It’s hard to believe it was ten years ago when Time Magazine released their iconic Millennial cover story, The ME ME ME Generation. Flash forward to 2024 and millennials – those born between 1981 and 1996– are now 27 to 42 years old and the largest generation by size – surpassing baby boomers.
Often referred to as digital natives, millennials grew up in a time of rapid technological advancements and globalization. They were the first to fully embrace and adapt to the digital revolution. Today. millennials are hyper-connected online. As a result, their tech-savviness has reshaped communication, entertainment, and industries.
Millennials are known for their ambition and focus on personal and professional development, seeking work-life balance and meaningful experiences. They value autonomy, entrepreneurship, and pursue careers that align with their passions and values.
At the same time, millennials have faced unique challenges. Many entered the workforce during or shortly after the global 2008 financial crisis, which impacted their career prospects and financial stability. They have also grappled with increasing student loan debt, rising costs of living, and a competitive job market.
Financial Factors Impacting Millennials vs Previous Generations
- Millennials are paying 100% more on average for their homes vs. baby boomer home prices from the 1970s.
- Young adults today have 86% less purchasing power today compared to baby boomers when they were in their 20s.
- The medium rent is 150% more than the average rent in 1970.
- The average price of tuition at a public four-year college has increased 310% for millennials vs. baby boomers– rising from the average of $2,768 per year in the 1970s to an average of $11,360 per year in 2021.
- Millennials pay 57% more per gallon of gas than baby boomers did when they were in their 20s.
- Between 1979 and 2021, productivity for the typical U.S. worker has increased 64.6%, but the hourly pay has only increased 17.3 % – meaning productivity has increased 3.7x more than pay.
2024 Millennial Marketing Statistics
Despite these economic challenges, millennials have a spending power of $2.5 trillion. A recent study found more than 25% of millennials will increase e-commerce spending.
- Tech-savvy millennials prefer online shopping vs. physical retail, with over 27% of millennials planning to spend significantly more online and less in physical retail stores.
- Almost 50% more millennials will increase their online spending for health and beauty purchases compared to gen Z, and 42% more than gen X and baby boomers.
- 77% more millennials will increase online spending for shoes and clothing compared to Baby Boomers
- 25% of millennials will spend more on electronic products like games, software, and phones, vs. 19% of Gen Z and X and 13% of Baby Boomers.
- Millennials plan to spend more this year on luxury goods, compared to gen Z, gen X and baby boomers.
Social and Economic Trends Impacting Millennials in 2024
Understanding the economic impact millennials face is important to connecting with them. According to a recent study:
- 34% of millennials are very satisfied with work/life balance.
- 42% of millennials selected cost of living as a top concern.
- 52% of millennials are living paycheck to paycheck.
- 37% have taken on a side job for extra money.
- 75% of millennials currently working remotely, or hybrid would consider looking for a new job if their employer asked them to work on-site full time.
Leading Marketing Channels to Reach Millennials
- 21% of millennials use a social media app such as Facebook Marketplace or Instagram Shop to make purchases, compared to 13% of GenX and 3% of baby boomers.
- 62% of millennial respondents in a recent survey said they visited a store in the past month because of a promotion they received through direct mail.
- 60% of millennials contact customer service using social media. And millennials like to show their love, with 42% giving positive reviews for a product on social media, more than any other generation group.
- 75% of millennials use social media to interact with brands.
- 47% of millennials learn about new trends on social media.
5 Marketing Strategies to Reach Millennials in 2024
1. Mobile Matters
Optimize the Mobile Experience: This one is a given, but millennials (and other generations) expect your website to have a responsive design and smooth navigation for a convenient browsing experience. Invest in optimizing your mobile experience to keep millennials engaged and exploring your site.
2. Become a Social Butterfly
Social Media Marketing: It’s no surprise that the majority of millennials are social media fanatics. On social media, share helpful tips and what makes your brand unique to create a dialogue and build brand awareness. Run targeted ads and invest in influencer marketing to build social proof and foster brand evangelism.
3. Lights, Camera, Action!
Video Marketing: TikTok is popular with millennials and gen z because of its short and engaging video content. Millennials have a preference for video content over traditional forms of media. Videos have a higher engagement rate and are more likely to be shared. Invest in video marketing, including live streaming and interactive content to capture this generation’s attention.
4. Make it Personal
Personalized Marketing: Millennials expect you to offer personalized customer experiences. Use data-driven strategies to understand their preferences and deliver targeted messaging. Personalized messages and product recommendations are key to driving engagement.
5. Stream On…
CTV Advertising: TV who? Millennials are “cord-cutters” and prefer streaming services and CTV platforms over traditional television. Because they seek on-demand content and personalized viewing experiences, CTV advertising offers an effective way to reach this generation. CTV’s precise targeting capabilities and interactive features deliver relevant and engaging ad experiences that help expand your reach and build brand recognition.
Conclusion
In 2024, it’s important to understand millennials’ unique preferences and behaviors and adapt your marketing strategies accordingly. Aligning with their values, building trust, and offering value-driven experiences help you successfully engage and build lasting relationships with millennial customers.
If you found this information helpful, check out our Omnichannel Marketing Guide.
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