The below is a roadmap to understanding the Millennials (as consumers, students, entrepreneurs, employees and leaders) depicted in 22 shocking statistics. May this serve as your roadmap as you chart new territories with today's largest generation. Venture on.
The Millennial Generation
(1) Approximately 10,000 Millennials turn 21 everyday in America. [TIME] The Millennials are the largest generation on our planet. As the Baby Boomers taught us, the larger the generation, the greater the influence over norms, expectations and behavior. With the Millennials comes mega change...
The Millennial Consumer
(2) By 2018, Millennials will have the most spending power of any generation. [Bazaar] (3) Their annual spend in 2015 is expected to be $2.45 trillion and by 2018, they will eclipse Boomers in spending power at $3.39 trillion. [Oracle]
Mobile commerce will be a huge contributing factor to the 3.39 trillion as (4) 41% of Millennials have already made purchases with their smartphones. [Edelman Digital] If your website, product or service is not mobile ready...good riddance.
(5) 48% of Millennials who say word-of-mouth influences their product purchases more than TV ads. Only 17% said a TV ad promoted them to buy. [Intrepid] And where do you think they get this word-of-mouth influence? Social media - duh. (6) 63% stay updated on brands through social networks. [Ipsos] And (7) 43% have liked more than 20 brands on Facebook. [Mr Youth]. A social media presence these days is a must to capitalize on Millennial spend.
The Millennial Student
(8) Millennials are the most educated generation in American history with over 63% of Millennials having a Bachelor's Degree. [Millennial Branding] How will you stand out in today's over crowded talent pool.
(9) 50% of Millennial college students say they don’t need a physical classroom. (10) 53% believe that online colleges are reputable. And (11) 39% view the future of education as being more virtual. [Millennial Branding] Eventually how can you expect them to need or want a physical workplace?
The Millennial Entrepreneur
(12) 21% of freelancers are still enrolled at a university. [Odesk] Millennials are capitalizing on their talents and passion with today's technology and connected economy. Find your side hustle.
(13) 90% of Millennials surveyed think being an entrepreneur means having a certain mindset rather than starting a company. [Odesk]
(14) 54% either want to start a business or already have started one. [Kauffman Foundation] Today's digital age makes it easier than ever before to launch a business and market to the world.
The Millennial Employee
(15) By 2025, 3 out of every 4 workers globally will be Millennials. [Time] Why not starting building your company culture to appeal to Millennials now...since it's going that way anyway.
(16) 89% of Millennials would prefer to choose when and where they work rather than being placed in a 9-to-5 position. [Odesk] And (17) 45% of Millennials will choose workplace flexibility over pay. [Millennial Branding]
(18) 56% of Millennials won't accept jobs from companies that ban social media. [Cisco] Learn to embrace the social web. Denying them today's technology leads to resentment.
(19) Average tenure for Millennials is 2 years, compared to 5 years for Gen X and 7 years for Baby Boomers. [Pay Scale / Millennial Branding]
To keep Millennial talent, rethink your current company culture and find ways to infuse more flexibility, technlogy and social-ness...otherwise, be prepared to pay the price. (20) It costs an average of $24,000 to replace each Millennial employee. [Microsoft / Experience Inc]
The Millennial Leader
(21) 63.3% of U.S. executives will be eligible to retire in the next 5 years. [PWC] Generation X is not a large enough generation to fill this large leadership gap. Many Millennials will have to leap frog into these positions. Have you prepared them?
(22) In the last 5 years: 87% of Millennial workers took on management roles, vs 38% of Gen X & just 19% of Boomers. [EY] Change will accelerate as more and more Millennials enter leadership roles.
Question: What statistic do you find most shocking?