How Well Do You Know Millennials?

shutterstock_178718063Millennials are now the largest generation living in the United States, exceeding 75 million in 2015.[1] This generation is beginning to drive consumption and consumer spending, and their habits are very different from those of Baby Boomers and Generation X.

How well do you know the buying habits of your millennial customers? Yes, they are technologically savvy and spend more time on smart phones and tablets than just about any other generation. But what are the interests, values and characteristics that make the spending habits of this generation so unique? Here are some facts about millennials that may surprise you:[2]

  • Millennials spend approximately $600 billion each year, accounting for 35% of retail spending.
  • Millennials dine out about 13 times per month, spending about $100 each month. Baby Boomers and Gen Xers spend on average $120 to $140 per month, but only dine out half as often.
  • Millennials are the caffeinated generation, spending about $80 per month on coffee.
  • Members of this tech-savvy generation use two to three electronic devices each day.
  • Cell phones are ubiquitous and 41% of millennials lack landlines at home.
  • More than 50% of millennials currently use or would be open to using non-traditional forms of payment such as PayPal, Apple Pay, Google Wallet or peer-to-peer (P2P) lending.
  • Millennials are more hesitant to use credit, as many are burdened by student loan debt, still live with their parents and are stuck in lower income jobs.
  • Convenience is a major driver for shopping and 73% of millennials browse and make purchases directly on their smart phones.
  • However, desktop shopping beats out smart phone purchases for 60% of millennials, due to convenience: The checkout is much easier on a laptop computer.
  • User-generated content, such as product reviews or blog posts, influence 84% of millennials in their purchasing decisions.
  • Brand loyalty rules with 60% of millennials, who stay with brands they currently purchase.
  • Companies that demonstrate a commitment to society and giving back to communities are favored by 75% of millennials.

[1] “Millennials overtake Baby Boomers as America’s largest generation,” by Richard Fry, Pew Research Center, April 25, 2016. Available at: http://www.pewresearch.org/fact-tank/2016/04/25/millennials-overtake-baby-boomers/

[2] List is derived from the following sources:

This news is provided as a service to you by Marlin Business Services Corp., a nationwide leader in commercial lending solutions for the U.S. small business sector. Marlin’s equipment financing and loan programs are available directly and through third-party vendor programs, including manufacturers, distributors, independent dealers and brokers, to deliver financing and working capital that help build your success.