Coming of Age

10 things you need to know about millennials in 2016

Millennials are poised to move into their prime spending years. This sea change has no small impact on our economy—at an estimated 92 million strong, Gen Y is the largest generation in U.S. history. Are you ready to woo this army of unique consumers into your business?

To get you ready for the oncoming influx, here are some essential basic facts about the powerful millennial generation.

1980-2000: Millennials are born in this range.

16 to 36: Age range in 2016

92 million: The number of millennials today has far surpassed the 77 million baby boomers.

37%: Percentage of millennials who use social media regularly for fun and entertainment (compared to 23% of baby boomers).

$20,926: The average student loan balance for 25-year-olds in 2013. Millennials are encumbered with debt and face lower income levels today. (Read: They have less money to spend.)

23%: The percentage of adults 18-31 married and living in their own household in 2012 (compared to 56% in 1968). Millennials have different priorities with less to spend.

29.9%: Percentage of 18- to 34-year-olds living with their parents in 2010 (compared to 26.9% in 2005).

44%: Number of millennials who use text messaging to communicate with others about a service, product, or brand after searching online (compared to 15% of baby boomers and 32% of Gen X-ers).

57%: Percentage of millennials who compare prices in store via digital devices—they want brands that can deliver max convenience at the lowest cost.

30%: Percentage of millennials who say they do not intend to purchase a car in the near future. This generation has a real focus on access, not ownership—thus, the rise of today’s sharing economy with services (e.g., Uber and clothing rental services) that provide access to products without the burden of ownership.

Source: Goldman Sachs