Gen Y members, also known as Millennials, are people who were born between 1981 to 1995. Millennials are one of the largest generations that have always lived in a world of fast-paced changes.
So let’s explore some millennial marketing stats to learn more about the behavior of this generation.
Interesting Millennial Marketing Stats, Facts, and Trends 2023
- The buying power of millennials in the US was valued at $600 billion last year.
- $1.4 trillion is the purchasing power of millennials globally.
- Millennials comprise 50% of the global workforce.
- One of every four millennials worked when they were teenagers.
- 15% of millennials currently live with their parents.
Millennials’ Demographics Stats
- There are 77.12 million millennials in the US. They make up 23.6% of the overall population in the US.
- The median marriage age for a millennial is 30 years old, according to the millennial demographics stats.
- Wellness is one of the main priorities for 83% of millennials.
Millennials and Technology Trends, Facts, and Statistics
- 75% of the millennial population has access to the Internet.
- 20% of younger millennials watch TV, according to millennial marketing statistics.
- On average, a millennial checks their smartphone 150 times a day.
Millennials’ Tech Adoption
- 79% of millennials are used to sleeping with a smartphone.
- 84% of Gen Z and Gen Y Internet users are signed up for social media platforms like Facebook or Twitter.
- 59% of millennials use the Internet as their primary source of new information.
- 91% of the younger generation Y users state they are tech-savvy and consider themselves digital natives.
Millennials’ Device Ownership
- 98% of millennials have a smartphone or other mobile device.
- 38% of Gen Z and Y users state they have the latest and most powerful electronic devices.
- 68% of millennials have a dual-screen desktop setup, marketers say.
- 44% of generation Y representatives own smartwatches, according to recent millennial marketing statistics.
Millennials’ Tech Use
- 73% of generation Y customers use their smartphones to shop online.
- Roughly every third of millennials have used Virtual Reality at least once in their lives.
- The Apple iPhone is the most popular device model for this age group, according to millennial stats. Meanwhile, Apple is the most popular tech brand among millennials.
- 73% of millennials state that technology positively affects their work-life balance.
Millennials’ Digital Habits
- 33% of the age group uses ad-blocking software to get rid of brand advertising online.
- Three out of four millennials prefer using messages for social communication, which is similar to the Gen X representatives.
- On average, millennials spend 25 hours online for personal purposes, according to millennial marketing statistics.
Millennials and Social Media Statistics
- 90% of generation Y are signed up for Facebook, the most popular social media platform.
- 90.4% of millennials are active users of social media sites.
- 54% of older millennials in the US use Instagram daily to maintain a social life.
- YouTube and Facebook are the main millennial engagement platforms for 70% of survey respondents.
- 44% of American millennials would advertise products on a social media platform for gifts.
Millennials’ Influencer Marketing Statistics
- Unlike an average baby boomer, a millennial is 247% more likely to be influenced by social media.
- One in five millennials will unfollow a brand if it has an aggressive or annoying marketing strategy.
- 44% of millennials trust experts on social media even when they are strangers, which is important to influencer marketing strategy.
- Unlike the older generation, 40% of Gen Z and Gen Y subscribers say that an influencer is closer to them than a real-world friend.
Millennials’ Consumer Behavior Statistics
- According to marketing stats, nearly half of the millennials purchased a product because it was recommended by their favorite brand on social media at least once in their lives.
- According to marketers, $5,000 is the average spending power of 35% of millennial men while on vacation.
- 72% of generation Y representatives want their favorite brand to have loyalty programs.
- 31% of millennials consider that a 3-star rating of a brand is the minimum rate that they need to see to feel comfortable purchasing from a brand.
- 79% of the millennial generation are sure that advertisement is vital for every brand.
- 60% of young consumers state that they have been loyal to a particular brand for ten years or more.
- A brand’s value and social proof affect the purchase decisions of 57% of millennial women.
95% of millennials say their friends are the most credible source of product information. – Jay Baer
Consumer Behavior Before COVID-19
- Half of Gen Y and Gen Z consumers reported they had to cut their spending to prepare for the pandemic.
- 36% of generation Y buyers state that news about Covid-19 affects how they plan their budgets.
- 39% of responders reported that the virus spread had affected their shopping preferences, according to recent marketing research.
Consumer Behavior After COVID-19
- Millennial spending statistics say that 33% of customers have increased their number of online purchases after the pandemic.
- 62.5% of millennials started consuming more content on streaming platforms and social media after Covid-19 started.
- 57% of the recent marketing research respondents state they have purchased hand sanitizers regularly after the start of the pandemic.
- 34% of millennial consumers buy more online because of the global virus spread.
Millennials’ Purchasing Habits Statistics
- According to marketing specialists, 40% of millennials tend to examine the reviews of a brand on social media before making a purchase.
- Half of the millennial consumers use the Internet to search for local businesses.
- 87% of Generation Y tend to make unplanned purchases.
- 60% of millennials tend to develop brand loyalty if they get a satisfying experience.
- 57% of buyers compare the prices of a brand in different stores before making a purchase.
Millennials’ Shopping Preferences Statistics
- 38% of all homebuyers in the US are comprised of the millennial generation, marketing specialists say.
- According to millennial spending stats, they need $281 per month on groceries, on average.
- 39% of generation Y customers use mobile payments when making purchases online, according to millennial marketing statistics.
- Marketers say that 38% of millennials choose environmentally friendly products.
- 55% of buyers who belong to generation Y value quality over affordability.
Millennials’ Marketing Strategy Statistics
- 84% of millennials report that user-generated content engages them the most.
- 70% of customers are likely to trust a brand that focuses on video marketing.
- Personalized ads are the best millennial marketing strategy for 70% of responders.
- 84% of the generation Y representatives don’t trust traditional advertising.
- 2 out of 3 millennials state that promotional emails are an effective marketing campaign because they affect their buying decisions.
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According to millennial marketing statistics, Gen Y members live in a world that changes quickly thanks to technological development. They are tech-savvy users who cannot live without smartphones and access to the internet.
Besides, they don’t like watching TV as much as other generations and are highly influenced by bloggers on social media.