rise of the millennials...marketing to millennials -us. mintel academic: mintel oxygen 37 24 37 25...

Rise of the Millennials Kr ist in R unge , M . S . PhD. Ca nd idate

Com m uni ty M a r ket in g S p ec ia l i s t

Cente r for Com m u n i ty & Econ omic Deve lop ment k r i st in . r unge@ces .u wex .edu ; Tw i tter @ R u n geKr i st in

1977-1994

21 to 38 years old in 2015 …

… 36 to 53 years old in 2030

Igeneration (8-20) 17%

Emerging (<8) 10%

Swing (70+) 10%

Boomers (51-69)

23%

Gen X (39-50) 15%

Millennials (21-38)

25%

American Generations

American Fact Finder (1 July 2014) Annual estimates of the resident population by sex, age, race and Hispanic origin for the United State and states. United States Census Bureau. www.factfinder.census.gov

Well Educated

Bonetto, L. (2015). Marketing to Millennials-US. Mintel Academic: Mintel Oxygen.

23.9 22.6 18.3

14

11.5 12.3 12.3

10.3

0

5

10

15

20

25

30

35

40

Millennials Generation X Baby Boomer Swing/WWII

Percent Generation with Bachelor or Graduate Degree

Bachelor’s degree Graduate/ professional degree

Racially Diverse


71.9 73.7 74.6 77.1 81.4 85.9 77.3

White Black Asian Other

Life Stage Effects Defined: Variations that depend on the age of individuals

Within the next 5 years … Financial Goals Bonetto, L. (2015). Marketing to Millennials-US. Mintel Academic: Mintel Oxygen

43

39

34

40

41

32

0 10 20 30 40 50 60 70 80 90 100

Manage time better

Debt-free / Repair credit

Buy Big Ticket Item

Older Millennials (28-37) Younger Millennials (20-27)

Within the next 5 years … Career Goals Bonetto, L. (2015). Marketing to Millennials-US. Mintel Academic: Mintel Oxygen

36

23

28

12

26

26

21

20

0 20 40 60 80 100

Change career/job

Get a promotion

Back to school

Own a business


Within the next 5 years … Family Goals Bonetto, L. (2015). Marketing to Millennials-US. Mintel Academic: Mintel Oxygen

37

24

37

25

0 20 40 60 80 100

Improve relationships

Have a child


Cohort Effects Defined: Variations that are explained, at least in part, on the t ime period in which a group l ives or comes of age

Millennials marry later

Taylor, P., Doherty, C., Parker, K., & Krishnamurthy, V. (2014). Millennials in adulthood: Detached from institutions, networked with friends. Pew Research Center.

29 years 26 years

Millennials marry later

26%

36%

48%

65%

Married between age 18 and 32

Taylor, P., Doherty, C., Parker, K., & Krishnamurthy, V. (2014). Millennials in adulthood: Detached from institutions, networked with friends. Pew Research Center.

Millennial women are delaying children …

… and likely having fewer Shah, N. (2015, April 28). Just how much did the recession make 20-somethings delay children?, The Wall Street Journal. Retrieved from http://blogs.wsj.com/economics/2015/04/28/just-how-much-did-the-recession-make-20-somethings-delay-children/

Birth Rate

15%

The Great Recession Hit

Millennials Harder

Real median income in 2014 dollars declined 11.2 percent, from a peak of $61,056 in 2000 to $54,243 in 2014, for workers between 25 and 34 years.

Short, D. (2015) Median household incomes by age bracket: 1967-2014.

1 in 5 Millennial

parents live in poverty

Young workers bear the brunt

of recessions

Zumbrun, J. (2014, December 2). Generational data is lousy, but we can fix that, The Wall Street Journal. Retrieved from http://blogs.wsj.com/economics/2014/12/02/generational-data-is-lousy-but-we-can-fix-that/

Student debt at all-time high

Congratulations class of 2015. You're the most indebted ever (for now). (2015, May 8). The Wall Street Journal. Retrieved from http://blogs.wsj.com/economics/2015/05/08/congratulations-class-of-2015-youre-the-most-indebted-ever-for-now/

$35k Average Debt

Median weekly earnings

no degree vs. college degree

(Despite debt load, college is still a good idea)

Congratulations class of 2015. You're the most indebted ever (for now). (2015, May 8). The Wall Street Journal. Retrieved from http://blogs.wsj.com/economics/2015/05/08/congratulations-class-of-2015-youre-the-most-indebted-ever-for-now/

$668 $1,183 $0

$200

$400

$600

$800

$1,000

$1,200

$1,400

No College College Degree

Student debt + Childcare

Christians, L. (2014, April 12). Report: Wisconsin child care more costly than college, The Capital Times. Retrieved from http://host.madison.com/ct/news/local/city-life/report-wisconsin-child-care-more-costly-than-college/article_4ea3ff82-c19e-11e3-be59-0019bb2963f4.html

$ [VALUE]

$ [VALUE]

$ [VALUE]

0

2000

4000

6000

8000

10000

12000

Average AnnualChildcare

Annual Tuition UWBaccalaureate

Annual Tuition UWRichland Center

Compared to other

generations at their age …

• Less likely to change jobs • Less likely to invest in stock market • Carry higher amounts of student debt • May have an average retirement age of 73

Compared to other

generations at their age …

Is this bad for society?

5

22

10

31

14

44

26

58

MORE PEOPLE OF DIFFERENT RACES MARRYING ONE

ANOTHER

MORE PEOPLE LIVING TOGETHER WITHOUT

GETTING MARRIED

Millennials Gen X Boomers Swing

Percent of respondents in each generation answering “Yes” to the question “Is this bad for society?”


Is this bad for society?

Percent of respondents in each generation answering “Yes” to the question “Is this bad for society?”


23

32

59

29 36

54

39

48

65

38

55

72

MORE MOTHERS OF YOUNG CHILDREN

WORKING OUTSIDE THE HOME

MORE SAME-SEX COUPLES RAISING

CHILDREN

MORE SINGLE WOMENT DECIDING TO HAVE CHILDREN

Millennials Gen X Boomers Swing

Millennial women are more likely to have children at home than Millennial men


38

20 19

10

56

41

26 19

CHILDREN < 18 (ALL)

CHILDREN <5 CHILDREN 6-11 CHILDREN 12-17

Men 25-35 Women 25-35

Media Use

Television? Not so much …

Nielson. (2015). Total audience report Q1 2015. Advertising Age Fact Pack: Consumers on the Go.

36.07

21.55

33.05

47.24

All Adults 18-34 35-49 50+

Weekly Hours Spent Watching Television

Less radio than other

generations … 12.58

11.05

13.39 13.5

All Adults 18-34 35-49 50+

Weekly Hours Spent Listening to Radio


Less time on personal

computers … 5.34

5.04

6.58

5.05

All Adults 18-34 35-49 50+

Weekly Hours Spent Using PC


More time on smartphones …

7.17

9.53

8.52

4.37

All Adults 18-34 35-49 50+

Weekly Hours Spent Using Smartphone

Nielson. (2015). Total audience report Q1 2015. Advertising Age Fact

Pack: Consumers on the Go.

Questions and Discussion

Contact:

Contact the UW-Extension Center for Community and Economic Development ◦ Kristin Runge; 608-263-1432; [email protected] Twitter: @RungeKristin

Contact the UW-Extension Sauk County Office ◦ Jenny Erickson; 608-355-3250; [email protected]

mailto:[email protected]

mailto:[email protected]

rise of the millennials...marketing to millennials -us. mintel academic: mintel oxygen 37 24 37 25...

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