Millennials Like More Than Social Media
Millennials are as big a demographic as their boomer parents, but their life experiences to-date and worldview are very different.
To reach this key consumer audience, marketers must appreciate their unique attributes to develop truly representative marketing personas. Without this understanding marketers won’t be able to craft appropriate messaging and social media interactions that result in sales.
Millennial demographics are different.
Millennials have diverse backgrounds and life experiences.
- 65% of millennials were born in the USA.
- 14% of millennials are first generation.
- 12% of millennials are second generation.
Millennials are an ethnically diverse generation.
- 19% of millennials are Hispanic.
- 14% of millennials are African-American.
- 5% of millennials are Asian.
While about one-fifth of millennials are hispanic, they tend to be located in a few states. Checking millennial data, you’ll find millennials in the western US. Specifically, New Mexico, (51%), California (42%), Texas (40%), Arizona (36%), Nevada (31%), Colorado (24%) and Florida (24%).
Here are some other demographic factors that influence how millennials view the world.
- 71% of millennials appreciate the influence of other cultures on the American way of life.
- 38% of millennials are bilingual.
- 23% of millennials have a BA or higher.
- The median income for 18-27 year olds is $25,000 and for 28-36 year olds it’s $48,000.
Actionable Marketing Insight: Appreciate that, while they may have limited spending ability early in their careers, millennials have an informed, culturally inclusive worldview.
Family matters to millennials.
In part this may be attributable to their ethnic backgrounds.
- 21% of millennials are married, about half the percentage of boomers at that age.
- Millennials account for one-fifth of same-sex couples.
- 52% of millennials consider being a good parent important.
- 63% of millennials think they’re responsible for taking care of an elderly parent.
Actionable Marketing Insight: Realize that millennials consider family important. As a result, they’re likely to be involved purchase influencers where important family decisions are concerned.
Millennials are health conscious
While millennials are health conscious, money often keeps them from visiting a doctor. They are 1.5 times more likely to visit a free clinic or urgent care facility.
- One third of millennials are obese.
- 28% of millennials smoke cigarettes.
Actionable Marketing Insight: Price healthy alternatives to appeal to millennials. This applies to food, drugstore items and medicine. But remember that this demographic can be financially constrained.
Millennials want to express themselves
Millennials seek personal expression in a variety of ways. This provides insights for marketers into millennials’ perspective.
- 38% of millennials have one or more tattoos.
- 23% of millennials have one or more body piercings.
Music matters a LOT to millennials. They download and stream more music than other generations. This makes sense since most people are influenced by the music that’s popular when they’re in their teens.
- 18-24 year olds index higher for music streaming.
- 25-34 year olds download over 30 songs during the last 6 months.
We like when brands pay for our music!
- Roughly a quarter of millennials will try a brand or product that sponsors a music event for an artist or group they like.
- Sponsoring a concert increases purchase rate over 25% among millennial fans.
- Artist endorsement increases brand market share up to 2.4 points among fans.
Actionable Marketing Insight: Consider music sponsorships to reach the millennial demographic.
Millennials like to do good.
They care about others and the environment. This customer concern with company’s social point of view is consistent with other research.
- 75% of millennials have made a financial donation to a not-for-profit organization.
- 71% of millennials have raised money for a not-for-profit organization
- 57% of millennials have volunteered for a not-for-profit organization
- Over 60% of millennials will pay more for a product where the company is environmentally friendly.
- 70% of millennials say that a firm’s commitment to the community is a factor in their employment decisions.
Actionable Marketing Insight: Be a socially minded brand and company. This matters both to your customers and your employees.
Millennials differ from their boomer parents. Marketers must appreciate these demographic differences because millennials have a more informed, culturally inclusive worldview that influences their perception of companies and brands. This extends beyond your product. It means that you must be ethical and care about your community.
What is your impression of these millennial demographics? What impact do they have on your marketing?
Note: All data points are for the US except purchasing power.
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Marketers are from Mars and consumers are from Venus – More research on consumers
Photo Credit: http://www.flickr.com/photos/sterlingcollege/6185395256/