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Millennials

Millennial Digital Music and Digital Communication Trends

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Nielsen’s Millennials on Millennials Report examined the digital music and digital communication trends of persons age 18 to 34. The researchers found that Millennials continue to spend more time on their smartphones (app and web) than their older counterparts. Millennials (ages 18-24) spend 78 billion minutes in the average week using their smartphones in the first quarter of the year. This averages to 1,062 minutes per Millennial. Consumers age 35-49 spent 73 billion minutes in the average week on their smartphone. This equates to 1,196 per person.

Millennials are more open to new messaging apps than their older counterparts. Seventy percent of Millennials report using two or more apps for messaging. In contrast, only 42 percent of those 35 and older reported using two or more messaging apps. Use of messaging apps is also highly more “social” for Millennials than their older counterparts. Millennials are 8 percent more likely than users 35 and older to use messaging apps for group conversations. They were 13 percent less likely to use such apps for one-on-one messaging than users 35 or older.

Listening to traditional radio remains popular amongst Millennials. In an average week, young Millennials (18-24) spend 10 hours, 14 minutes each week listening to the radio. This is only about an hour less than older Millennials (25-34). Digital consumption is not reducing traditional radio. In fact, the reach for traditional radio amongst Millennials is 93 percent.

On-demand streaming is also popular amongst Millennials while on the go. Approximately 60 percent of Millennials said they use two or more apps to stream music. Only 40 percent of consumers 35 and older reported using two or more apps. Older individuals are more likely than Millennials to remain loyal to a single app or streaming service. Podcasts are also more popular amongst Millennials. Thirteen percent said they listen daily. Only 5 percent of their 35 and older counterparts reported listening daily.

Mobile Gameplay Across Generations

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Research conducted by AdColony in their Consumer Sentiment Survey examined mobile gameplay behavior amongst various generations.  They asked respondents questions about mobile preferences and behavior. The researchers found that 29 percent of respondents play mobile games daily. Nineteen percent reported playing games multiple times per day. Approximately 16 percent said they play games multiple times a week. And finally, 5 percent of respondents reported playing games weekly.

Millennials tend to play mobile games most frequently. Leading Millennials are more likely to play mobile games daily than any other generation, followed by Trailing Millennials. Other generations that are frequent game players include Centennials and Generation X. The Silent Generation and Baby Boomers are the least likely to play mobile games frequently. A significant portion of both generations reported playing mobile games rarely or only on a monthly basis.

The research revealed that most users are loyal to only a handful of games. A little over half (51 percent) of respondents said they only have one to five games installed. Approximately 14 percent said they have six to nine games installed. Only seven percent of respondents said they have 10 to 19 games installed. And only 5 percent of all respondents said they have 20 to 29 games installed.

Age seems to be a determining factor in how many games respondents install on their mobile phones. Younger generations, such as Centennials and Trailing Millennials are more likely to have 10+ games installed on their phones than other generations. Baby Boomers and the Silent Generation were the least likely to have a large number of games installed on their phones.

Why Do Millennials Move?

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Research by StorageMart as reported in the New York Post examined reasons for moving amongst 2,000 Millennials. The research revealed that six in ten Millennials moved out of their home city. About a quarter (24 percent) moved out of their state. A smaller percentage of Millennials even reported moving out of the country (4 percent). The average respondent moved more than 500 miles away from their home at some point.

There are various reasons why Millennials move. Approximately a fifth (21 percent) of Millennials moved in search of a new home or opportunity. One in seven Millennials reported moving because of situations beyond their control. This oftentimes included financial difficulties or eviction.

The average length of time for Millennials to move was about 11 to 13 weeks. For moves resulting from romantic relationships turning sour, it took Millennials 11 weeks to move. For situations in which partners had to find a new job, it took approximately 13 weeks to find a new home. Pet owners who were no longer allowed to have pets in their homes typically found new homes after 11 weeks. Those who fell on hard times typically found a new home after 12 weeks.

Some Millennials reported that their moves were a downgrade. Specifically, nearly one in four (24 percent) said their first major move was a downgrade from their previous living conditions. Eight in ten who downgraded moved to a less spacious home. Forty-three percent gave up having a backyard.

Other respondents said their move was a more positive experience. Specifically, just over half (52 percent) said their first big move was an upgrade from their previous living conditions.These individuals described having more spacious homes and living in better neighborhoods.

Other reasons that Millennials reported for moving away from home include:

  1. Finding a new job
  2. For a fresh start
  3. Chasing dream
  4. Got accepted to college
  5. Got married
  6. Upgrading to a larger home
  7. Change of scenery
  8. To be closer to significant other
  9. Constant disputes with neighbors
  10. Getting away from a family relationship

Stress & Sleep Amongst Millennials

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Research by Mattress Firm as reported in the New York Post examined stress and sleep in 2,000 Millennials. The researchers were interested in the most common worries plaguing Millennials. They also explored the impact of stress on their lifestyles and sleep. The researchers found that Millennials spend an equivalent of 63 full days a year stressed out or worried. Further, 71 percent of them woke up during the middle of the night thinking about stressors. This occurred up to three times in an average week.

This stress often resulted in Millennials failing to get a full night’s sleep. Ninety-one percent said that stress has negatively impacted their routines. Further, 45 percent said that the constant worrying caused them to toss and turn throughout the night. In addition, 59 percent said stress caused them to wake up feeling tired.

There were several stressors that Millennials attributed to their lack of sleep. The researchers found that finance was the biggest stressor for Millennials. The average Millennial spends equivalent to 88 days a year stressing about finances.

In addition to finances, work-related stress was also an area of concern. Millennials spent equivalent to 79 days a year stressing about work. Over half (52 percent) said they typically begin their work day already fatigued. The average respondent said they wake up tired four days of the week. In fact, about a third of Millennials said they make simple mistakes resulting from lack of sleep due to stress. In addition, 55 percent of Millennials reported being irritable and 11 percent have been rude to clients because they did not get a good night’s sleep.

A final type of stress that affected Millennials’ sleep patterns was their love lives. Fifteen percent of Millennials in relationships said that they had stress worrying about if their partner was “the one.” One in six Millennials also reported worrying about the lack of progress in their relationship. Amongst single Millennials, 15 percent reported worrying about if they would ever find a suitable partner.

Differences in Shopping Between Gen Z and Millennials

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Accenture conducted research on 10,000 respondents in 13 countries. They surveyed Gen Z (ages 18-20), young Millennials (age 21s-27), and older Millennials (ages 28-37). The researchers found that Gen Z individuals tend to be more impulsive shoppers. Approximately 60 percent said they made a purchase simply because they wanted to buy something or because they randomly saw an item they liked.

Compared to Millennials, Gen Z shoppers are more likely to experiment with new services provided by retailers. Seventy-four percent said they are currently using, cannot wait to try, or will probably try voice-activated ordering in the future. In addition, 71 percent said they are interested in automatic replenishment programs. Compared to Millennials, Gen Z shoppers had greater interest in renting fashion, furnishings, home goods, consumer electronics, and appliances. They were also more ready to order using concierge services (e.g., Apple’s Siri, Google Assistant, Amazon Alexa). Further, Gen Z shoppers are more likely to adopt curated subscription programs for fashion, consumer electronics, and health and beauty products (e.g., Birchbox, Trunk Club, etc.).

Gen Z shoppers are not against shopping in stores; they still prefer visiting stores. In fact, compared to Millennials, they are more likely to engage with sales associates, comparison shop on mobile devices in store, and ask friends and family about purchases (in person or remotely via social media, texting, etc.). They are also more likely to interact in-store via self-service digital information sources. In terms of online shopping, Gen Z shoppers are more apt to buy fashion, health, beauty, and home goods online. Millennials are more likely to buy groceries online.

Compared to Millennials, social media has greater impact on purchasing for Gen Z. They are more willing to buy products and services via such channels. They are also more inclined to consider the number of likes a product or service receives on social media and the opinions of bloggers. In fact, twice as many Gen Z shoppers as Millennials turn to YouTube before making a purchase. Gen Z shoppers are also more likely than Millennials to give feedback via social media (e.g., posts on Facebook, Snapchat, etc.). Forty percent said they provide feedback often or very often compared to 35 percent of Millennials.

Saving for Retirement Major Stress for Millennials & Others

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Schwab Retirement Services conducted a national survey of 1,000 401(k) plan participants. The researched revealed that building adequate retirement savings was the most significant source of stress for respondents (40 percent). Respondents also cited job security (24 percent), paying off credit card debt (21 percent), and keeping up with monthly expenses (20 percent) as key sources of stress.

Millennials were not too different from the general population in terms of their financial concerns. Thirty-eight percent of them said saving for retirement was a significant source of financial stress. The second most significant source was monthly expenses (29 percent). In addition, 26 percent said that credit card debt and 24 percent said that student loans were sources of stress.

Approximately half of the survey respondents (51 percent) felt that they were on top of their 401(k) plans. A little over a third (35 percent) felt stressed about choosing the right investments. The primary barrier to saving was the unwillingness to sacrifice on quality of life activities (e.g., eating out, vacations, etc.). This was especially the case for Millennials.

Most of the survey participants felt that professional assistance could improve their financial situations. For instance, 70 percent said they would like personalized investment advice for their 401(k) plans. Only 10 percent of participants reported using professional 401(k) investment advice, however. The participants reported wanting assistance in all the following financial areas: calculating how much money they need to save for retirement (46 percent), determining at what age they can afford to retire (42 percent), figuring out what their expenses will be during retirement (39 percent), and anticipating tax expenses in retirement (38 percent).

What is promising is that most participants said they were already managing basic financial tasks at work. Sixty-seven percent said they were paying bills. Sixty-two percent said they were taking care of financial issues. Others were managing their 401(k) (56 percent) and checking up on non-retirement investment accounts (41 percent).

Generation Z & Millennial Brand Loyalty

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Research by CrowdTwist examined the differences between Generation Z and Millennials in terms of brand loyalty. A survey was conducted with 790 North American consumers aged 18 to 37. Respondents were first asked what brand loyalty means to them. Thirty-two percent of Millennials said they consider brand loyalty to mean they would “sometimes buy a brand, but would consider other alternatives at a lower price”. Further, 30 percent considered brand loyalty to mean that they would “buy the brand regardless of price, quality, convenience or brand promise.”

A larger number of Gen Z respondents than Millennials would consider other alternatives at a lower price. Specifically, 38 percent reported that they would consider other options. A lower percentage of these respondents, 27 percent, said they would always buy the same brand—true brand loyalty.

Participants were then asked to rank the factors most important in capturing their loyalty: product, service, price, convenience/perks, ethical principles, and instance of a loyalty program. Sixty percent of Millennials and 53 percent of Gen Z’ers ranked product as first. Both generations ranked price as number 2, but Generation Z (20 percent) were more price conscious than Millennials (16 percent). Presence of a loyalty program was more important to Generation Z respondents than Millennials. Fifty percent more Gen Z’ers than Millennials ranked the presence of one as a driver of brand loyalty.

However, what is particularly interesting is actual participation in loyalty programs. More Millennials (71 percent) than Gen Z’ers (63 percent) are active in at least one loyalty program. Participation in loyalty programs was highly dependent on industry. The strongest industry with the most participants was retail—74 percent for Generation Z and 75 percent for Millennials. Grocery story loyalty programs were also popular amongst both generations. However, financial services and travel loyalty programs were more popular amongst Millennials. Media and entertainment loyalty programs were most popular with Generation Z.

 

 

Millennial Concerns About the Economy & Country

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According to research by the Economic Innovation Group (EIG), Millennials are highly concerned about the state of the economy and the direction of the country. Nearly three in ten Millennials (30 percent) felt that their local community is in a recession. In addition, a large majority (63 percent) felt that the country is on the wrong track. When considering gender, women (68 percent) were more likely to perceive the country being on the wrong track than men (57 percent). When looking at Millennial age breakdowns, the three youngest age groups were relatively consistent in believing that the country on the wrong track. Sixty-three percent of Millennials 18-21, 67 percent of Millennials 22-25, and 64 percent of Millennials 26-29 reported feeling this way. Older Millennials age 30-34 were slightly more optimistic with 58 percent reporting that they felt the country was on the wrong track.

Political affiliation does seem to impact perceived pessimism about the direction of the country. Seventy-nine percent of Republicans felt that the country is on the wrong track. Independents were less pessimistic with 67 percent reporting that they felt the country is on the wrong track. Democrats were the least pessimistic with under half (47 percent) reporting to feel this way.

The pessimism seems to hold true across racial lines. Caucasians were the most likely to feel that the country is going in the wrong direction (67 percent). However, Hispanics were not too far behind with 61 percent reporting to feel this way. African-Americans were slightly less pessimistic. A little over half (55 percent) said that the country was on the wrong track.

The vast majority of Millennials are dissatisfied with the nation’s economy. Approximately 70 percent said that the economy was only fair or poor. This perception was relatively consistent across all Millennial age breakdowns: 18-21 (70 percent), 22-25 (74 percent), 26-29 (70 percent), and 30-34 (66 percent). Education does seem to impact perceptions of the economy. Those with high school or less or some college were far more pessimistic. Seventy-four percent of those with high school or less or some college reported that the economy these days was only fair or poor. When considering those with a college degree or more, 61 percent reported that the current economy was only fair or poor.

Millennial Views on Privacy and Security

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Research conducted by Fluent examined generational differences in views on data privacy and security. The researchers surveyed 2,960 adult U.S. residents aged 18 and older. A total of 1,769 individuals were Millennials (ages 18-34) The remaining 1,191 were non-Millennials (ages 35 and older).

The respondents were asked how concerned they were that companies will not respect their privacy in using their personal information. Thirty-seven percent of Millennials said they were very concerned about this. In addition, a quarter (25 percent) of Millennials reported being somewhat concerned that companies will not respect their privacy. Thirty-eight percent of the respondents reported being not at all concerned. A higher percentage of non-Millennials (51 percent) said they were very concerned that companies would not respect their privacy. About 23 percent reported being somewhat concerned. And finally, a little over a quarter (26 percent) said they were not concerned.

When looking specifically at Millennial age breakdowns, older Millennials appear to be concerned about companies not respecting their privacy. Specifically, 44 percent of Millennials 30-34 reported being very concerned. Further, 38 percent of Millennials 25-29 and 35 percent of Millennials 18-24 reported feeling this way.

With regards to gender, women appear to be more concerned about companies not respecting their privacy in using their personal information. Forty-three percent of women reported being very concerned. Thirty-two percent of men said they were very concerned. Further, 27 percent of women reported being somewhat concerned. A little under a quarter (24 percent) of men said they were somewhat concerned about companies not respecting their privacy.

The respondents were also asked how concerned they were that companies will fail to keep their personal information secure. Twenty-two percent of Millennials said that they were very concerned about the security of their information. Forty-two percent said they were somewhat concerned. Thirty-six percent of millennial respondents reported not being concerned at all. When considering non-Millennials, 20 percent reported being very concerned. Over half (55 percent) of the non-Millennials said they were somewhat concerned about the security of their personal information. And roughly a quarter (25 percent) said they were not concerned about this issue.

In terms of Millennial age breakdowns, younger Millennials were more concerned about companies keeping their personal information secure. A little under a quarter (24 percent) of Millennials 18-24 reported being very concerned. Slightly less (22 percent) Millennials 25-29 said they were very concerned. Only 18 percent of Millennials 30-34 reported being concerned about this issue.

In terms of gender, women are slightly more concerned about companies keeping their personal information secure. Twenty-seven percent reported being very concerned. Just under a quarter (24 percent) of men reported being very concerned. In addition. 42 percent of women reported being somewhat concerned. A little over a third (32 percent) of men said they were somewhat concerned about the security of their personal information.

Social Media Use Amongst African-Americans

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Research conducted by Nielsen examined the social media behaviors of African-Americans, non-Hispanic Whites, and the total population. They revealed that Black Millennials (age 18-34) are extensive users of digital platforms and apps to communicate with each other and the world around them. What is particularly interesting is that Black Millennials under-index in terms of percentage of leisure time spent on social networking sites (8 percent).

However, Black Millennials over-index when it comes to the actual number of hours spent. Approximately 55 percent reported spending 1+ hours per day on social networking sites. Further, 49 percent of the total Millennial population reported spending this amount of time on social networking sites. Further, 29 percent of Black Millennials reported spending 3+ hours on such sites. Twenty percent of the total Millennial population reported spending this amount of time on social media.

Older African-Americans (35+) also appear to spend more time on social media than the total population of individuals 35+ as well. Twenty-eight percent of African-Americans 35+ reported spending 1+ hours on social networking sites. Twenty-six percent of the total population 35+ spend this amount of time on social media. In addition, 10 percent of African-Americans 35+ said they spend 3+ hours on social media. Only 8 percent of the total population 35+ said they spend this amount of time on social networking sites.

The top social networking site for all groups were Facebook and YouTube. Eighty-four percent of Black Millennials had Facebook membership and 56 percent had YouTube membership. Similar numbers were found for total Millennials—85 percent were members of Facebook and 57 percent were members of YouTube. When considering African-Americans 35+, 72 percent reported having Facebook while 58 percent reported having YouTube. Finally, 80 percent of the total population 35+ said they have Facebook and 40 percent said they have YouTube.

Differences in social media membership appear when considering other platforms. Black Millennials have a stronger preference for Google+ (55 percent) and Twitter (48 percent) than their overall millennial counterparts. Millennials as a whole seem to prefer Instagram (55 percent) and Pinterest (48 percent). When considering those over the age of 35, both African-Americans (45 percent) and the total population have a strong preference for Twitter (38 percent) over other social network platforms, although African-Americans have a stronger preference. African-Americans 35+ have a stronger preference for Google+ (42 percent) than the total population 35+. The total population 35+ has a stronger preference for Pinterest (35 percent) than African-Americans 35+ (32 percent).