A lot of what has transpired re: millennial finances over the years have been a bit on the negative side; even though there are very different stories happening across the generation’s various life stages. But I come bearing some promising news on the generation as whole from the folks at Fidelity; who found that 80% of 18-35-year-olds have an emergency fund, with an average of $9,100 saved, surpassing the average amount Boomers and Gen Xers have saved (which is surprising to me!).Read More
Information coming out from newer surveys is painting a picture of today’s Millennial that is a bit different from how Millennials have been described in the recent past. Often described as the lazy, narcissistic, tech introverts; more current data is showing they’re not so different from the population as a whole when it comes to retail spending. And that as we’d suspect, their perceived failure to launch into the traditional timeframe for life markers like marriage and kids, have impacted some key spending categories like real estate and transportation; but have also buoyed retail categories like travel and entertainment. 30’s are the new 20’s!Read More
What do NBC, Intel and Alka-Seltzer have in common? Bet you hear their sonic branding in your head as you read the names. The NBC chime, the Intel start-up noise and the Alka-Seltzer fizz and plop are synonymous with these massive brands. Sonic branding could be right for you, too.Read More
While the music, weather, and people together created an incredible two days; as I wandered the festival grounds, one thing that really stuck out to me was the extent to which fairly uncomplicated activities drove a level of brand activation from our sponsor partners that took Summer Camp attendees from pure passers-by to engaged prospects. It’s one thing to sponsor an event; it’s a whole other to get people to genuinely interact with you. Let’s take a look at some of the ways in which our partners got the perpetually occupied millennial to stop and interact.Read More
Men are spending more time in the kitchen than ever before! Reported in a recent BLS American Time Use survey that about 43% of American men are cooking these days, which is the highest percentage in the past three decades. This trend is greatly influenced by more Millennials spending time in the kitchen.Read More
Back to College. Yep, it's that time of year where retailers are gearing up for another pocket book battle royal. If you're not already planning or executing your attack, time to get on it! From NRF's Back to School Headquarters, nearly 60% will start shopping a month or two before class starts.Read More
Recently, I came across a report titled “Reaching Consumers during the Purchase Process.” The study, conducted by Starcom MediaVest, basically looked to identify and attribute the impact of various media types in the purchase process, to help advertisers hone in on the most opportune times when consumers are receptive to particular messages, and what sequence of media channels should be used. Very heady stuff!Read More
That’s not just a blanket statement on the characterization of Millennials and binge drinking or being overly social, spending all their money at bars and restaurants – it’s a statistical outcome from a Wine Market Council report shared in USA Today.
This particular study portraying the 21-38 year old Millennial, reported that 42% of all wine in the U.S. last year was drunk by 21-38 year olds. More than any other generation! From the 79 million aged 21 to 38, they drank an average of two cases per person.
Additionally, Nielsen data shows the average retail cost of a bottle of wine was $7.81 in 2015. The study found a full 17% of millennials had shelled out over $20 for a bottle of wine in the past month. Among all age groups, that number was just 10%.
So not only are they drinking more quality wine than other age groups, a number of them are moving beyond the Two Buck Chuck.Read More
Jacobs Media TechSurvey12 has wrapped up and we wanted to share our top three insights from End listeners.
- AM/FM listening is increasing
- TV viewing has moved on-demand
- AM/FM leads for new music discovery
When asked how their AM/FM listening compares with last year, 2/3 (66%) said they are listening “About the same – a lot” or “More,” with only 14% sharing they are listening less. Echoing this trend, Nielsen’s report of February 2015 to February 2016 Average Quarter Hour, showed Millennial listening grew 10.4%!Read More
I recently came across a fun new tool from Ellie Mae called the Ellie Mae Millennial Tracker. Each month, data will be added to give an up to date perspective on the demographic make-up of today’s Millennial home buyer – the ones expected to dominate home buying in 2016 and beyond. Looking at the Seattle-Tacoma-Bellevue MSA data, here’s what Ellie Mae shares about these young buyers.
- 67% of primary borrowers are male
- Average age of borrowers is 30 years old
- Average loan amount is a little over $282K
- 4% average note rate
- 82% were for purchase of a home
What I thought most interesting was that 46% of borrowers are single. Long gone are the traditional life-markers of marriage then house and kids.
As traditional TV viewership continues its decline with Millennials, radio has surged ahead.
For Millennials, the move to streaming has significantly impacted the time spent viewing. As presented in the Business Insider visual below, Nielsen data shows that TV viewing by 18-24-year-olds was down by about 9.5% year-over-year and has fallen by about 34% between 2011 and 2015. Older Millennials (25-34) saw about a 6.5% decrease year-over-year and about a 22.5% drop from 2011 to 2015.
The opposite is true when looking at radio where AQH persons increased nearly 10.5% from Feb 2015 to Feb 2016. Radio continues to surge ahead as the #1 reach medium across all key demos.Read More
Seattle came in number five in a recent Zillow report on where the wealthy young people are congregating. Those Millennial households making $350K+ household income are about 4% of households. What was crazy here is that it was in-line with the % of Boomer households making the same level of income.
As this Geekwire article shows – some of the highest paying careers are in tech and healthcare. Both of which Seattle has a lot of! Add in our aerospace engineering industry and you have a recipe for young wealth opportunities.Read More
Are they getting their license a little later – yes, some are.
Are they on-board with ride share services? Yes – they’re cool with things that are largely enabled by mobile.
Do they prefer public transportation – yes, but really only if they live in the metro and your city has an extensive system
So are they ever going to get in the car game? Yes, right now! And they’re quickly becoming the largest target consumer for auto dealers. A study, shared in this NBC News article and conducted by Princeton Survey Research Associates, found that about 24 percent of Millennials, aged 18 to 29, said they will buy a car sometime during the next 12 months. And that figure slipped to 20 percent of those between 30 and 49, and falls to 10% among those aged 50 to 64.Read More
In the most recent Nielsen Total Audience report; It’s not about age, it’s about life stage was a theme they introduced and carried throughout the Millennial focused report. I like it, and agree 100%.
When you analyze life stages of 18-35 year old Millennials, you see unique pictures:
- The high-schooler living with the ‘rents
- The single upstart somewhat new to the workforce
- The married homeowner with children
All very different. All technically Millennials.Read More