The 4As just published a great research study on Millennials (people who are 16-34 years old). They represent more than $200 billion in spending and are over 80 million strong (roughly 25% of the U.S. population). Some interesting insights:
- They are adventure seekers (want interesting or exotic foods, more likely to travel abroad)
- Technologically they are way ahead of the curve (no surprise here, the first to try new technology, 64% of Millennials make $35,000+, own a smartphone and are likely to use mobile technology for recipes, discounts and coupons, are 20% more likely to rate a product on the Web, 40% more likely to check out a brand they like on Facebook or Twitter, 80% more likely to like a brand that uses social media)
- They value success and status (45% report going out of their way to shop at stores or websites where they are part of a frequent buyer program, they will save money on store brands so they can spend extra money on badge brands)
- More actively engaged in cause campaigns
- See themselves as more health-conscious than older generations
- First generation of men who claim to do most of the grocery shopping (but men tend to overstate their role!)
We all better get smart about how to talk to this generation. Millennials are projected to be more influential than any generation before it.