Millennials have been the main topic of numerous research studies, political discourse, business analysis and every other field that will consist of the ever-growing millennial population. Since the financial crisis a few years ago, a time when a lot of millennials either started college or had just graduated, the under-35 demographic has been in the limelight as they will soon be a major consuming group and a dominant force in the labor market.
To start off the New Year, an array of studies and reports have been released about Millennials, and the data is quite compelling. It either highlights the largesse of this demographic or its consuming behaviors even when they’re deeply in debt, still living at home or don’t have a well-paying job.
Just like their predecessors, Millennials will be the market to cater to in both the public and private sectors. At the present time, politicians make their decisions based on what the Baby Boomers want – cuts need to be made to Social Security and Medicare, but that isn’t happening. In the next decade or two, it’ll be all about what the Millennials want and need.
Here are four new statistics that have come out this month regarding Millennials:
1. Millennials to Outpace Baby Boomers in U.S.
This year, there will be more than 75 million Millennials walking about in the United States. The number of Baby Boomers in the U.S. will be just under 75 million. This means there will be more Millennials than Baby Boomers and will now be the largest living generation in the Land of the Free.
According to a new report from the Pew Research Center (PRC), analysts expect the vast number of Millennials to start pushing back against the negative stereotypes purported by the Boomers – the common perception of Millennials is one of entitlement, self-indulgence, sloth and uncouth behavior.
Of course, Millennials are soon expected to make up 75 percent of the workforce by 2020.
2. Hey, Big (Media) Spenders
Millennials aren’t exactly millionaires and have very limited disposable incomes, but when it comes to their media purchases, they’re known as the big spenders. A recent Deloitte report found that North American Millennials are spending huge dough on an array of media content, including video games, movies, music, mobile apps and other items.
This year, the 18-34 market will spend an estimated $62 billion on media, which is about $750 per person in the United States and Canada. Surprisingly, Millennials are allocating a major portion of their budget to pay television, which contradicts most concepts that say Millennials are cord-cutters.
Deloitte said the below would depict the average Millennial budget for media:
Pay television: $316
Computer games: $100
Streaming video: $40
Live sports: $25
3. Millennials Suspect Everyone
Ostensibly, Millennials are suspicious about everything, particularly when it comes to conventional wisdom for real estate, retirement and advertising, says a new survey of 1,300 Elite Daily readers.
According to the survey, Millennials care more about the authenticity and genuine attitude of the content rather than the content itself, and this is changing the way they consume content. For instance, one-third of Millennials select blogs as their No. 1 choice for news, while television news is at the bottom of the barrel with just three percent.
"They’re used to not trusting CEOs and politicians and just corporations in general," said Dan Schawbel, founder of the Gen Y research and management consulting firm Millennial Branding, in an interview with Entrepreneur magazine. "That’s why they like blogs so much. Blogs, they feel, are written by individuals, there’s typically not an agenda, and it’s a personal account of their thoughts and how they’re feeling, and so they can better align with that, especially if the content is written by someone who understands them or someone who is a Millennial themselves."
Other findings: Millennials prefer to rent instead of owning a home, they don’t think they’ll have Social Security if/when they retire, and the youth believe the economy has hurt their money habits.
4. Millennials Want to Own a Car
Despite wanting to rent and share everything they have, Millennials do in fact want to own a car.
Another Elite Daily study found that 71 percent of Millennials would rather own a vehicle than lease one and 43 percent are expecting to purchase a car within the next five years. Analysts say this could be the first step for Millennials embracing tradition, especially considering Zipcar, Rideshare and Uber have become immensely popular.
The immediate future of Millennials will likely be one of excitement, innovation and change. However, the long-term capacity of Millennials could very well come into question because they’re not focused on their autumn and winter years. The societal landscape could definitely be modified with Likes, textspeak and neon colors once Millennials take over everything.