New York, NY-So you think you know the Millennials? You know they’re wired, connected, and not (quite) as narcissistic as they’re made out to be. You also know they’re socially conscious bargain hunters who won’t pay a dime more than they have to.
But did you also know they’re likely be volunteers, caregivers, unmarried, and concerned about their health?
The Nielsen Report Millennials: Breaking the Myths debunks some of the most common myths about Millennials and offers insight into the generation that is going to be the future for retailers. Here are some of the key findings:
Diversity
High birth rates swelled the Boomers to epic proportions but the equally large Millennial generation expanded through immigration as well as birth, making them the most racially and ethnically diverse generation of Americans. 26% are either first- or second-generation Americans with strong ties to their ethnic culture.
Struggling
Coming of age in the direst economic climate since the Great Depression, this group was particularly hard hit by the recession. In 2013, unemployment was 13% among younger Millennials (age 20-24) and 8% for older Millennials (age 25-34), compared to 6% unemployment among all Boomers.
Median income is low: $25,000 for younger Millennials and $48,000 for older Millennials. They are more educated than any previous cohort—almost ¼ have a bachelor’s degree or higher—but with that comes massive student debt.
Optimistic
Their entrepreneurial spirit and optimistic attitude bodes well for future success, even if it’s not evident now. Indeed, some Millennials already have hit it big with entrepreneurial ventures, and even though 69% don’t feel they earn enough now to have the lifestyle they want, 88% think they will in the future.
