Marketers continue to be fascinated by millennials, and for many this cohort remains a mystery that can make or break their business. The way they perceive, engage with and buy brands differs from other generations. And as they age, progress in their careers and enter parenthood, millennials will continue to challenge the assumptions of marketers and companies about them.
Below, we collected five infographics that speak to the changing lifestyle of the millennials.
1. Staying with Their Families a Lot Longer
The great recession of 2008 forced many millennials to move back with their parents. Even though the U.S. economy has improved, many young people remain cautious. As the graph below shows, a decline in unemployment hasn’t resulted to more millennials living independently from their family.
Labor market has improved for young adults, yet living independently of family has declined. (TWEET THIS INFOGRAPHIC)
2. Challenging Traditional Consumption Patterns
With a purchasing power of $1.68 trillion, millennials present a big opportunity, but brands are missing the mark. That’s according to an infographic from advisory company CEB.
“Traditional behavior and consumption patterns are gone,” says the infographic below. “Marketing strategies should be geared to where millennials’ values lie, instead of where the status quo expects them to be.”
Inside the minds of the millennials, a market with a purchasing power of $1.68 trillion. (TWEET THIS INFOGRAPHIC)
3. Putting off Significant Life Milestones
In an interactive infographic, Goldman Sachs shares some interesting stats about marriage trends among millennials. In the ’70s, the median marriage age was 23, according to Goldman Sachs Global Investment Research, but today’s millennials are waiting until they’re in their 30s to get hitched.
The infographic adds, “They have been slower to marry and move out on their own, and have shown different attitudes to ownership that have helped spawn what’s being called a “sharing economy.”
Millennials are waiting until they're in their 30s to get hitched. (TWEET THIS INFOGRAPHIC)
4. Consuming Media Digitally
An infographic from Animoto, an online video maker, shows just how much millennials love videos. Millennials are three times more likely than baby boomers to watch a video on their mobile device, according to the infographic. Videos are also more likely to engage millennials on social media and in newsletters.
Millennials are three times more likely than baby boomers to watch a video on their mobile device. (TWEET THIS INFOGRAPHIC)
5. Getting Antsy about Banks
Millennials are willing to abandon banks if tech companies like Google and PayPal were to offer similar services. That’s what we found out recently in a recent study. More info in the infographic below about the fragile relationship between millennials and financial institutions.
Why millennials don't like banks (TWEET THIS INFOGRAPHIC)
These infographics show that the millennial lifestyle continues to change—this generation isn’t following in the footsteps of their parents and grandparents, nor is it a monolith that can be marketed to en masse. Rather, companies need to commit to engaging with millennials if they’d like to win the business of this generation today and in the decades ahead. Insight communities are ideal platforms for this type of ongoing engagement—helping companies to gain ongoing, iterative learning that can foster deeper understanding and impact.