They want experiences that are immersive, interactive, and that offer a sense of adventure and exploration. Millennials also want experiences that provide them with the opportunity to learn and grow, as well as to socialize and build meaningful connections with others.
Strauss and Howe ascribe seven basic traits to the millennial cohort: special, sheltered, confident, team-oriented, conventional, pressured, and achieving.
In 2021, Apple was the all-time favorite brand, product, and/or service among approximately 17 percent of surveyed millennials in the United States, making it the generation's overall favorite. Ranking a close second, Apple was followed by Amazon with roughly 16 percent.
They value family, personal connection, and loyalty. They seek out the genuine and are repulsed by phony. They are famously optimistic and believe in the possibility of change. They advocate for the environment and social justice.
Contrary to popular belief, Millennials spend their money on the same things that other generations did; they just have less of it and have had to pay more for necessities. Housing is the number one cost, followed by groceries and debt.
Housing, with $34.78, is the biggest daily expenditure for Millennials. 78% of Millennials say they prefer spending on experiences rather than things they desire. The spending power of Millennials is $2.5 trillion. Millennials spend 26% of their monthly income on rent or mortgage payments.
Millennials aren't lazy; in fact, most of them are incredibly driven. They want to learn, advance, and progress. And it's important to provide them a path to do so at your company. As Fontana explains, "Giving employees room to grow and progress at your business is a huge motivator.
Millennial shoppers are likely to spend more money than required by necessity for new gadgets and clothing. In Charles Schwab's Modern Wealth Index report, 76% of millennials said they would spend money on new tech products, and 69% reported that they'd buy clothes they didn't need.
Millennials are driven to prove their doubters wrong, create the best possible life for themselves and their loved ones, and above all else, find their place in a busy, noisy world. The Millennial Lifestyle is focused on making a difference on every level – professionally, socially, politically and economically.
Flexibility and Multitasking. As already mentioned, the Millennial Generation is able to accept different cultures. Hence, flexibility means that Millennials are able to work with new people, places, and situations. Although they do not expect to change, they are ready to accommodate to new things and people.
Generation Z was born between 1995 and 2012, whereas Millennials were born between 1981 and 1996. In 2019 the oldest Millennials turned 40, which means that they have been part of adult life for a while.
Social media, video content, and gaming are more likely to be taking up their time. Starting from the top, listening to music is the top thing Gen Z and Millennials do in their free time, with Gen Z more likely than Millennials to say so.
Ambitious millennials want their hard work to be recognised and appreciated. Having regular appraisals and offering feedback is a great way to keep them engaged and help them progress and achieve their set goals.
So, millennials tend to have very positive views of themselves and are very optimistic about their expectations for their lives and they're more likely to say that they're above average compared to their peers and they tend to score higher on other measures of positive self-views, like self-esteem and even narcissism.
Millennials will emphasize family experiences over material things. An emphasis on travel, learning and experiences is characteristic of their generation and a pattern they are likely to carry over into their parenting.
Flexible and in control. More than anything, Millennials — those born from the early 1980s to early 2000s — want control of their lives, so build the tools that give them control. Millennial is not simply a generation. It is an attitude that is reaching across generations.
We asked Millennials about their fears related to their work life. On the whole, Millennials fear they will get stuck with no development opportunities (40 percent), that they will not realize their career goals (32 percent) and that they won't find a job that matches their personality (32 percent).