It’s safe to say that millennials have evolved significantly in recent years. Now in their “adulting” phase, they’ve moved beyond the negative stereotypes of being overly sensitive or perpetual renters. Many millennials are now in positions of leadership, raising families, and owning homes.
As they approach their 40s, we’re taking a closer look at the characteristics of millennials to understand what makes them unique and how you can effectively connect with them.
Who Are Millennials?
Before we dive in, let’s clarify who we’re talking about. Millennials are the generation born between the early 1980s and the mid-1990s, positioned between Generation X and Generation Z. They are currently aged between 27 and 40.
Top Characteristics of Millennials
1. They’re Influential in the Workplace
Millennials have made a significant impact in the workplace. There are more millennials working full-time than ever before, with 79% employed full-time, a 32% increase since 2015.
Over a quarter of millennials hold management positions. This means that building relationships with millennials is crucial for businesses looking to secure new opportunities. In fact, 37% of full-time working millennials are decision-makers in their roles, making it essential to understand them.
2. They’re Confident with Technology
Millennials are distinguished by their comfort with new technology. 46% of millennials feel confident using new tech, more than any other generation, including Generation Z.
This confidence extends to artificial intelligence, with 45% of millennials expressing excitement about it. They view AI optimistically, especially in the workplace, where they are 12% more likely than average to believe it will help employees save time on tasks.
3. They’re Cautious About Their Personal Data
While confident with technology, millennials are cautious when it comes to their personal data. 30% of millennials are concerned about how companies handle their personal information online, indicating a need for greater transparency from brands.
Interestingly, fewer millennials (19%) are worried about government tracking, suggesting they are more concerned about their personal data being exploited for financial scams.
4. They’re Quietly Optimistic About the Environment
Millennials care about the environment and are quietly optimistic about the planet’s future. 46% believe the environment will improve in the next six months, and many are willing to contribute to this cause.
However, millennials are less likely to place the responsibility on brands; only 39% want brands to be eco-friendly, the lowest of any generation. So, if your brand is focused on environmental credentials, it may not resonate as strongly with millennials.
5. They’re Avid Savers
Despite the stereotype of frivolous spending, millennials are savvy with their finances. 36% of millennials consider themselves good at managing money, more than Generation Z (34%) and Generation X (33%).
Financial security is important to millennials, with 61% globally stating this as a priority. Nearly one-third of millennials who save monthly put away at least 26% of their income, the highest of any generation.
Though they save diligently, millennials still have less in savings compared to older generations. However, they remain the most likely to indulge in luxury purchases, making them a valuable target for high-end brands.
6. They Love to Travel
Millennials have a strong passion for travel. With a 22% increase in those planning vacations abroad from last quarter, this trend shows no signs of slowing down. Despite being careful with money, they are willing to splurge on travel.
Millennials’ travel preferences are influenced by family-friendly amenities and theme park destinations, reflecting their roles as parents. However, there is no single travel style that defines them, making it important for brands to offer a range of options.
7. They’re Nostalgic
Millennials have a deep appreciation for nostalgia, whether it’s through reruns of “Friends,” Disney revivals, or retro branding. While Generation Z enjoys 90s and 00s fashion, millennials are especially fond of nostalgic media, particularly movies, music, and video games.
Brands can effectively connect with millennials by incorporating nostalgia into their marketing, as 59% of millennials enjoy seeing old ads or logos. Don’t forget the 90s soundtrack!
8. They’re Competitive
Millennials are passionate about gaming and often spend as much time on gaming consoles as Generation Z. However, they differ from Generation Z in their motivation for playing, focusing more on competition.
This competitive nature explains their strong interest in esports. Millennials are 31% more likely than the average gamer to be highly interested in esports, making them a key audience for brands in this space.
9. They’re Obsessed with Podcasts
Podcasts are incredibly popular among millennials, who spend more time listening to them than any other generation. Not only do they listen for longer periods, but they are also the most likely to discover new brands through podcasts.
Their favorite podcast genres include comedy, music, and TV & film, but they also stand out for their interest in podcasts about parenting, gaming, and technology.
Connecting with Millennials
Many millennials are reaching significant life milestones, such as becoming parents and homeowners, while others are enjoying luxury travel and technology.
For brands, this presents both challenges and opportunities. It’s essential to align with millennials’ evolving priorities and explore new channels to engage with them where they are now.
