Millennials, an abbreviation for millennial generation, refer to individuals who were born between 1980 and 2000, approximately. They are sometimes referred to as “Generation Y” and are the children of the post World War II baby boomer generation.
They hold the key to our future economic success and housing market. They are tech savvy, all about social media and are socially conscious. If you’re looking to sell your home to a millennial, it is important to flex to their style when marketing to them.
Below are a few facts you should know about millennials:
- Millennials are the last generation born in the 20th century.
- According to the United States census bureau, approximately 40% of the millennial generation is composed of African American, Latino, Asian and of racially-mixed background.
- Based on research conducted using the years 1978 to 2000, there are about 76 million millennials in the United States alone. They are certainly larger than the baby boomers and 20% bigger than the Generation X.
- Millennials are sometimes referred to as “Net Generation” since according to most of them, they cannot remember a time when there was no Internet. And since they were born during the age of the Internet and gadgets, they are considered as the most technologically savvy generation.
- 63% of the millennials stay updated on brands around the world through their social networks.
- Although 55% of the millennials share bad experiences on shopping online, 46% on them still use the social media when buying online.
- 41% of the millennials have no landline at home; they rely on their cellphones as their means of communication.
- 48% of the millennials claim that word-of-mouth has greatly influences their product purchases compared to TV advertisements.
- By 2025, it is projected that millennials will compose about 75% of the United States workforce.
- At present, millennials have 21% of consumer discretionary purchases. It is estimated to be over a trillion dollars in direct buying power and a huge influence on older generations.
- 89% of millennials express their strong likelihood to buy from companies that support solutions to certain social issues.
- The average investor, ages 21 to 36, has 525% of their savings in cash as compared to 23% for other age groups.
- Millennials often seek peer affirmation before making any decision.
Still want more facts and insights on millennials? Tune into our radio show, How’s the Market: Real Estate. Real Answers, today from 5-6 PM on 1110 WBT. We will be talking with two millennials who just recently purchased their own home and condo.