Millennials—those born between 1980 and 2000—are a fascinating generation, and recent research from investment bank Goldman Sachs sheds some light on their unique characteristics. With approximately 92 million individuals, they outnumber any previous generation in American history, dwarfing Generation X’s 62 million and the Baby Boomers’ 77 million.
So, what sets Millennials apart? For starters, they are the first generation to grow up entirely immersed in technology. However, they find themselves facing significant financial challenges, including high levels of debt, particularly from student loans. Interestingly, nearly 30% of individuals aged 18 to 34 are still living with their parents, a noticeable increase from the 1990s.
Delayed Life Milestones
One notable trend is the delay in traditional life milestones. While home ownership is highly valued by 93% of Millennials—compared to about 72-75% of Gen Xers—they view it as an aspiration for the future rather than an immediate goal. Perhaps this is shaped by witnessing the last housing market crash, or simply the realities of modern life.
Marriage is another area where Millennials are taking their time; the median age for a first marriage has risen from 23 in the 1970s to 30 today. Additionally, they are postponing parenthood, leading to more older parents at daycare drop-off.
Consumer Habits
When it comes to consumer habits, Millennials are less driven by status. As Goldman Sachs points out, they are less interested in owning cars, luxury items, or even televisions. Instead, they are embracing a sharing economy that prioritizes access over ownership. In fact, over 60% of those aged 25 to 34 are now renters, a rise from 52% in 2005.
Value and wellness are key priorities for this generation. They tend to prioritize affordability over quality, often checking prices on their phones while shopping. Health-consciousness is also notable, with 83% of 18-year-olds disapproving of smoking—an increase from 69% in 1998. Their attitudes toward drinking have shifted too, with 72% disapproving of daily alcohol consumption.
The Impact of Their Environment
According to Goldman Sachs, these behaviors stem from the unique environment Millennials have grown up in, marked by rapid technological advancements, globalization, and economic upheaval. These factors have undoubtedly shaped their experiences and expectations in ways that differ from previous generations.
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In summary, Millennials represent a generational shift characterized by their unique experiences and priorities, particularly regarding financial independence, lifestyle choices, and health consciousness.