? For starters, they’re now the biggest demographic in America. But their needs are unlike any generation before them. Here’s what retailers must know to succeed in marketing to this 80-million–strong population.
Millennials are now the largest living generation in the United States, according to the US Census Bureau. Defined loosely as those born from the early 80s to the early 2000s, Millennials account for roughly 25% of the US population at 83.1 million, exceeding the 75.4 million Baby Boomers in the country. They grew up with household computers, cell phones, and myriad other forms of technology, and they entered the work force during the Great Recession, which has made them price-conscious, tech-savvy shoppers — and robust savers. About half of them still live at home, and they’ve taken over the work force. While most are holding off on marriage, nearly 40% have children and 9% live with domestic partners, indicating that they’re starting families and establishing households (i.e. shopping and spending). Perhaps the most telling stats come from a study from FutureCast, which says that Millennials’ purchases are most influenced by their social circles and that they’re the first generation to influence older generations.