Millennials have transformed significantly in recent years. Now in their adult years, they have moved past the negative stereotypes of being sensitive and perpetual renters. Many are now managers, parents, and homeowners.
As they near their 40s, we’re diving into millennial traits to understand what sets them apart and offer insights on how to effectively connect with them.
Who Are Millennials?
Before diving in, let’s clarify who we’re discussing. Millennials are those born between the early 1980s and the mid-1990s, positioned between Gen X and Gen Z. They are currently aged between 27-40.
Key Millennial Traits:
1. They’re Influential in the Workplace
Millennials have made their mark at work. There are more millennials employed full-time now than ever before, with a 79% employment rate, a 32% increase since 2015. Over 25% are in management roles, making them crucial for businesses seeking new opportunities. Understanding millennials is essential, as 37% of full-time working millennials are decision-makers in their roles.
2. They’re Confident with Technology
Millennials are distinct for their comfort with new technology. Nearly half (46%) say they are confident with technology, more than any other generation. This extends to AI, with 45% expressing excitement about it, viewing it as a tool for good, especially in the workplace, where they believe it can save time on tasks.
3. They’re Cautious About Their Personal Data
Despite their tech confidence, millennials are wary about their personal data. About 30% are concerned about how companies use their data online, indicating a need for greater transparency from brands. Interestingly, they are less worried about government tracking (19%), suggesting a greater concern over personal data security and financial scams.
4. They’re Quietly Optimistic About the Environment
Millennials care about the environment and are hopeful about its future. Nearly half (46%) believe the environment will improve in the next six months and many (35%) consistently recycle. They are willing to pay more for eco-friendly products (59%), the highest of any generation. However, they are less likely to see brands as responsible for environmental change, with only 39% holding this view.
5. They’re Avid Savers
Contrary to the stereotype of frivolous spending, millennials are savvy with money. About 36% consider themselves good at managing finances, more than Gen Z (34%) and Gen X (33%). Financial security is a priority, with 61% valuing it globally. Nearly one-third save at least 26% of their monthly income, the highest of any generation. Despite their saving habits, millennials still make luxury purchases, benefiting 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 the previous quarter, this trend is unlikely to change. Travel preferences vary, with some millennials seeking luxury experiences while others focus on family-friendly options.
7. They’re Nostalgic
Millennials have a fondness for nostalgia, from old TV shows and movies to retro logos and media. Many (34%) feel nostalgic about movies, music, and TV shows, and they stand out for their nostalgia for video games. Brands can tap into this by using nostalgic elements in their ads.
8. They’re Competitive
Millennials are avid gamers, spending as much time as Gen Z on gaming consoles. However, their focus is more on competition than socializing. This interest extends to esports, where millennials are 31% more likely than the average gamer to be extremely interested.
9. They’re Obsessed with Podcasts
Podcasts are a favorite among millennials, who spend more time listening than any other generation. They are also the most likely to discover new brands through podcasts. Popular genres include comedy, music, TV & film, as well as family, gaming, and technology podcasts.
Engaging with Millennials
Many millennials are hitting major life milestones, becoming parents and homeowners, while others are indulging in luxury travel and tech. This presents new opportunities and challenges for brands to align with their evolving priorities and explore new ways to reach them.
