Millennials coming of age

One of the largest generations in history is about to move into its prime spending years. Millennials are poised to reshape the economy; their unique experiences will change the ways we buy and sell, forcing companies to examine how they do business for decades to come.

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Who Are They?

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Who Are They?

Who are they?

A different world, a different worldview. Millennials have grown up in a time of rapid change, giving them a set of priorities and expectations sharply different from previous generations.

Born Between

Born between 1980 to 2000
Source: Goldman Sachs Global Investment Research
Housing

Housing

As Millennials enter their peak home-buying years, their reluctance to enter the housing market could change. The cohort’s sheer size, plus its desire to settle down in the future, could lead to a surge in home sales.

Peak Home-Buying Years

y/o Peak Home-Buying Years y/o
Source: Goldman Sachs Global Investment Research
Love & Marriage

Love & Marriage

Millennials have been putting off significant milestones like marriage and children. But that doesn’t mean they want to stay single forever.

Median
marriage
age

2010s y/o 1970s y/o
Source: Goldman Sachs Global Investment Research
Access, not ownership

Access, not ownership

It’s not just homes: Millennials have been reluctant to buy items such as cars, music and luxury goods. Instead, they’re turning to a new set of services that provide access to products without the burdens of ownership, giving rise to what's being called a "sharing economy."

“25 years from now, car sharing will be the norm, and car ownership an anomaly.”
- Jeremy Rifkin, Author and Economist Source: Goldman Sachs Global Investment Research
Brands and retail

Brands and retail

Millennials’ affinity for technology is reshaping the retail space. With product information, reviews and price comparisons at their fingertips, Millennials are turning to brands that can offer maximum convenience at the lowest cost.

% of Millennials
Who Compare
Prices in Store

%
Source: AIMIA Inc. “Born this Way: US Millennial Loyalty Survey” ©2012
Wellness Wellness

Wellness

For Millennials, wellness is a daily, active pursuit. They’re exercising more, eating smarter and smoking less than previous generations. They’re using apps to track training data, and online information to find the healthiest foods. And this is one space where they’re willing to spend money on compelling brands.

% of 12th graders who
disapprove of people
18 or older smoking
1 or more packs of
cigarettes a day

2013 % 1998 %
Source: monitoringthefuture.org

The Takeaway

The Millennial generation is the largest in US history and as they reach their prime working and spending years, their impact on the economy is going to be huge.

Millennials have come of age during a time of technological change, globalization and economic disruption. That’s given them a different set of behaviors and experiences than their parents.

They have been slower to marry and move out on their own, and have shown different attitudes to ownership that have helped spawn what’s being called a “sharing economy.”

They’re also the first generation of digital natives, and their affinity for technology helps shape how they shop. They are used to instant access to price comparisons, product information and peer reviews.

Finally, they are dedicated to wellness, devoting time and money to exercising and eating right. Their active lifestyle influences trends in everything from food and drink to fashion.

These are just some of the trends that will shape the new Millennial economy.

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