We are excited to share our new video series: The Millennial Minute. Twice a month, we will be answering your questions about marketing and selling to the millennial generation.
There isn’t a universally agreed upon definition for who are millennials. There are roughly 80 million millennial consumers in the US born after 1980. But the reality is this group is not a homogeneous cohort. There are different and unique sub-segments.
There are over 12 million millennials who have started families, there are over six million millennial households that have an income of $100,000 a year or more and, in fact, the fastest growing group of adults making $500,000 or more are people over the age of 30 that live in urban markets.
Let’s look at why millennials matter so much. They’re early adopters. They set trends. They are 2.5 times more likely to be the first to adopt digital, mobile and social technology and the same is true for other categories. They set the trends for food, entertainment, travel and more.
They are always on the edge of thinking, “What can I experience in life and what will allow me to take my self-actualization opportunity to the fullest?” Millennials are also often times communicating to groups that are older and younger than them and influencing them in unprecedented ways.