It’s impossible to overstate the urgency for businesses to understand Millennials, the generation born between 1980 and 1995. In the U.S. alone, Millennials number 80 million, and control over $600 billion in annual spending. Also known as Gen Y, this cohort already has enormous impact on society and the economy.
In a new comprehensive report, Vision Critical, in partnership with the insights consultancy Maru VCR&C, set out to uncover truths and bust myths about this elusive generation. The Everything Guide to Millennials offers never-before-seen data on the attitudes, behaviors and aspirations of this generation. Providing a 360-degree examination of the Millennial lifestyle, the report has important implications for business professionals in all industries, including finance, technology, media, retail, health care and travel.
Get your copy of the report. We collected a taste of the report’s most fascinating findings below.
The Millennial mood looks good.
Millennials have the sunniest outlook of any generation, despite living through 2008’s Great Recession and facing the threats of climate change.
- Thirty-nine percent of Millennials are happy; 30 percent are excited. (TWEET THIS STAT)
- Thirty-eight percent of Millennials are optimistic about their own future. (TWEET THIS STAT)
They’re excited about new tech.
Millennials like new technologies, and they believe science can solve many of the world’s problems.
- Thirty percent of Millennials are excited about the Internet of Things. (TWEET THIS STAT)
- Eighty percent of Millennials believe science and tech can solve many of the world’s problems. (TWEET THIS STAT)
Relationship status with media and ad companies: “It’s complicated.”
Cord-cutters, file-sharers and avid streamers, Millennials have fueled the emergence of new ways of accessing TV, movie and music content. They’re expert users of ad-blockers.
- Seventy-five percent of Millennials think ads are disruptive—and 77 percent actively tune ads out. (TWEET THIS STAT)
- Sixty-five percent of Millennials believe the world would be a better place without ads. (TWEET THIS STAT)
- Sixty-eight percent of Millennials are subscribed to Netflix, but only 62 percent have cable TV. (TWEET THIS STAT)
They’re embracing digital finance.
When looking for financial information, Millennials are just as likely to turn to Google searches as they are to banks. Most are optimistic about their financial future.
- Eighty-five percent of Millennials are confident they will own a house someday. (TWEET THIS STAT)
- Forty-eight percent of Millennials turn to Google searches for financial information. (TWEET THIS STAT)
Google is their doctor.
While many Millennials trust health care professionals, they’re more likely to turn to Google searches first for health advice.
- Fifty-eight percent of Millennials turn to Google searches for health and nutrition info; 29 percent turn to social media. (TWEET THIS STAT)
As shoppers, they demand both status and authenticity.
Compared to Gen X and Baby Boomers, Millennial shoppers are more status-conscious when it comes to labels they own. Many will also spend more on products that are environmentally and socially sustainable and Fair Trade Certified.
- The top product attributes Millennials look for are functionality, quality and aesthetics. (TWEET THIS INSIGHT)
- Seventy-one percent of Millennials support products that align with their beliefs. (TWEET THIS STAT)
- Sixty percent of Millennials consider themselves spenders, not savers. (TWEET THIS STAT)
They’re not delaying travel.
Millennials see travel as an essential part of the work-life balance. They want to travel now.
- The top three travel destinations for Millennials are beach destinations, city trips and nature. (TWEET THIS INSIGHT)
- Twenty-four percent of Millennials prefer Airbnb over other accommodations—more than Gen X and Boomers. (TWEET THIS STAT)
Work and society are both important to them.
As the biggest demographic in the workforce, Millennials are both high performers and high maintenance employees. They aim to add value and make a difference in the world.
- Salary and work-life balance matter the most to Millennial employees. (TWEET THIS INSIGHT)
- Ninety-one percent of Millennials care about human rights issues. (TWEET THIS STAT)
- Seventy-six percent of Millennials plan to vote in the upcoming U.S. election. (TWEET THIS STAT)
Learn more about the Millennial lifestyle
This small sample of original data illustrates how companies in every industry still have so much to learn about Millennials. As our report shows, the Gen Y lifestyle is evolving quickly as more of the population enters parenthood and moves up the corporate ladder.
More than ever, companies need to engage with Millennial customers to get a clearer picture of their attitudes, behaviors and aspirations. Gaining deep customer intelligence about Millennials—and creating a strong bond with them—are imperatives for doing business today.
It’s a Millennial world—and businesses are just living in it.