Rise of the Millennials Kr ist in R unge , M . S . PhD. Ca nd idate
Com m uni ty M a r ket in g S p ec ia l i s t
Cente r for Com m u n i ty & Econ omic Deve lop ment k r i st in . r unge@ces .u wex .edu ; Tw i tter @ R u n geKr i st in
1977-1994
21 to 38 years old in 2015 …
… 36 to 53 years old in 2030
Igeneration (8-20) 17%
Emerging (<8) 10%
Swing (70+) 10%
Boomers (51-69)
23%
Gen X (39-50) 15%
Millennials (21-38)
25%
American Generations
American Fact Finder (1 July 2014) Annual estimates of the resident population by sex, age, race and Hispanic origin for the United State and states. United States Census Bureau. www.factfinder.census.gov
American Generations
American Fact Finder (1 July 2014) Annual estimates of the resident population by sex, age, race and Hispanic origin for the United State and states. United States Census Bureau. www.factfinder.census.gov
American Generations
American Fact Finder (1 July 2014) Annual estimates of the resident population by sex, age, race and Hispanic origin for the United State and states. United States Census Bureau. www.factfinder.census.gov
Well Educated
Bonetto, L. (2015). Marketing to Millennials-US. Mintel Academic: Mintel Oxygen.
23.9 22.6 18.3
14
11.5 12.3 12.3
10.3
0
5
10
15
20
25
30
35
40
Millennials Generation X Baby Boomer Swing/WWII
Percent Generation with Bachelor or Graduate Degree
Bachelor’s degree Graduate/ professional degree
Racially Diverse
Bonetto, L. (2015). Marketing to Millennials-US. Mintel Academic: Mintel Oxygen.
71.9 73.7 74.6 77.1 81.4 85.9 77.3
White Black Asian Other
Life Stage Effects Defined: Variations that depend on the age of individuals
Within the next 5 years … Financial Goals Bonetto, L. (2015). Marketing to Millennials-US. Mintel Academic: Mintel Oxygen
43
39
34
40
41
32
0 10 20 30 40 50 60 70 80 90 100
Manage time better
Debt-free / Repair credit
Buy Big Ticket Item
Older Millennials (28-37) Younger Millennials (20-27)
Within the next 5 years … Career Goals Bonetto, L. (2015). Marketing to Millennials-US. Mintel Academic: Mintel Oxygen
36
23
28
12
26
26
21
20
0 20 40 60 80 100
Change career/job
Get a promotion
Back to school
Own a business
Older Millennials (28-37) Younger Millennials (20-27)
Within the next 5 years … Family Goals Bonetto, L. (2015). Marketing to Millennials-US. Mintel Academic: Mintel Oxygen
37
24
37
25
0 20 40 60 80 100
Improve relationships
Have a child
Older Millennials (28-37) Younger Millennials (20-27)
Cohort Effects Defined: Variations that are explained, at least in part, on the t ime period in which a group l ives or comes of age
Millennials marry later
Taylor, P., Doherty, C., Parker, K., & Krishnamurthy, V. (2014). Millennials in adulthood: Detached from institutions, networked with friends. Pew Research Center.
29 years 26 years
Millennials marry later
26%
36%
48%
65%
Married between age 18 and 32
Taylor, P., Doherty, C., Parker, K., & Krishnamurthy, V. (2014). Millennials in adulthood: Detached from institutions, networked with friends. Pew Research Center.
Millennial women are delaying children …
… and likely having fewer Shah, N. (2015, April 28). Just how much did the recession make 20-somethings delay children?, The Wall Street Journal. Retrieved from http://blogs.wsj.com/economics/2015/04/28/just-how-much-did-the-recession-make-20-somethings-delay-children/
Birth Rate
15%
The Great Recession Hit
Millennials Harder
Real median income in 2014 dollars declined 11.2 percent, from a peak of $61,056 in 2000 to $54,243 in 2014, for workers between 25 and 34 years.
Short, D. (2015) Median household incomes by age bracket: 1967-2014.
1 in 5 Millennial
parents live in poverty
Young workers bear the brunt
of recessions
Zumbrun, J. (2014, December 2). Generational data is lousy, but we can fix that, The Wall Street Journal. Retrieved from http://blogs.wsj.com/economics/2014/12/02/generational-data-is-lousy-but-we-can-fix-that/
Student debt at all-time high
Congratulations class of 2015. You're the most indebted ever (for now). (2015, May 8). The Wall Street Journal. Retrieved from http://blogs.wsj.com/economics/2015/05/08/congratulations-class-of-2015-youre-the-most-indebted-ever-for-now/
$35k Average Debt
Median weekly earnings
no degree vs. college degree
(Despite debt load, college is still a good idea)
Congratulations class of 2015. You're the most indebted ever (for now). (2015, May 8). The Wall Street Journal. Retrieved from http://blogs.wsj.com/economics/2015/05/08/congratulations-class-of-2015-youre-the-most-indebted-ever-for-now/
$668 $1,183 $0
$200
$400
$600
$800
$1,000
$1,200
$1,400
No College College Degree
Student debt + Childcare
Christians, L. (2014, April 12). Report: Wisconsin child care more costly than college, The Capital Times. Retrieved from http://host.madison.com/ct/news/local/city-life/report-wisconsin-child-care-more-costly-than-college/article_4ea3ff82-c19e-11e3-be59-0019bb2963f4.html
$ [VALUE]
$ [VALUE]
$ [VALUE]
0
2000
4000
6000
8000
10000
12000
Average AnnualChildcare
Annual Tuition UWBaccalaureate
Annual Tuition UWRichland Center
Compared to other
generations at their age …
• Less likely to change jobs • Less likely to invest in stock market • Carry higher amounts of student debt • May have an average retirement age of 73
Compared to other
generations at their age …
Compared to other
generations at their age …
Is this bad for society?
5
22
10
31
14
44
26
58
MORE PEOPLE OF DIFFERENT RACES MARRYING ONE
ANOTHER
MORE PEOPLE LIVING TOGETHER WITHOUT
GETTING MARRIED
Millennials Gen X Boomers Swing
Percent of respondents in each generation answering “Yes” to the question “Is this bad for society?”
Bonetto, L. (2015). Marketing to Millennials-US. Mintel Academic: Mintel Oxygen.
Is this bad for society?
Percent of respondents in each generation answering “Yes” to the question “Is this bad for society?”
Bonetto, L. (2015). Marketing to Millennials-US. Mintel Academic: Mintel Oxygen.
23
32
59
29 36
54
39
48
65
38
55
72
MORE MOTHERS OF YOUNG CHILDREN
WORKING OUTSIDE THE HOME
MORE SAME-SEX COUPLES RAISING
CHILDREN
MORE SINGLE WOMENT DECIDING TO HAVE CHILDREN
Millennials Gen X Boomers Swing
Millennial women are more likely to have children at home than Millennial men
Bonetto, L. (2015). Marketing to Millennials-US. Mintel Academic: Mintel Oxygen.
38
20 19
10
56
41
26 19
CHILDREN < 18 (ALL)
CHILDREN <5 CHILDREN 6-11 CHILDREN 12-17
Men 25-35 Women 25-35
Media Use
Television? Not so much …
Nielson. (2015). Total audience report Q1 2015. Advertising Age Fact Pack: Consumers on the Go.
36.07
21.55
33.05
47.24
All Adults 18-34 35-49 50+
Weekly Hours Spent Watching Television
Less radio than other
generations … 12.58
11.05
13.39 13.5
All Adults 18-34 35-49 50+
Weekly Hours Spent Listening to Radio
Nielson. (2015). Total audience report Q1 2015. Advertising Age Fact Pack: Consumers on the Go.
Less time on personal
computers … 5.34
5.04
6.58
5.05
All Adults 18-34 35-49 50+
Weekly Hours Spent Using PC
Nielson. (2015). Total audience report Q1 2015. Advertising Age Fact Pack: Consumers on the Go.
More time on smartphones …
7.17
9.53
8.52
4.37
All Adults 18-34 35-49 50+
Weekly Hours Spent Using Smartphone
Nielson. (2015). Total audience report Q1 2015. Advertising Age Fact
Pack: Consumers on the Go.
Questions and Discussion
Contact:
Contact the UW-Extension Center for Community and Economic Development ◦ Kristin Runge; 608-263-1432; [email protected] Twitter: @RungeKristin
Contact the UW-Extension Sauk County Office ◦ Jenny Erickson; 608-355-3250; [email protected]