The Millennial Generation — Different in Many Ways
The Millennial generation (those born between 1981 and 2000) is now shaping consumer lifestyles, trends, and markets — luxury and otherwise. These 15-to-34-year-olds (in 2015) account for 86 million consumers who, as they age, will soon outnumber Boomers (74 million) as the largest adult generational segment.
This Insights brief focuses on adult Millennials (ages 18 to 34) — who they are demographically and what their concerns and financial goals currently include.
Yes, Millennials are different in many ways… not only from Gen-Xers and Boomers, but from each other as well. Indeed, some are still teenagers in high school, some are single young adults, some are married or partnered, some are now parents; some are just starting out in the business world, while others are more established — Millennials are everything from affluent entrepreneurs to living in their parents’ basement.
That said, while the marketing community is currently enamored of Millennials, who are now their future long-term customers, it is critical that marketers understand that they’re decidedly not all alike. Given the 20-year age span of this generation, their buying power varies dramatically, as well as their top worries and financial goals that impact what they currently buy with whatever money they have. So, marketers, take heed — you must segment this generation. This brief segments adult Millennials one way: by three age segments, just one of the many ways marketers can segment them. It’s our point of view that marketers who treat all Millennials with a cookie-cutter approach and target them as one monolithic generation most likely will end up only with the crumbs.