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
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
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.