Let’s Chat About Millennials

Hey there! So, let’s dive into the world of Millennials, shall we? A recent study from Goldman Sachs has some interesting insights that you might find surprising.

The Size of the Generation

First off, Millennials are a huge group—around 92 million strong, making them the largest generation in American history. Just to put it in perspective, Gen X has about 62 million folks, and Baby Boomers clock in at 77 million. Crazy, right?

What Makes Them Tick?

Now, what makes them tick? They’re the first generation to grow up fully immersed in technology, which some might say gives them a unique perspective on life. But they’re also facing some serious financial hurdles. Many are grappling with student debt, and nearly 30% of 18 to 34-year-olds are still living at home. That’s a few more percentage points than back in the ’90s!

Life Milestones

When it comes to life milestones, Millennials are taking their time. They value home ownership—93% of them want to own a home eventually, compared to about 72-75% of Gen Xers—but they’re not rushing into it like previous generations did. Maybe it’s because they’ve seen the fallout from the last housing market crash, or maybe they just want to avoid late-night plumbing emergencies.

Marriage is another thing they’re putting on hold. The average age for a first marriage has jumped from 23 in the ’70s to 30 these days. And having kids? Yep, that’s taking a bit longer too, which means more gray-haired parents at the daycare drop-off.

Changing Consumer Behavior

Interestingly, Millennials aren’t all about the status symbols. As Goldman Sachs points out, they’re not in a hurry to buy cars, music, or luxury items. Instead, they’re leaning into a “sharing economy,” where they can access things without the burden of ownership. Over 50% of them have little interest in owning a TV, and around 60% of 25 to 34-year-olds rent their homes—up from 52% in 2005.

They’re also pretty savvy shoppers, often prioritizing price over quality. You might catch them scanning their phones for better deals while they’re in the store. And wellness is a big priority; 83% of 18-year-olds now disapprove of smoking, up from 69% in 1998.

Shaped by Their Times

So, what’s the deal? According to Goldman Sachs, Millennials are shaped by the times they grew up in—think tech revolutions, globalization, and economic ups and downs. This has given them a different outlook compared to their parents’ generation.

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Conclusion

In summary, Millennials are a diverse and complex generation navigating a unique set of challenges and opportunities. Their behaviors reflect the world they’ve grown up in, making them a fascinating group to watch.