Millennials in the U.S.
On the surface, very little appears monolithic about adult Millennials (defined as those in the 18- to 29-year-old age group and also known as Gen-Y). Millennials include full-time college students, late-20-somethings who have moved back to their parents’ home and married and unmarried couples with and without kids. Gen-Y consumers encompass college grads with high-paying full-time jobs and credit cards and bank accounts as well as those struggling with low-paying part-time jobs. They include a high-growth multicultural segment spearheaded by U.S.-born “fusionistas” who move effortlessly between their Latino heritage and the youth culture of America.
Yet, there are many generational ties that bind this diverse group of young consumers and differentiate them from older consumers. To name just a few, they include a deep comfort with technology, heavy involvement in social media, a multitasking mentality,non-stop immersion with screens on cell phones, digital tablets and PCs,a shared preference for hip-hop music, and parents who act like friends as well as authority figures. The challenge for marketers is to leverage this common ground to find Millennials whoever and wherever they are and engage them no matter what they are doing.
The report begins with an overview of the trends shaping the adult Millennial market, significant marketing opportunities and projections of market growth. It continues with an analysis of the demographic characteristics and core values of today’s adult Millennials. The next chapters of the report analyze how Millennials use financial services, including credit cards and banking services, and profile their shopping and spending patterns. The report continues with an in-depth analysis of the media usage patterns of Millennials, which highlights what multitasking Millennials are doing when watching TV and emphasizes their involvement with second screens. A chapter on the relationship between Millennials and technology covers their attitudes toward technology and their ownership and use of electronics such as digital tablets and cell phones. The report ends with an analysis of the fashion and entertainment habits of Millennials.
Yet, there are many generational ties that bind this diverse group of young consumers and differentiate them from older consumers. To name just a few, they include a deep comfort with technology, heavy involvement in social media, a multitasking mentality,non-stop immersion with screens on cell phones, digital tablets and PCs,a shared preference for hip-hop music, and parents who act like friends as well as authority figures. The challenge for marketers is to leverage this common ground to find Millennials whoever and wherever they are and engage them no matter what they are doing.
The report begins with an overview of the trends shaping the adult Millennial market, significant marketing opportunities and projections of market growth. It continues with an analysis of the demographic characteristics and core values of today’s adult Millennials. The next chapters of the report analyze how Millennials use financial services, including credit cards and banking services, and profile their shopping and spending patterns. The report continues with an in-depth analysis of the media usage patterns of Millennials, which highlights what multitasking Millennials are doing when watching TV and emphasizes their involvement with second screens. A chapter on the relationship between Millennials and technology covers their attitudes toward technology and their ownership and use of electronics such as digital tablets and cell phones. The report ends with an analysis of the fashion and entertainment habits of Millennials.
CHAPTER 1 EXECUTIVE SUMMARY
BACKGROUND
Introduction
Overview of the Report
SCOPE AND METHODOLOGY
Scope of the Market
Methodology
TRENDS AND OPPORTUNITIES
Optimism Reigns among Millennials
Young College Grads Have Most Confidence in Their Futures
Generational Ties Mask Diversity of Lifestyles and Life Stages in Millennial Population
Younger Millennials’ Privacy Concerns Less of a Barrier to Marketers
Second-Screen Generation Creates Challenges and Opportunities for Marketers
Following the Money Will Lead Marketers to Older Millennials
Millennials on Campuses Today Set to Become Affluent Consumers of Tomorrow
Millennial “Fusionistas” Require New Marketing Strategies
Hip-Hop Culture Continues to Offer Marketing Platform
Millennials Key Segment in Home Electronics Market
Millennials Still Important to Auto Makers
MARKET OVERVIEW
22% of U.S. Adults Belong to Generation Y
Population of Older Millennials Projected to Grow at Faster Rate
Aggregate Income of Millennials Approaches $1 Trillion
25- to 29-Year-Olds with Full-Time Jobs Key Element of Adult Millennial Market
Adult Millennials Trail other Age Groups in Financial Clout
Aggregate Income of Gen-Y Adults Will Exceed $1 Trillion in 2016
Younger Millennial Market Segment Will Experience Slower Growth
PERSONAL PROFILE OF GEN-Y ADULTS
Gen-Y Adults at Distinct Life Stage
Gender Gap on Campuses Creates Educational Disparity between Gen-Y Women and Men
Part-Time Employment Hallmark of Younger Millennials
One in Four Millennials Lives in Household with Income of $100,000 or More
Most Millennials Live in Family Environment
Gen-Y Males Much More Likely to Boomerang Home to Parents
Marriage Makes Inroads on Life Styles of Older Millennials
Parents a Key Segment of Adult Millennial Population
New and Unconventional Things Appeal
Desire for Material Success Drives Gen-Y Adults
Millennials See Selves as Influencers
Religion Less Important to Gen-Y Adults
Conservatives Outnumber Liberals
MILLENNIALS AND MONEY
One-Third of Gen-Y Adults Have or Use Credit Cards
Millennials Demonstrate Responsibility in Use of Credit Cards
Millennial Credit Card Users Display Distinct Characteristics
Younger Millennials More Apt to Use Debit Cards
Checking Accounts Sparse among Millennials
Online Banking Popular among Gen-Y Consumers
Older Millennials Begin to Accumulate Wealth
Older Gen-Y Consumers Like to Pay Bills Online
WHAT MAKES GEN-Y SHOPPERS TICK
Shopping a Form of Entertainment for Millennials
Friends Influence Where Younger Millennials Shop
Millennials on the Hunt for New Stores
Millennials Have Distinct Shopping Patterns
Frequent Gen-Y Shoppers Profiled
Online Sharing Sites Have Major Impact on Buying Decisions of Gen-Y Women
Millennials More Interested in Cell Phone Ads
Gen-Y Shoppers Compare Favorably with Consumers in 45+ Age Group
MILLENNIALS AND THE MEDIA: DECODING THE SECOND-SCREEN GENERATION
Today’s Gen-Y Adults Grew Up Multitasking
Most Millennials Involved with Second Screen While Watching TV
Different Second Screens Have Different Audiences
Online TV Captures Attention of Younger Millennials
TV Maintains Hold on Millennials
Millennials Most Likely to Use Social Sharing Websites to Follow TV Shows
TV Commercials More Interesting to Millennials than They Are to Older Viewers
Millennial Women in Forefront of Social Media Revolution
Gen-Y Women Blog More than Any Other Consumer Segment
Radio Is Important to Millennials
Internet-Only Radio Popular with Gen-Y Listeners
Older Millennials More Likely to Turn to Online Versions of Print Media
MILLENNIALS AND TECHNOLOGY
Youngest Millennials Can’t Do Without Gadgets
Online Activities of Millennials Differ Dramatically
iPods Part of Millennials’ Lifestyle
Millennials Show Less Interest in E-Readers
Younger Millennials Use Cell Phones as Information Source
Cell Phone Features Mean More to Younger Millennials
Unlimited Text Messaging Plans More Popular with Millennials
Millennials Dig Deep to Pay for Expensive Cell Phones
High Cell Phone Bills Part of Millennial Lifestyle
GEN-Y CONSUMER HIGHLIGHTS: FASHION AND ENTERTAINMENT
Gen-Y Men Are Fashion-Forward
Latest Styles Attract Attention from Millennials
Millennials Enjoy Shopping for Clothes
New Clothes a Must for Millennials
Live Entertainment Events Attract Millennials
Younger Millennials Vital to Hollywood
Millennials Matter When a New Film Opens
Video Games Prime Entertainment Tool for Millennial Men
CHAPTER 2 TRENDS AND OPPORTUNITIES
STRATEGIC TRENDS
Millennials Begin to Share in Economic Recovery
Table 2-1: Mean Income Trends 2004-2010, 18- to 29-Year-Olds vs. All Adults
Figure 2-1: Unemployment Rate 2008-2012, 18- to 29-Year-Olds by Age Group vs. All Adults
Optimism Reigns among Millennials
Table 2-2: Consumer Confidence, 18- to 29-Year-Olds vs. Other Age Groups
Young College Grads Have Most Confidence in Their Futures
Table 2-3: Consumer Confidence, 22- to 29-Year-Olds by Education Level
Cultural Ties Mask Diversity of Lifestyles and Life Stages in Millennial Population
MARKETING TRENDS
Younger Millennials’ Privacy Concerns Less of a Barrier to Marketers
Table 2-4: Attitudes toward Corporate Use of Personal Information, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group
Second-Screen Generation Creates Challenges and Opportunities for Marketers
Television Remains Important Platform to Reach Adult Millennials
Marketers Advised to Learn the Language of 18- to 24-Year-Olds
Retailers Move to Reinvent In-Store Service to Accommodate Millennials
Virgin Mobile Seeks to Capitalize on Millennials’ Preference for Data over Voice
Marketers Need to Reach Out to Millennials Wherever They Are
MARKETING OPPORTUNITIES
Following the Money Will Lead Marketers to Older Millennials
Millennials on Campuses Today Set to Become Affluent Consumers of Tomorrow
Figure 2-2: Mean Income of 25- to 34-Year-Olds by Level of Educational Attainment, 2010
Multicultural Youth Key to Growth Strategies
Table 2-5: Multicultural Adults as Percent of U.S. Adult Population by Age Group, 2010
Table 2-6: Multicultural Population Growth as Percent of Total Population Growth of 20- to 29-Year Olds, 2010 vs. 2015
Millennial “Fusionistas” Require New Marketing Strategies
Table 2-7: Media Consumption Habits of 18- to 29-Year-Old Latinos, English vs. Spanish
Hip-Hop Culture Still Offers Marketing Platform
Millennials Key Segment in Home Electronics Market
Table 2-8: Planned Purchases of Consumer Electronics Products, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group
Table 2-9: Ownership of Digital Tablets and Personal Computers at Home, Latino and non-Latino 18- to 29-Year-Olds vs. Other Age Groups
Millennials Have Their Own Ideas about Food
Table 2-10: Attitudes toward New Drinks and Food Products, 18- to 29-Year-Old vs. Other Consumers by Age Group
Millennials Still Important to Auto Makers
Figure 2-3: Percent Planning to Purchase Vehicle within the Next 12 Months, 22- to 29-Year-Old vs. Other Consumers by Age Group
CHAPTER 3 MARKET OVERVIEW
SIZE OF THE ADULT GEN-Y POPULATION
22% of U.S. Adults Belong to Generation Y
Table 3-1: Adult Gen-Y Population as Percent of Total U.S. Adult Population, 2010
18- to 24-Year-Olds Form Majority of Gen-Y Adults
Table 3-2: Size of Adult Gen-Y Population by Age Group, 2010
Population of Older Millennials Projected to Grow at Faster Rate
Table 3-3: Projected Growth in the Adult Gen-Y Population by Selected Age Group, 2010 vs. 2015
BUYING POWER OF ADULT MILLENNIALS
Aggregate Income of Millennials Approaches $1 Trillion
Table 3-4: Aggregate Income of 18- to 29-Year-Olds by Age Group, 2010
Figure 3-1: Aggregate Income, 18- to 24-Year-Olds vs. 25- to 29-Year-Olds, 2010
25- to 29-Year-Olds with Full-Time Jobs Key Element of Adult Millennial Market
Table 3-5: Aggregate Earnings of 18- to 29-Year-Olds by Age Group and Work History, 2010
Men and Non-Hispanic Whites Responsible for Largest Shares of Gen-Y Income
Table 3-6: Aggregate Income of 18- to 29-Year-Olds by Selected Demographic Characteristics, 2010
Adult Millennials Trail other Age Groups in Financial Clout
Table 3-7: Aggregate Income by Age Group, 2010
Aggregate Income of Gen-Y Adults Will Exceed $1 Trillion in 2016
Table 3-8: Projected Growth in Aggregate Income of 18- to 29-Year-Olds, 2011-2016
Younger Millennial Market Segment Will Experience Slower Growth
Table 3-9: Projected Growth in Aggregate Income of 18- to 24-Year-Olds, 2011-2016
Table 3-10: Projected Growth in Aggregate Income of 25- to 29-Year-Olds, 2011-2016
Table 3-11: Percent of Aggregate Income Growth of 18- to 29-Year-Olds by Age Group, 2011-2016
CHAPTER 4 PERSONAL PROFILE OF GEN-Y ADULTS
DEMOGRAPHIC HIGHLIGHTS
Gen-Y Adults at Distinct Life Stage
Table 4-1: Events Experienced in Last 12 Months, Gen-Y Consumers vs. All Adult Consumers
Gen-Y Population Has Strong Multicultural Orientation
Table 4-2: Selected Demographic Characteristics, Gen-Y vs. All Adult Consumers
Gender Gap on Campuses Creates Educational Disparity between Gen-Y Women and Men
Table 4-3: Educational Profile of 18- to 29-Year-Olds by Gender, 2010
Table 4-4: Educational Attainment of 18- to 29-Year-Olds by Gender
Part-Time Employment Hallmark of Younger Millennials
Table 4-5: Employment Profile, Gen-Y Consumers by Age Group vs. All Adult Consumers
Unemployed Millennials Expect to Be Working Soon
Table 4-6: Employment Plans of Unemployed, Gen-Y Consumers by Age Group vs. All Adult Consumers
One in Four Millennials Lives in Household with Income of $100,000 or More
Table 4-7: Household Income, Gen-Y Consumers by Age Group vs. All Adult Consumers
MARRIAGE AND FAMILY
Most Millennials Live in Family Environment
Table 4-8: Living Arrangements of 18- to 29-Year-Olds by Age Group, 2011
Gen-Y Males Much More Likely to Boomerang Home to Parents
Table 4-9: Profile of 25- to 29-Year-Olds Living in Household of Parent, 2011
Marriage Makes Inroads on Life Styles of Older Millennials
Table 4-10: Marital Status of 18- to 29-Year-Olds by Gender and Age Group, 2011
Figure 4-1: Percent of 18- to 29-Year-Olds Currently Engaged to Be Married by Age Group
15% of Older Millennials Live as Opposite-Sex Unmarried Couple
Chapter 4 Personal Profile of Gen-Y Adults Table 4-11: 15- to 29-Year-Olds Living as Partners in Opposite-Sex Unmarried Couples by Presence of Children under 18, 2011
Many Millennials Are Part of Same-Sex Couples
Parents a Key Segment of Adult Millennial Population
Figure 4-2: Percent of 18- to 29-Year-Olds by Age Group Who Are Parents
CORE VALUES: WHAT MAKES MILLENNIALS DIFFERENT
New and Unconventional Things Appeal
Table 4-12: Attitudes toward Trying New Things, Gen-Y Consumers vs. Other Adult Consumers by Age Group
Table 4-13: Attitudes toward Risk-Taking, Gen-Y Consumers vs. Other Adult Consumers by Age Group
Cell Phones Form Ties that Bind
Table 4-14: Attitudes toward Friends and Family, Gen-Y Consumers vs. Other Adult Consumers by Age Group
Desire for Material Success Drives Gen-Y Adults
Table 4-15: Attitudes toward Work and Money, Gen-Y Consumers vs. Other Adult Consumers by Age Group
Millennials See Selves as Influencers
Table 4-16: Influencing Others, Gen-Y Consumers vs. Other Adult Consumers by Age Group
SOCIAL AND POLITICAL VALUES
Religion Less Important to Gen-Y Adults
Table 4-17: Importance of Religion, Gen-Y Consumers vs. Other Adult Consumers by Age Group
Conservatives Outnumber Liberals
Table 4-18: Political Profile, Gen-Y Consumers by Age Group vs. All Adult Consumers
Millennial Adults Espouse Libertarian Political Values and Conservative Social Values
Table 4-19: Social and Political Values, Gen-Y Consumers vs. Other Adult Consumers by Age Group
Concern for the Environment Drops Off among Millennials
Table 4-20: Attitudes toward the Environment, Gen-Y Consumers vs. Other Adult Consumers by Age Group
CHAPTER 5 MILLENNIALS AND MONEY
USE OF CREDIT AND DEBIT CARDS BY GEN-Y ADULTS
One-Third of Gen-Y Adults Have or Use Credit Cards
Table 5-1: Ownership and Use of Credit Cards, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group
Millennials Demonstrate Responsibility in Use of Credit Cards
Table 5-2: Frequency of Use and Payment Patterns of Credit Card Users, 18- to 29-Year-Old vs. All Credit Card Users
Millennial Credit Card Users Display Distinct Characteristics
Table 5-3: Demographic Profile of 18- to 29-Year-Olds, Credit Card Users vs. Non-Users
ATM/Debit Cards More Commonly Used by Gen-Y Consumers
Table 5-4: Use of Debit/ATM Cards, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group
Younger Millennials More Apt to Use Debit Cards
Table 5-5: Demographic Profile of 18- to 29-Year-Olds, Debit vs. Credit Card Users
USE OF BANKING AND OTHER FINANCIAL SERVICES
Checking Accounts Sparse among Millennials
Table 5-6: Bank Accounts Currently Have, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group
Online Banking Popular among Gen-Y Consumers
Figure 5-1: Percent Going Online for Banking Services in Last 30 Days, 18- to 29-Year-Olds vs. All Adults
Older Millennials Important Customers for New Car Loans
Table 5-7: Loans Currently Have, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group
Older Millennials Begin to Accumulate Wealth
Figure 5-2: Percent Owning Any Investments by Age Group
Table 5-8: Demographic Profile of 18- to 29-Year-Olds Owning Any Investments
Older Gen-Y Consumers Like to Pay Bills Online
Table 5-9: Method of Paying Bills, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group
Gen-Y Consumers Look to Online Tax Software and On-Site Services to Help Prepare Tax Returns
Table 5-10: Method of Preparing Taxes, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group
Tax Preparation Choices Driven by Demographics
Table 5-11: Demographic Comparison of 18- to 29-Year-Olds Using On-Site Services and Online Tax Preparation Software
CHAPTER 6 WHAT MAKES GEN-Y SHOPPERS TICK
HIGHLIGHTS OF SHOPPING BEHAVIOR
Shopping a Form of Entertainment for Millennials
Figure 6-1: Percent of Men Who Really Enjoy Any Kind of Shopping, 18- to 29-Year-Olds vs. Other Age Groups
Figure 6-2: Percent of Women Who Really Enjoy Any Kind of Shopping, 18- to 29-Year-Olds vs. Other Age Groups
Friends Influence Where Younger Millennials Shop
Table 6-1: Reasons for Store Selection, 18- to 29-Year-Old vs. Other Consumers by Gender and Age Group
Millennials on the Hunt for New Stores
Table 6-2: Attitudes toward Shopping at New Stores, 18- to 29-Year-Old vs. Other Consumers by Gender and Age Group
Millennials Like Shopping with Their Friends
Table 6-3: Shopping as a Social Experience, 18- to 29-Year-Old vs. Other Consumers by Gender and Age Group
Millennials Have Distinct Shopping Patterns
Table 6-4: Shopping Behavior, 18- to 29-Year-Old vs. Other Consumers by Gender and Age Group
Millennials Frequent Shopping Malls
Table 6-5: Visits to Malls in Last Four Weeks, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group
Millennials Frequent Shoppers at Home Electronics Stores
Table 6-6: Shopping Patterns by Category of Store, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group
Frequent Gen-Y Shoppers Profiled
Table 6-7: Demographic Profile of 18- to 29-Year-Old Frequent Shoppers by Category of Retailer
Many Retailers Unusually Successful with Millennial Shoppers
Table 6-8: Most Popular Department/Discount/Clothing Stores, 18- to 29-Year-Old vs. 30+-Year-Old Men
Table 6-9: Most Popular Department/Discount/Clothing Stores, 18- to 29-Year-Old vs. 30+-Year-Old Women
FACTORS INFLUENCING PURCHASING DECISIONS OF GEN-Y SHOPPERS
Online Sharing Sites Have Major Impact on Buying Decisions of Gen-Y Women
Table 6-10: Impact of Online Sharing Websites on Consumer Behavior, 18- to 29-Year-Old vs. Other Adult Consumers by Gender and Age Group
Internet Ads Have Twice the Impact on Millennials
Table 6-11: Form of Internet Ads Leading to Purchase Very Often/Often/Somewhat Often, 18- to 29-Year-Old vs. All Adult Consumers
Millennials More Interested in Cell Phone Ads
Table 6-12: Attitudes toward Cell Phone Ads, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group
Price Matters Less to Millennials
Table 6-13: Importance of Price, 18- to 29-Year-Old vs. Other Adult Consumers by Gender and Age Group
OVERVIEW OF PURCHASING PATTERNS
Gen-Y Shoppers Compare Favorably with Consumers in 45+ Age Group
Table 6-14: Products Bought in Last 12 Months, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group
High Earning Millennials More Likely to Make Major Purchases
Table 6-15: Demographic Profile of 18- to 29-Year-Olds by Type of Major Purchase in Past 12 Months
Consumer Expenditure Patterns of Younger Millennials Highlight Diversity in Lifestyle and Life Stages
Table 6-16: Characteristics of Consumer Units Headed by Consumers Under 25 Years of Age, 2010
Table 6-17: Consumer Expenditure Categories with Above-Average Expenditures by Consumer Units Headed by Consumers Under 25 Years of Age, 2010
Online and Catalog Shopping
Gen-X Shoppers Outpace Millennials Online
Figure 6-3: Percent Making Online Purchase in Last 12 Months, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group
Table 6-18: Items Ordered Online in Last 12 Months, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group
Well-Paid College Grads Lead Millennials in Online Spending
Table 6-19: Amount Spent Online in Last 12 Months, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group
Table 6-20: Demographic Profile of 18- to 29-Year-Olds Spending $500 or More Online in Last 12 Months
Catalog Shopping Has Low Priority for Millennials
Table 6-21: Catalog Shopping in Last 12 Months, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group
CHAPTER 7 MILLENNIALS AND THE MEDIA: DECODING THE SECOND-SCREEN GENERATION
MULTITASKING MILLENNIALS AND TELEVISION
Today’s Gen-Y Adults Grew Up Multitasking
Most Millennials Involved with Second Screen While Watching TV
Table 7-1: Activities Performed Very Often/Often/Somewhat Often While Watching TV, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group
Different Second Screens Have Different Audiences
Table 7-2: Demographic Profile of 18- to 29-Year-Olds Using Other Forms of Screen Entertainment While Watching TV by Type of Screen Entertainment
Online TV Captures Attention of Millennials
Figure 7-1: Percent Watching Videos, Television Programs or Movies Online, 18- to 29-Year-Old vs. Other Consumers by Age Group
TV Maintains Hold on Millennials
Table 7-3: Attitudes toward Television and Radio, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group
Table 7-4: Most Popular Cable Television Channels, 18- to 29-Year-Olds vs. Other Adults
Multitasking Often Deepens Involvement of Millennial Viewers with TV Shows
Millennials Most Likely to Use Social Sharing Websites to Follow TV Shows . 120
Table 7-5: Media Followed on Social Sharing Websites, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group
TV Commercials More Interesting to Millennials than They Are to Older Viewers
Table 7-6: Attitudes toward Television Advertising, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group
MILLENNIALS AND SOCIAL MEDIA
Millennial Women in Forefront of Social Media Revolution
Figure 7-2: Percent Using Social Media, 18- to 29-Year-Old vs. Other Consumers by Age Group
Figure 7-3: Percent Using Social Media, 18- to 29-Year-Old vs. Other Consumers by Age Group and Gender
Millennial Women Most Likely to Visit Online Sharing Sites
Table 7-7: Use of Online Sharing Websites, 18- to 29-Year-Old vs. Other Adult Consumers by Gender and Age Group
Gen-Y Women Blog More than Any Other Consumer Segment
Figure 7-4: Percent Visiting Blogs Six or More Times in Last 30 Days, 18- to 29-Year-Olds vs. Other Age Groups by Gender
Gen-Y Women Most Likely to Share Their Own Thoughts on Social Media
Table 7-8: Involvement in Social Sharing Websites, 18- to 29-Year-Old vs. Other Adult Consumers by Gender and Age Group
MILLENNIALS AND RADIO
Radio Is Important to Millennials
Table 7-9: Attitudes toward Radio, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group
Internet-Only Radio Popular with Gen-Y Listeners
Table 7-10: Listening to Online Radio, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group
Millennial Women More Avid Radio Listeners
Table 7-11: Most Popular Radio Formats among 18- to 29-Year-Old Men and Women
MILLENNIALS AND PRINT MEDIA
Magazines Matter to Millennials
Table 7-12: Attitudes toward Print Media, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group
Table 7-13: Readership of Newspapers, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group
Older Millennials More Likely to Turn to Online Versions of Print Media
Table 7-14: Readership of Magazines and Newspapers Online, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group
Gender Gap in Magazine Preferences Wider among Millennials
Table 7-15: Most Popular Magazines among 18- to 29-Year-Old Men and Women
Table 7-16: Most Popular Magazines among Adults 30 Years Old and Over by Gender
CHAPTER 8 MILLENNIALS AND TECHNOLOGY
OVERVIEW
Youngest Millennials Can’t Do Without Gadgets
Table 8-1: Attitudes toward Owning Gadgets, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group
Millennials Are Influencers
Table 8-2: Influence on Home Electronics Purchasing Decisions of Others, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group
Price Matters less to Youngest Millennials
Table 8-3: Factors Affecting Purchase of Home Electronics, 18- to 29-Year-Old Consumers vs. Other Adult Consumers by Age Group
COMPUTERS AND THE INTERNET
Younger Millennials Depend on Their Computers for Entertainment
Figure 8-1: Percent Agreeing Computer Is a Primary Source of Fun and Entertainment, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group
Millennials Log More Hours on Computers
Table 8-4: Ownership and Use of Personal Computers, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group
Gen-Y Tied to the Internet
Table 8-5: Use of the Internet, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group
Online Activities of Millennials Differ Dramatically
Table 8-6: Online Activities-Used/Visited in Last 30 Days, 18- to 29-Year-Old vs. All Adult Consumers
Gender Differences Apply to Internet Usage of Millennials
Table 8-7: Website Groupings Visited, 18- to 29-Year-Old vs. Other Adult Consumers by Gender and Age Group
OWNERSHIP AND USE OF SELECTED CONSUMER ELECTRONICS PRODUCTS
iPods Part of Millennials’ Lifestyle
Table 8-8: Ownership of Portable MP3/Digital Media Players, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group
Millennials Show Less Interest in E-Readers
Table 8-9: Purchase of E-Books and Books in Last 12 Months, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group
MILLENNIALS AND THEIR CELL PHONES
Cell Phones Ubiquitous Feature of Millennials’ Lives
Figure 8-2: Percent Owning Cell Phones, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group
Youngest Millennials See Cell Phone as a Way to Express Themselves
Figure 8-3: Percent Agreeing “My Cell Phone Is An Expression of Who I Am,” 18- to 29-Year-Old vs. Other Adult Consumers by Age Group
Millennials Use Cell Phones as Critical Information Source
Table 8-10: Use of Cell Phones, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group
Cell Phone Features Mean More to Younger Millennials
Table 8-11: Attitudes toward Cell Phone Features, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group
Table 8-12: Additional Cell Phone Services, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group
Unlimited Text Messaging Plans More Popular with Millennials
Table 8-13: Cell Phone Subscription, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group
Vision of More Advanced Technology Can Entice Youngest Millennials to Switch Cell Phone Service Providers
Table 8-14: Attitudes toward Service Providers, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group
Smaller Providers Attract Millennials
Table 8-15: Cell Phone Service Provider, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group
Millennials Dig Deep to Pay for Expensive Cell Phones
Table 8-16: Amount Spent on Most Recent Cell Phone Purchase, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group
Table 8-17: Cell Phone Brands Owned, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group
Many Millennials Part of Family Cell Phone Plan
Table 8-18: Type of Cell Phone Plan, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group
High Cell Phone Bills Part of Millennial Lifestyle
Table 8-19: Amount Spent on Last Month’s Cell Phone Bill, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group
CHAPTER 9 GEN-Y CONSUMER HIGHLIGHTS: FASHION AND ENTERTAINMENT
FASHION
Gen-Y Men Are Fashion-Forward
Table 9-1: Keeping up with Fashion, 18- to 29-Year-Old vs. Other Consumers by Gender and Age Group
Latest Styles Attract Attention from Millennials
Table 9-2: Staying in Style, 18- to 29-Year-Old vs. Other Consumers by Gender and Age Group
Millennials Enjoy Shopping for Clothes
Figure 9-1: Percent Who Really Enjoy Shopping for Clothes, 18- to 29-Year-Old vs. Other Consumers by Gender and Age Group
New Clothes a Must for Millennials
Table 9-3: Buying Clothes, 18- to 29-Year-Old vs. Other Consumers by Gender and Age Group
Jeans and Sneakers Remain Important to Millennials
Table 9-4: Purchase of Jeans in Last 12 Months, 18- to 29-Year-Old vs. All Consumers by Gender
Table 9-5: Purchase of Sneakers/Athletic Shoes in Last 12 Months, 18- to 29-Year-Old vs. All Consumers by Gender
Apparel Choices Differ
Table 9-6: Purchase of Men's Apparel & Accessories in Last 12 Month, 18- to 29-Year-Old Men vs. All Men
Table 9-7: Purchase of Women's Apparel & Accessories in Last 12 Month, 18- to 29-Year-Old Women vs. All Women
ENTERTAINMENT
Live Entertainment Events Attract Millennials
Table 9-8: Attendance at Live Entertainment Events in Last 12 Months, 18- to 29-Year-Old vs. Other Consumers by Age Group
Hip-Hop Retains Hold on Millennials
Table 9-9: Favorite Music Types, 18- to 29-Year-Olds, Non-Hispanic White vs. Multicultural
Millennials Most Likely to Download Music
Table 9-10: Purchase of Music in Last 12 Months, 18- to 29-Year-Old vs. Other Consumers by Age Group
Younger Millennials Vital to Hollywood
Figure 9-2: Percent Attending Movie in Last Six Months, 18- to 29-Year-Old vs. Other Consumers by Age Group
Table 9-11: Number of Times Attended Movies in Last 90 Days, 18- to 29-Year-Old vs. Other Consumers by Age Group
Table 9-12: Type of Movie Seen in Last 90 Days, 18- to 29-Year-Old vs. Other Consumers by Age Group
Millennials Matter When a New Film Opens
Table 9-13: When Usually Go to See a Movie, 18- to 29-Year-Old vs. Other Consumers by Age Group
3-D Movies of More Interest to Millennials
Figure 9-3: Percent Seeing 3D Version of Movie If Available, 18- to 29-Year-Old vs. Other Consumers by Age Group
Video Games Prime Entertainment Tool for Millennial Men
Table 9-14: Percent Owning or Playing Video Games, 18- to 29-Year-Old vs. Other Consumers by Gender and Age Group
Table 9-15: Percent Playing Video Games Five or More Hours in Last Seven Days, 18- to 29-Year-Old vs. Other Consumers by Gender and Age Group
Leisure Activities Reflect Age and Life Stage of Millennials
Table 9-16: Most Popular Leisure Activities/Hobbies, 18- to 29-Year-Old vs. Other Consumers by Age Group
Team Sports Part of Millennial Lifestyle
Table 9-17: Most Popular Sports, 18- to 29-Year-Old vs. Other Consumers by Age Group
APPENDIX: ADDRESSES OF SELECTED MILLENNIAL MARKET RESOURCES
BACKGROUND
Introduction
Overview of the Report
SCOPE AND METHODOLOGY
Scope of the Market
Methodology
TRENDS AND OPPORTUNITIES
Optimism Reigns among Millennials
Young College Grads Have Most Confidence in Their Futures
Generational Ties Mask Diversity of Lifestyles and Life Stages in Millennial Population
Younger Millennials’ Privacy Concerns Less of a Barrier to Marketers
Second-Screen Generation Creates Challenges and Opportunities for Marketers
Following the Money Will Lead Marketers to Older Millennials
Millennials on Campuses Today Set to Become Affluent Consumers of Tomorrow
Millennial “Fusionistas” Require New Marketing Strategies
Hip-Hop Culture Continues to Offer Marketing Platform
Millennials Key Segment in Home Electronics Market
Millennials Still Important to Auto Makers
MARKET OVERVIEW
22% of U.S. Adults Belong to Generation Y
Population of Older Millennials Projected to Grow at Faster Rate
Aggregate Income of Millennials Approaches $1 Trillion
25- to 29-Year-Olds with Full-Time Jobs Key Element of Adult Millennial Market
Adult Millennials Trail other Age Groups in Financial Clout
Aggregate Income of Gen-Y Adults Will Exceed $1 Trillion in 2016
Younger Millennial Market Segment Will Experience Slower Growth
PERSONAL PROFILE OF GEN-Y ADULTS
Gen-Y Adults at Distinct Life Stage
Gender Gap on Campuses Creates Educational Disparity between Gen-Y Women and Men
Part-Time Employment Hallmark of Younger Millennials
One in Four Millennials Lives in Household with Income of $100,000 or More
Most Millennials Live in Family Environment
Gen-Y Males Much More Likely to Boomerang Home to Parents
Marriage Makes Inroads on Life Styles of Older Millennials
Parents a Key Segment of Adult Millennial Population
New and Unconventional Things Appeal
Desire for Material Success Drives Gen-Y Adults
Millennials See Selves as Influencers
Religion Less Important to Gen-Y Adults
Conservatives Outnumber Liberals
MILLENNIALS AND MONEY
One-Third of Gen-Y Adults Have or Use Credit Cards
Millennials Demonstrate Responsibility in Use of Credit Cards
Millennial Credit Card Users Display Distinct Characteristics
Younger Millennials More Apt to Use Debit Cards
Checking Accounts Sparse among Millennials
Online Banking Popular among Gen-Y Consumers
Older Millennials Begin to Accumulate Wealth
Older Gen-Y Consumers Like to Pay Bills Online
WHAT MAKES GEN-Y SHOPPERS TICK
Shopping a Form of Entertainment for Millennials
Friends Influence Where Younger Millennials Shop
Millennials on the Hunt for New Stores
Millennials Have Distinct Shopping Patterns
Frequent Gen-Y Shoppers Profiled
Online Sharing Sites Have Major Impact on Buying Decisions of Gen-Y Women
Millennials More Interested in Cell Phone Ads
Gen-Y Shoppers Compare Favorably with Consumers in 45+ Age Group
MILLENNIALS AND THE MEDIA: DECODING THE SECOND-SCREEN GENERATION
Today’s Gen-Y Adults Grew Up Multitasking
Most Millennials Involved with Second Screen While Watching TV
Different Second Screens Have Different Audiences
Online TV Captures Attention of Younger Millennials
TV Maintains Hold on Millennials
Millennials Most Likely to Use Social Sharing Websites to Follow TV Shows
TV Commercials More Interesting to Millennials than They Are to Older Viewers
Millennial Women in Forefront of Social Media Revolution
Gen-Y Women Blog More than Any Other Consumer Segment
Radio Is Important to Millennials
Internet-Only Radio Popular with Gen-Y Listeners
Older Millennials More Likely to Turn to Online Versions of Print Media
MILLENNIALS AND TECHNOLOGY
Youngest Millennials Can’t Do Without Gadgets
Online Activities of Millennials Differ Dramatically
iPods Part of Millennials’ Lifestyle
Millennials Show Less Interest in E-Readers
Younger Millennials Use Cell Phones as Information Source
Cell Phone Features Mean More to Younger Millennials
Unlimited Text Messaging Plans More Popular with Millennials
Millennials Dig Deep to Pay for Expensive Cell Phones
High Cell Phone Bills Part of Millennial Lifestyle
GEN-Y CONSUMER HIGHLIGHTS: FASHION AND ENTERTAINMENT
Gen-Y Men Are Fashion-Forward
Latest Styles Attract Attention from Millennials
Millennials Enjoy Shopping for Clothes
New Clothes a Must for Millennials
Live Entertainment Events Attract Millennials
Younger Millennials Vital to Hollywood
Millennials Matter When a New Film Opens
Video Games Prime Entertainment Tool for Millennial Men
CHAPTER 2 TRENDS AND OPPORTUNITIES
STRATEGIC TRENDS
Millennials Begin to Share in Economic Recovery
Table 2-1: Mean Income Trends 2004-2010, 18- to 29-Year-Olds vs. All Adults
Figure 2-1: Unemployment Rate 2008-2012, 18- to 29-Year-Olds by Age Group vs. All Adults
Optimism Reigns among Millennials
Table 2-2: Consumer Confidence, 18- to 29-Year-Olds vs. Other Age Groups
Young College Grads Have Most Confidence in Their Futures
Table 2-3: Consumer Confidence, 22- to 29-Year-Olds by Education Level
Cultural Ties Mask Diversity of Lifestyles and Life Stages in Millennial Population
MARKETING TRENDS
Younger Millennials’ Privacy Concerns Less of a Barrier to Marketers
Table 2-4: Attitudes toward Corporate Use of Personal Information, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group
Second-Screen Generation Creates Challenges and Opportunities for Marketers
Television Remains Important Platform to Reach Adult Millennials
Marketers Advised to Learn the Language of 18- to 24-Year-Olds
Retailers Move to Reinvent In-Store Service to Accommodate Millennials
Virgin Mobile Seeks to Capitalize on Millennials’ Preference for Data over Voice
Marketers Need to Reach Out to Millennials Wherever They Are
MARKETING OPPORTUNITIES
Following the Money Will Lead Marketers to Older Millennials
Millennials on Campuses Today Set to Become Affluent Consumers of Tomorrow
Figure 2-2: Mean Income of 25- to 34-Year-Olds by Level of Educational Attainment, 2010
Multicultural Youth Key to Growth Strategies
Table 2-5: Multicultural Adults as Percent of U.S. Adult Population by Age Group, 2010
Table 2-6: Multicultural Population Growth as Percent of Total Population Growth of 20- to 29-Year Olds, 2010 vs. 2015
Millennial “Fusionistas” Require New Marketing Strategies
Table 2-7: Media Consumption Habits of 18- to 29-Year-Old Latinos, English vs. Spanish
Hip-Hop Culture Still Offers Marketing Platform
Millennials Key Segment in Home Electronics Market
Table 2-8: Planned Purchases of Consumer Electronics Products, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group
Table 2-9: Ownership of Digital Tablets and Personal Computers at Home, Latino and non-Latino 18- to 29-Year-Olds vs. Other Age Groups
Millennials Have Their Own Ideas about Food
Table 2-10: Attitudes toward New Drinks and Food Products, 18- to 29-Year-Old vs. Other Consumers by Age Group
Millennials Still Important to Auto Makers
Figure 2-3: Percent Planning to Purchase Vehicle within the Next 12 Months, 22- to 29-Year-Old vs. Other Consumers by Age Group
CHAPTER 3 MARKET OVERVIEW
SIZE OF THE ADULT GEN-Y POPULATION
22% of U.S. Adults Belong to Generation Y
Table 3-1: Adult Gen-Y Population as Percent of Total U.S. Adult Population, 2010
18- to 24-Year-Olds Form Majority of Gen-Y Adults
Table 3-2: Size of Adult Gen-Y Population by Age Group, 2010
Population of Older Millennials Projected to Grow at Faster Rate
Table 3-3: Projected Growth in the Adult Gen-Y Population by Selected Age Group, 2010 vs. 2015
BUYING POWER OF ADULT MILLENNIALS
Aggregate Income of Millennials Approaches $1 Trillion
Table 3-4: Aggregate Income of 18- to 29-Year-Olds by Age Group, 2010
Figure 3-1: Aggregate Income, 18- to 24-Year-Olds vs. 25- to 29-Year-Olds, 2010
25- to 29-Year-Olds with Full-Time Jobs Key Element of Adult Millennial Market
Table 3-5: Aggregate Earnings of 18- to 29-Year-Olds by Age Group and Work History, 2010
Men and Non-Hispanic Whites Responsible for Largest Shares of Gen-Y Income
Table 3-6: Aggregate Income of 18- to 29-Year-Olds by Selected Demographic Characteristics, 2010
Adult Millennials Trail other Age Groups in Financial Clout
Table 3-7: Aggregate Income by Age Group, 2010
Aggregate Income of Gen-Y Adults Will Exceed $1 Trillion in 2016
Table 3-8: Projected Growth in Aggregate Income of 18- to 29-Year-Olds, 2011-2016
Younger Millennial Market Segment Will Experience Slower Growth
Table 3-9: Projected Growth in Aggregate Income of 18- to 24-Year-Olds, 2011-2016
Table 3-10: Projected Growth in Aggregate Income of 25- to 29-Year-Olds, 2011-2016
Table 3-11: Percent of Aggregate Income Growth of 18- to 29-Year-Olds by Age Group, 2011-2016
CHAPTER 4 PERSONAL PROFILE OF GEN-Y ADULTS
DEMOGRAPHIC HIGHLIGHTS
Gen-Y Adults at Distinct Life Stage
Table 4-1: Events Experienced in Last 12 Months, Gen-Y Consumers vs. All Adult Consumers
Gen-Y Population Has Strong Multicultural Orientation
Table 4-2: Selected Demographic Characteristics, Gen-Y vs. All Adult Consumers
Gender Gap on Campuses Creates Educational Disparity between Gen-Y Women and Men
Table 4-3: Educational Profile of 18- to 29-Year-Olds by Gender, 2010
Table 4-4: Educational Attainment of 18- to 29-Year-Olds by Gender
Part-Time Employment Hallmark of Younger Millennials
Table 4-5: Employment Profile, Gen-Y Consumers by Age Group vs. All Adult Consumers
Unemployed Millennials Expect to Be Working Soon
Table 4-6: Employment Plans of Unemployed, Gen-Y Consumers by Age Group vs. All Adult Consumers
One in Four Millennials Lives in Household with Income of $100,000 or More
Table 4-7: Household Income, Gen-Y Consumers by Age Group vs. All Adult Consumers
MARRIAGE AND FAMILY
Most Millennials Live in Family Environment
Table 4-8: Living Arrangements of 18- to 29-Year-Olds by Age Group, 2011
Gen-Y Males Much More Likely to Boomerang Home to Parents
Table 4-9: Profile of 25- to 29-Year-Olds Living in Household of Parent, 2011
Marriage Makes Inroads on Life Styles of Older Millennials
Table 4-10: Marital Status of 18- to 29-Year-Olds by Gender and Age Group, 2011
Figure 4-1: Percent of 18- to 29-Year-Olds Currently Engaged to Be Married by Age Group
15% of Older Millennials Live as Opposite-Sex Unmarried Couple
Chapter 4 Personal Profile of Gen-Y Adults Table 4-11: 15- to 29-Year-Olds Living as Partners in Opposite-Sex Unmarried Couples by Presence of Children under 18, 2011
Many Millennials Are Part of Same-Sex Couples
Parents a Key Segment of Adult Millennial Population
Figure 4-2: Percent of 18- to 29-Year-Olds by Age Group Who Are Parents
CORE VALUES: WHAT MAKES MILLENNIALS DIFFERENT
New and Unconventional Things Appeal
Table 4-12: Attitudes toward Trying New Things, Gen-Y Consumers vs. Other Adult Consumers by Age Group
Table 4-13: Attitudes toward Risk-Taking, Gen-Y Consumers vs. Other Adult Consumers by Age Group
Cell Phones Form Ties that Bind
Table 4-14: Attitudes toward Friends and Family, Gen-Y Consumers vs. Other Adult Consumers by Age Group
Desire for Material Success Drives Gen-Y Adults
Table 4-15: Attitudes toward Work and Money, Gen-Y Consumers vs. Other Adult Consumers by Age Group
Millennials See Selves as Influencers
Table 4-16: Influencing Others, Gen-Y Consumers vs. Other Adult Consumers by Age Group
SOCIAL AND POLITICAL VALUES
Religion Less Important to Gen-Y Adults
Table 4-17: Importance of Religion, Gen-Y Consumers vs. Other Adult Consumers by Age Group
Conservatives Outnumber Liberals
Table 4-18: Political Profile, Gen-Y Consumers by Age Group vs. All Adult Consumers
Millennial Adults Espouse Libertarian Political Values and Conservative Social Values
Table 4-19: Social and Political Values, Gen-Y Consumers vs. Other Adult Consumers by Age Group
Concern for the Environment Drops Off among Millennials
Table 4-20: Attitudes toward the Environment, Gen-Y Consumers vs. Other Adult Consumers by Age Group
CHAPTER 5 MILLENNIALS AND MONEY
USE OF CREDIT AND DEBIT CARDS BY GEN-Y ADULTS
One-Third of Gen-Y Adults Have or Use Credit Cards
Table 5-1: Ownership and Use of Credit Cards, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group
Millennials Demonstrate Responsibility in Use of Credit Cards
Table 5-2: Frequency of Use and Payment Patterns of Credit Card Users, 18- to 29-Year-Old vs. All Credit Card Users
Millennial Credit Card Users Display Distinct Characteristics
Table 5-3: Demographic Profile of 18- to 29-Year-Olds, Credit Card Users vs. Non-Users
ATM/Debit Cards More Commonly Used by Gen-Y Consumers
Table 5-4: Use of Debit/ATM Cards, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group
Younger Millennials More Apt to Use Debit Cards
Table 5-5: Demographic Profile of 18- to 29-Year-Olds, Debit vs. Credit Card Users
USE OF BANKING AND OTHER FINANCIAL SERVICES
Checking Accounts Sparse among Millennials
Table 5-6: Bank Accounts Currently Have, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group
Online Banking Popular among Gen-Y Consumers
Figure 5-1: Percent Going Online for Banking Services in Last 30 Days, 18- to 29-Year-Olds vs. All Adults
Older Millennials Important Customers for New Car Loans
Table 5-7: Loans Currently Have, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group
Older Millennials Begin to Accumulate Wealth
Figure 5-2: Percent Owning Any Investments by Age Group
Table 5-8: Demographic Profile of 18- to 29-Year-Olds Owning Any Investments
Older Gen-Y Consumers Like to Pay Bills Online
Table 5-9: Method of Paying Bills, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group
Gen-Y Consumers Look to Online Tax Software and On-Site Services to Help Prepare Tax Returns
Table 5-10: Method of Preparing Taxes, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group
Tax Preparation Choices Driven by Demographics
Table 5-11: Demographic Comparison of 18- to 29-Year-Olds Using On-Site Services and Online Tax Preparation Software
CHAPTER 6 WHAT MAKES GEN-Y SHOPPERS TICK
HIGHLIGHTS OF SHOPPING BEHAVIOR
Shopping a Form of Entertainment for Millennials
Figure 6-1: Percent of Men Who Really Enjoy Any Kind of Shopping, 18- to 29-Year-Olds vs. Other Age Groups
Figure 6-2: Percent of Women Who Really Enjoy Any Kind of Shopping, 18- to 29-Year-Olds vs. Other Age Groups
Friends Influence Where Younger Millennials Shop
Table 6-1: Reasons for Store Selection, 18- to 29-Year-Old vs. Other Consumers by Gender and Age Group
Millennials on the Hunt for New Stores
Table 6-2: Attitudes toward Shopping at New Stores, 18- to 29-Year-Old vs. Other Consumers by Gender and Age Group
Millennials Like Shopping with Their Friends
Table 6-3: Shopping as a Social Experience, 18- to 29-Year-Old vs. Other Consumers by Gender and Age Group
Millennials Have Distinct Shopping Patterns
Table 6-4: Shopping Behavior, 18- to 29-Year-Old vs. Other Consumers by Gender and Age Group
Millennials Frequent Shopping Malls
Table 6-5: Visits to Malls in Last Four Weeks, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group
Millennials Frequent Shoppers at Home Electronics Stores
Table 6-6: Shopping Patterns by Category of Store, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group
Frequent Gen-Y Shoppers Profiled
Table 6-7: Demographic Profile of 18- to 29-Year-Old Frequent Shoppers by Category of Retailer
Many Retailers Unusually Successful with Millennial Shoppers
Table 6-8: Most Popular Department/Discount/Clothing Stores, 18- to 29-Year-Old vs. 30+-Year-Old Men
Table 6-9: Most Popular Department/Discount/Clothing Stores, 18- to 29-Year-Old vs. 30+-Year-Old Women
FACTORS INFLUENCING PURCHASING DECISIONS OF GEN-Y SHOPPERS
Online Sharing Sites Have Major Impact on Buying Decisions of Gen-Y Women
Table 6-10: Impact of Online Sharing Websites on Consumer Behavior, 18- to 29-Year-Old vs. Other Adult Consumers by Gender and Age Group
Internet Ads Have Twice the Impact on Millennials
Table 6-11: Form of Internet Ads Leading to Purchase Very Often/Often/Somewhat Often, 18- to 29-Year-Old vs. All Adult Consumers
Millennials More Interested in Cell Phone Ads
Table 6-12: Attitudes toward Cell Phone Ads, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group
Price Matters Less to Millennials
Table 6-13: Importance of Price, 18- to 29-Year-Old vs. Other Adult Consumers by Gender and Age Group
OVERVIEW OF PURCHASING PATTERNS
Gen-Y Shoppers Compare Favorably with Consumers in 45+ Age Group
Table 6-14: Products Bought in Last 12 Months, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group
High Earning Millennials More Likely to Make Major Purchases
Table 6-15: Demographic Profile of 18- to 29-Year-Olds by Type of Major Purchase in Past 12 Months
Consumer Expenditure Patterns of Younger Millennials Highlight Diversity in Lifestyle and Life Stages
Table 6-16: Characteristics of Consumer Units Headed by Consumers Under 25 Years of Age, 2010
Table 6-17: Consumer Expenditure Categories with Above-Average Expenditures by Consumer Units Headed by Consumers Under 25 Years of Age, 2010
Online and Catalog Shopping
Gen-X Shoppers Outpace Millennials Online
Figure 6-3: Percent Making Online Purchase in Last 12 Months, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group
Table 6-18: Items Ordered Online in Last 12 Months, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group
Well-Paid College Grads Lead Millennials in Online Spending
Table 6-19: Amount Spent Online in Last 12 Months, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group
Table 6-20: Demographic Profile of 18- to 29-Year-Olds Spending $500 or More Online in Last 12 Months
Catalog Shopping Has Low Priority for Millennials
Table 6-21: Catalog Shopping in Last 12 Months, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group
CHAPTER 7 MILLENNIALS AND THE MEDIA: DECODING THE SECOND-SCREEN GENERATION
MULTITASKING MILLENNIALS AND TELEVISION
Today’s Gen-Y Adults Grew Up Multitasking
Most Millennials Involved with Second Screen While Watching TV
Table 7-1: Activities Performed Very Often/Often/Somewhat Often While Watching TV, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group
Different Second Screens Have Different Audiences
Table 7-2: Demographic Profile of 18- to 29-Year-Olds Using Other Forms of Screen Entertainment While Watching TV by Type of Screen Entertainment
Online TV Captures Attention of Millennials
Figure 7-1: Percent Watching Videos, Television Programs or Movies Online, 18- to 29-Year-Old vs. Other Consumers by Age Group
TV Maintains Hold on Millennials
Table 7-3: Attitudes toward Television and Radio, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group
Table 7-4: Most Popular Cable Television Channels, 18- to 29-Year-Olds vs. Other Adults
Multitasking Often Deepens Involvement of Millennial Viewers with TV Shows
Millennials Most Likely to Use Social Sharing Websites to Follow TV Shows . 120
Table 7-5: Media Followed on Social Sharing Websites, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group
TV Commercials More Interesting to Millennials than They Are to Older Viewers
Table 7-6: Attitudes toward Television Advertising, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group
MILLENNIALS AND SOCIAL MEDIA
Millennial Women in Forefront of Social Media Revolution
Figure 7-2: Percent Using Social Media, 18- to 29-Year-Old vs. Other Consumers by Age Group
Figure 7-3: Percent Using Social Media, 18- to 29-Year-Old vs. Other Consumers by Age Group and Gender
Millennial Women Most Likely to Visit Online Sharing Sites
Table 7-7: Use of Online Sharing Websites, 18- to 29-Year-Old vs. Other Adult Consumers by Gender and Age Group
Gen-Y Women Blog More than Any Other Consumer Segment
Figure 7-4: Percent Visiting Blogs Six or More Times in Last 30 Days, 18- to 29-Year-Olds vs. Other Age Groups by Gender
Gen-Y Women Most Likely to Share Their Own Thoughts on Social Media
Table 7-8: Involvement in Social Sharing Websites, 18- to 29-Year-Old vs. Other Adult Consumers by Gender and Age Group
MILLENNIALS AND RADIO
Radio Is Important to Millennials
Table 7-9: Attitudes toward Radio, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group
Internet-Only Radio Popular with Gen-Y Listeners
Table 7-10: Listening to Online Radio, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group
Millennial Women More Avid Radio Listeners
Table 7-11: Most Popular Radio Formats among 18- to 29-Year-Old Men and Women
MILLENNIALS AND PRINT MEDIA
Magazines Matter to Millennials
Table 7-12: Attitudes toward Print Media, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group
Table 7-13: Readership of Newspapers, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group
Older Millennials More Likely to Turn to Online Versions of Print Media
Table 7-14: Readership of Magazines and Newspapers Online, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group
Gender Gap in Magazine Preferences Wider among Millennials
Table 7-15: Most Popular Magazines among 18- to 29-Year-Old Men and Women
Table 7-16: Most Popular Magazines among Adults 30 Years Old and Over by Gender
CHAPTER 8 MILLENNIALS AND TECHNOLOGY
OVERVIEW
Youngest Millennials Can’t Do Without Gadgets
Table 8-1: Attitudes toward Owning Gadgets, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group
Millennials Are Influencers
Table 8-2: Influence on Home Electronics Purchasing Decisions of Others, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group
Price Matters less to Youngest Millennials
Table 8-3: Factors Affecting Purchase of Home Electronics, 18- to 29-Year-Old Consumers vs. Other Adult Consumers by Age Group
COMPUTERS AND THE INTERNET
Younger Millennials Depend on Their Computers for Entertainment
Figure 8-1: Percent Agreeing Computer Is a Primary Source of Fun and Entertainment, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group
Millennials Log More Hours on Computers
Table 8-4: Ownership and Use of Personal Computers, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group
Gen-Y Tied to the Internet
Table 8-5: Use of the Internet, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group
Online Activities of Millennials Differ Dramatically
Table 8-6: Online Activities-Used/Visited in Last 30 Days, 18- to 29-Year-Old vs. All Adult Consumers
Gender Differences Apply to Internet Usage of Millennials
Table 8-7: Website Groupings Visited, 18- to 29-Year-Old vs. Other Adult Consumers by Gender and Age Group
OWNERSHIP AND USE OF SELECTED CONSUMER ELECTRONICS PRODUCTS
iPods Part of Millennials’ Lifestyle
Table 8-8: Ownership of Portable MP3/Digital Media Players, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group
Millennials Show Less Interest in E-Readers
Table 8-9: Purchase of E-Books and Books in Last 12 Months, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group
MILLENNIALS AND THEIR CELL PHONES
Cell Phones Ubiquitous Feature of Millennials’ Lives
Figure 8-2: Percent Owning Cell Phones, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group
Youngest Millennials See Cell Phone as a Way to Express Themselves
Figure 8-3: Percent Agreeing “My Cell Phone Is An Expression of Who I Am,” 18- to 29-Year-Old vs. Other Adult Consumers by Age Group
Millennials Use Cell Phones as Critical Information Source
Table 8-10: Use of Cell Phones, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group
Cell Phone Features Mean More to Younger Millennials
Table 8-11: Attitudes toward Cell Phone Features, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group
Table 8-12: Additional Cell Phone Services, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group
Unlimited Text Messaging Plans More Popular with Millennials
Table 8-13: Cell Phone Subscription, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group
Vision of More Advanced Technology Can Entice Youngest Millennials to Switch Cell Phone Service Providers
Table 8-14: Attitudes toward Service Providers, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group
Smaller Providers Attract Millennials
Table 8-15: Cell Phone Service Provider, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group
Millennials Dig Deep to Pay for Expensive Cell Phones
Table 8-16: Amount Spent on Most Recent Cell Phone Purchase, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group
Table 8-17: Cell Phone Brands Owned, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group
Many Millennials Part of Family Cell Phone Plan
Table 8-18: Type of Cell Phone Plan, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group
High Cell Phone Bills Part of Millennial Lifestyle
Table 8-19: Amount Spent on Last Month’s Cell Phone Bill, 18- to 29-Year-Old vs. Other Adult Consumers by Age Group
CHAPTER 9 GEN-Y CONSUMER HIGHLIGHTS: FASHION AND ENTERTAINMENT
FASHION
Gen-Y Men Are Fashion-Forward
Table 9-1: Keeping up with Fashion, 18- to 29-Year-Old vs. Other Consumers by Gender and Age Group
Latest Styles Attract Attention from Millennials
Table 9-2: Staying in Style, 18- to 29-Year-Old vs. Other Consumers by Gender and Age Group
Millennials Enjoy Shopping for Clothes
Figure 9-1: Percent Who Really Enjoy Shopping for Clothes, 18- to 29-Year-Old vs. Other Consumers by Gender and Age Group
New Clothes a Must for Millennials
Table 9-3: Buying Clothes, 18- to 29-Year-Old vs. Other Consumers by Gender and Age Group
Jeans and Sneakers Remain Important to Millennials
Table 9-4: Purchase of Jeans in Last 12 Months, 18- to 29-Year-Old vs. All Consumers by Gender
Table 9-5: Purchase of Sneakers/Athletic Shoes in Last 12 Months, 18- to 29-Year-Old vs. All Consumers by Gender
Apparel Choices Differ
Table 9-6: Purchase of Men's Apparel & Accessories in Last 12 Month, 18- to 29-Year-Old Men vs. All Men
Table 9-7: Purchase of Women's Apparel & Accessories in Last 12 Month, 18- to 29-Year-Old Women vs. All Women
ENTERTAINMENT
Live Entertainment Events Attract Millennials
Table 9-8: Attendance at Live Entertainment Events in Last 12 Months, 18- to 29-Year-Old vs. Other Consumers by Age Group
Hip-Hop Retains Hold on Millennials
Table 9-9: Favorite Music Types, 18- to 29-Year-Olds, Non-Hispanic White vs. Multicultural
Millennials Most Likely to Download Music
Table 9-10: Purchase of Music in Last 12 Months, 18- to 29-Year-Old vs. Other Consumers by Age Group
Younger Millennials Vital to Hollywood
Figure 9-2: Percent Attending Movie in Last Six Months, 18- to 29-Year-Old vs. Other Consumers by Age Group
Table 9-11: Number of Times Attended Movies in Last 90 Days, 18- to 29-Year-Old vs. Other Consumers by Age Group
Table 9-12: Type of Movie Seen in Last 90 Days, 18- to 29-Year-Old vs. Other Consumers by Age Group
Millennials Matter When a New Film Opens
Table 9-13: When Usually Go to See a Movie, 18- to 29-Year-Old vs. Other Consumers by Age Group
3-D Movies of More Interest to Millennials
Figure 9-3: Percent Seeing 3D Version of Movie If Available, 18- to 29-Year-Old vs. Other Consumers by Age Group
Video Games Prime Entertainment Tool for Millennial Men
Table 9-14: Percent Owning or Playing Video Games, 18- to 29-Year-Old vs. Other Consumers by Gender and Age Group
Table 9-15: Percent Playing Video Games Five or More Hours in Last Seven Days, 18- to 29-Year-Old vs. Other Consumers by Gender and Age Group
Leisure Activities Reflect Age and Life Stage of Millennials
Table 9-16: Most Popular Leisure Activities/Hobbies, 18- to 29-Year-Old vs. Other Consumers by Age Group
Team Sports Part of Millennial Lifestyle
Table 9-17: Most Popular Sports, 18- to 29-Year-Old vs. Other Consumers by Age Group
APPENDIX: ADDRESSES OF SELECTED MILLENNIAL MARKET RESOURCES
