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More Fun Facts about Millennials

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The year is 2021 now.

This means those who are born in 2000 are now 21 years old. At the age of 21, many countries recognise this as the age of adulthood, a young adult from the adolescent age. It would also mean the age of transition, probably from studying to working, from college to office. This are the Gen Z group, ranging from 1997 to 2010.

What about Millennials?

So with the Gen Z entering workforce, Millennials should be in the workforce for quite some time. They should have gained relevant experience and amassed certain spending power. Are they still relevant since the trend has always been looking forward, wanting only the latest? Will they be redundant after?

To these asked questions above, BooksAvenue received warm responses from the previous article. This was written by us: Fun Facts About Millennials. In recognition of that, we decided to share more information by invitation from ReviewMoose. Though the data provided from ReviewMoose is largely based on Canadians, the trend and habits remain the same.

But one might ask, why should we know about Millennials?

A brief summary

From the information extracted from ReviewMoose, the summary as follows:

1. Millennials are earning more money than baby boomers and Gen X-ers did at their age.
2. Homeowner millennials’ after-tax income is more than double that of millennials who aren’t homeowners.
3. 28% of Canadian millennials shopped online in 2019.

Purely from the earning and spending habits, there is a deviation from the previous generations. Not only millennials are earning more, they are willing to spend on the greater things they care for.

For the other generations who might be working with millennials, this will be a point of learn about the mindset of millennials. This is especially so for Gen Z, who are entering workforce and is facing a millennial boss.

So I leave you with the this article. And a note to ponder; Why Millennials are uniquely different from the other generations?

For more details for greater clarity, please go to: https://reviewmoose.ca/blog/millennial-spending-statistics/#Millennial_Shopping_Statistics

Thank you ReviewMoose again for this kind invitation.

Categories
Writings

Fun Facts About Millennials

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Millennials have grown up with the internet and smartphones in an always-on digital world. The online world – and social media in particular – have given the Millennials a platform to reach the world. Lower employment levels and smaller incomes have left younger Millennials with less money than previous generations. With less to spend, they’re putting off commitments like marriage and home ownerships. Millennials have been putting off significant milestones like marriage and children. 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.” The must-haves for previous generations aren’t as important for Millennials. They’re putting off major purchases—or avoiding them entirely.

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. When marketing to Millennials, a strong brand isn’t enough to lock in a sale. Millennials are turning to their online networks when making purchasing decisions. Quality is still key for Millennials, but the price is a more important factor than it is for other generations.

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.

If you are a Millennial, take some time to reflect if that is a good description of you, or if you are in close contact with Millennials, you may have some observations of your own!

Source: Goldman Sachs Data Story Millennials
(http://www.goldmansachs.com/our-thinking/pages/millennials/)