Millennials remake market
There are now 83.1 million Millennials, those born between 1982 and 2000, in the United States, surpassing the 75.4 million Baby Boomers, according to new U.S. Census Bureau estimates released June 25.
Data shows Millennials also are more diverse than previous generations, with minority races or ethnic groups composing 44.2 percent of their numbers.
The Pew Research Center announced that Millennials have replaced Generation X as the workforce’s largest generational group this year.
With their influx comes marketplace change. Particularly interesting is Millennial-geared marketing. Many businesses shifted to new social media and smartphone-directed marketing means to attract Millennial consumers.
Millennials are also behind the marketing scene. According to the advertising trade publication Ad Week, Millennials make up 44 percent of the advertising industry’s workforce.
While they are affecting marketplace change as both consumers and workers, a significant number of Millennials live at home. Another Pew Research Center study found that in 2012, 21.6 million – 36 percent – of Millennials aged 18 to 31, lived in their parents’ homes. The study also notes there has been a slow yet steady increase of Millennials living at home. Before the 2008 recession, 32 percent of Millennials lived at home.
By 2009, that percentage increased to 34 percent. Contributing factors include a decrease in employment and marriage and higher college enrollment. But many Millennials still plan to buy homes in the future. According to the 2015 Norton Native Intelligence Forecast, 75 percent of Gen-Y and Millennials see home ownership as an important long-term goal. Only 24 percent of Millennials already own their own home, but 60 percent say they plan to buy a home in the future.
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