As a generation, Millennials are now the most populous (surpassing Baby Boomers), diverse, highest spending generation in America’s history comprising of more than a third of the workforce - making them a demographic no brand should ignore. Here are some key 'millennial statistics' for you to factor in while targeting this cohort.
- There are an estimated 72.1 million Millennials in America.
- Millennials account for 22% of the population in the United States.
- In the coming 10 to 15 years, 80% of Millennials will be parents.
- Now - 25%
- 10-15 years - 80%
- About 1 in 5 of the mothers in America are millennials.
- More than 1MM millennials are becoming moms each year
- 67% of Millennial Moms are multi-cultural
- 53% of Millennial moms are working full-time
- Millennials women are the most financially independent and the most educated generation in history. 7 out of 10 participate in the workforce.
- Millennials are the highest spending generation with $1.4 trillion in disposable income in 2020
- Millennial Moms contribute a significant part of the household income- 30% contribute half or more and 30% contribute between quarter and half
- Millennials have an average expenditure of approx. $59,000 + a year in the US
SHOPPING HABITS AND LOYALTY PROGRAM PREFERENCES
- More than 8 in 10 Millennial Moms join loyalty programs specifically to save money.
- Millennial shoppers typically look for authenticity, meaningfulness, uniqueness and innovation in a brand
- 71% will pay more for a brand / product associatedwith a charity
- They support brands that promote safety, healthiness, nutrition and education.
- Millennials cite Convenience as their key online shopping benefit
HOW THEY USE TECH, THE INTERNET AND SOCIAL MEDIA
- Millennial Moms love brands that seamlessly integrate technology, particularly mobile, into daily tasks for effective time management. 8 in 10 Millennial Moms use their mobile phone to shop.
- More than 3 out of 4 Millennial Moms use the Internet for parenting advice – twice as likely than to ask other people, such as relatives or friends.
- Millennial Moms have an avg of 3.4 social accounts and spend 17.4 hours per week on social networks.
- The most effective way for brands to reach Millennial women :
- 81% - Social media
- 36% - Trusted website
- 35% - Online articles
- 35% - Email
- 17% - Online Videos
- 35% of Millennial women say social media and online interactions are key purchase influencers.
- 90% of Millennial Moms share information about purchases they've made
WHAT BRANDS SHOULD KEEP IN MIND
There are too many to ignore (they are large spenders!)
Leverage technology (they are digital natives!)
Align with their values (they will pay more and be loyal!)