Millennials are, without a doubt, a complex generation. Born between 1980 – 1996, they represent a mix of the old and the new. They are the first generation growing up with the internet and, later in life, smartphones and social media. To understand Millennial consumer behavior, keep in mind they have grown up carrying the paradigms of previous generations while increasingly adapting to a booming digitized world.
Tight budgets, inflation, economic recessions, high housing pricing, and a competitive job market have shaped Gen Y’s relationship with money. Their life experiences have given them a different set of expectations and behaviors than their parents and, due to these differences, marketing to Millennials has to acknowledge these changes to ensure effective communication.
Their affinity with technology plays a decisive role in how they shop and spend their money. In this blog post, we dive into 20 key predicted stats produced by AnalyticsIQ to better understand Millennials’ consumer behavior.
Marketing to Millennials: how does Gen Y manage their money?
Millennials have different attitudes and dynamics toward their finances compared to older generations. Let’s have a look at these 20 statistics to find out how they manage their money:
Investment and financial growth
- Millennials are 43% more likely to make mobile investments than the general population.
- Gen Z and Millennials are more likely to invest in Crypto, with Millennials 41% more likely than the general population.
- Millennials are 228% more likely to be willing to take financial risks than the general population.
- Real estate investors are 96% less likely to be millennials.
- Millennials are 26% more likely to seek opportunities for financial growth compared to the general population.
- Gen Z and Millennials are more likely to manage investments with their mobile device, with Millennials 180% more likely than the general population.
- Individuals who are concerned with financial planning are 60% less likely to be Millennials.
Seeking protection
- Millennials are the generation most likely to carry renters insurance, 77% more likely than the general population.
- Millennials are 20% less likely to purchase life insurance but are 67% more likely to be interested in term life insurance than the general population.
- Dental health is important to Millennials who are 19% more likely to purchase dental insurance.
- Millennials are 21% more likely to purchase vision insurance.
- Furry friends are valued by Millennials who are 55% more likely to purchase pet insurance.
- Millennials are 18% more likely to be in the market for auto insurance.
- Millennials are 14% more likely to be in the market for health insurance and are 16% more likely to have Marketplace health insurance.
Consumer and purchase behavior
- Millennials are over 3X more likely to use Venmo compared with the general population.
- Both Gen Z and millennials are highly unlikely to ensure their finances are highly organized and accurate, with Millennials 94% less likely to check all statements to verify accuracy.
- Millennials are 110% more likely to be interested in “buy now, pay later.”
- Gen Z and Millennials are more likely to use mobile wallets, with Millennials 3X more likely than the general population.
- Millennials are 78% more likely to be concerned about the environment, and 133% more likely to make buying decisions based on these concerns.
- Individuals who make donations spontaneously are over 2X more likely to be millennials.
AnalyticsIQ data powers the creation of all the Millennials’ consumer behavior and financial statistics referenced in this article. Any comparisons that show a comparative lift or decrease in behavior (EX: X% more likely) are predictions compared against the general population.
Want to dig in deeper on personal finance audiences or gain a better understanding of your existing customer base? Check out our Financial Services page to access several additional resources, including eBooks and case studies. Our team loves to collaborate in finding new ways our data can solve everyday problems, so reach out to us at sales@analyticsiq.com. Let’s talk!