Did you know that there an estimated 76, 370, 030 millennials in the United States? At least that’s the latest data from “The Rise of the Millennials: What Marketers and Managers Need to Know Today,” a new infographic from leading gamification platform Badgeville.
According to the infographic, at 27.4 percent, this Gen Y group (persons born 1981-2000) currently represents the largest percentage of America’s population. It’s no wonder millennials are often deemed “our future.”
So, what does the infographic want to teach marketers and managers about this booming group?
Who They Are
Millennials can be defined as:
- Tech savvy;
- Lifestyle centered;
- Success driven;
- Overeducated; and
- Underemployed, to name a few.
More than half of millennials have a bachelor’s degree, which has led to the average student loan debt for this group to be $45k.
How They Work
It’s estimated that by 2025, millennials will make up 75 percent of the workforce, with 15 percent currently already holding managerial positions. Managers believe most millennials expect high pay (74%), flexible work schedules (61%), promotions within one year (56%) and more vacation or personal time (50%).
The infographic notes that millennials are not loyal to companies, but to brands, as 91 percent expect to stay at a job for less than three years.
Millennial workers also rely heavily on social media with 71 percent having “friended” their managers or co-workers on Facebook.
How They Consume
At $600 billion of purchasing power per year, millennials are predicted to surpass the purchasing power of Boomers by 2018. More than half of people in this age group love to shop and dine out compared to non millennials.
And being loyal to brands and more prone to use social media, 70 percent of millennials say they always come back to brands they love while 63 percent stay updated on brands through social media.
How They Thrive
A final, and extremely important, feature of millennials the infographic notes is that they are an always-connected mobile generation. From mobile working to mobile shopping, being on-the-go is a top priority for this group. In fact, 53 percent said they would rather give up their sense of smell than give up their technology.