Two numbers seem to stick out when it comes to millennials: 76.6 million individuals, making them the largest generation, with $1.68 trillion in purchasing power. And even though some reports vary on the average household income of millennials, a recent report from Applied Systems, "Why millennials matter," found that they make, on average, $60,000 annually. They are also one of the fastest growing demographics of consumers purchasing insurance.
As part of the report, Applied Systems conducted a survey among 1,000 adults within the millennial generation.
Here are some takeaways from the report and why you need to pay attention to this world-changing demographic.
Getting to know them:
- One in four have a Bachelor's degree or more, making them the most educated generation
- 38 percent are bilingual
- Only 21 percent are married vs. 42 percent of boomers who were married at their age
- Millennials live in urban environments, shunning suburbia
- By 2020, one in three adult Americans will be a millennial
- By 2025, they will comprise 75 percent of the workforce
Digital natives:
- 80 percent visit social media sites daily; more than half use mobile devices to connect
- They send more than 100 texts a day
- 71 percent perform online searches to find solutions to everyday problems or questions
- They are 2.5 times more likely to be early technology adopters
- They navigate seamlessly between devices
How they communicate with brands, services and products:
- 90 percent email, text and check social media before getting out of bed
- 90 percent shop online
- 87 percent have a Facebook account
- 44 percent use text messaging
- 38 percent use instant messaging
- 38 percent use social media
- 16 percent use blogging
- Most use smartphones, followed by laptops and tablets
- 76 percent of respondents said that having access to information and services through a mobile app is very important
- If they are looking for technical support, they expect a resolution within 80 hours
- 70 percent feel 24/7 customer service is very important
- They expect multi-channel engagement
How do they think?
- They want to make a difference by making an impact in the world
- As employees, they ask for more responsibility sooner than expected
- As consumers, they look for brands and businesses that make a difference
- They share their opinions and are part of marketing strategies
- They look to friends and family for referrals and opinions via text and social media
- Opinions go both ways with positive and negative testimonials
In the workplace, millennials…
- Bring collaborations and positivity
- Are conditioned to multitask
- Are goal-oriented and work hard from an early age
- Are team players
- They are attracted to companies that provide client-centric experience (it's all about them), yet value the in-person and on-the-phone experience with an agent
