If we talk about today’s internet population, we can divide them into four generations: baby boomers, generation X, generation Y, and generation Z. Generation Y is also known as millennials and they form the fastest growing online community. Therefore, they are the most important audience for your business.
Here are some interesting facts about millennials:
Millennials are born between 1980 and 2000.
They are aged between 18 and 36.
Millennials are divided into two sub-generations.
- Older millennials: Age 18 to 27
- Younger millennials: Age 28 to 36
Now some stats that would help you understand them better.
# 1: Millennials are the biggest generation in the US, exceeding baby boomers in this year. (US Census Bureau)
# 2: One-fourth of millennials speak in a non-English language at home in the US. (US Census Bureau).
# 3: Over 85% of millennials own smartphones. (Nielsen).
# 4: Millennials in the US get in contact with their smartphones about 45 times a day (SDL).
# 5: They make up about one-fourth of the entire US population (Nielsen)
# 6: 5 out of 6 millennials in the US get in touch with a business on social media.
(SDL)
# 7: The top 10 brands for millennials in the US includes Nike, Apple, Samsung, Sony, Walmart, Target, Microsoft, Coca Cola, Jaguar and Pepsi. (Moosylvania).
# 8: Only 26% of US millennials are married, whereas it’s 36% for Generation X and 48% for Baby Boomers.
# 9: 95% of millennials in the US trust their friends to get a product information. (SocialChorus)
# 10: One-third of the older millennials have at least a four-year college degree. It makes them the most educated generation in the US. (Pew Research Center).
# 11: 77% millennials said that they use Snapchat because it does not store messages. (Total Youth Research)
# 12: 47% of all content that millennials share on Instagram are selfies. (Total Youth Research)
Now let’s take a look at some buying behaviors of these millennials:
# 13: US millennials are seven times more likely to reveal their personal details to their favorite and trusted brand compared to lesser known ones. (SDL).
# 14: This graph shows what millennials search on social media about a business. You can see 64%, 66%, and 42% of them look for coupons on Facebook,Twitter and Pinterest respectively. (University of Massachusetts Dartmouth).
# 15: 56% of millennials in the US like to share their location details with a business in order to get coupons or deals. (USC Annenberg Center for the Digital Future)
# 16: 51% of US millennials would like to share their personal information with a business in exchange of incentives. (USC Annenberg Center for the Digital Future)
# 17: 68% millennials get upset by celebrity endorsements. (hudsonhorizons)
If your business caters to millennials, be it older or younger, these stats will surely help you strategize better. Pay close attention to the networks they use and how they react to a given content and you are good to go.
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