Differentiating the Millennial Crowd
Key influencer marketing examples essential for influencer marketing strategy to stand out among millennial advertising competition.
-
Spending Power And Attitudes Towards Money
On the whole, old Millennials have greater spending power than young Millennials. Compared to young Millennials, older members of Generation Y have had more time to accumulate economic wealth and eliminate financial burdens like student loans.
Studies have found that old Millennials spend more money than young Millennials. Households headed by 25-34-year-olds spend an average of $49,547 each year, compared to the $32,179 spent by households headed by those under 25. Old Millennials spend more on products like furniture, healthcare, pets, and entertainment.
Apart from their spending habits, old and young Millennials also differ in regards to their attitudes towards money. A study found that young Millennials tend to be more fiscally responsible than old Millennials, evidenced by the fact that 75% of young Millennials report they’d rather save money then spend it.
-
Outlook on life and parenthood
Largely as a result of their age, old Millennials are more likely than younger Millennials to be parents. The likelihood of old Millennials to be parents may affect the money they’re willing to spend and the products and services they choose to buy. On the whole, Millennials are waiting longer to have children compared to older generations. In 2016, 48% of millennial women (ages 20-35) were moms. In 2000, 57% of Gen X women of the same age were moms.
-
Worklife Perspective and Outlook
Researchers have asserted that the 2008 financial crisis profoundly affected young and old Millennials in differing ways. Young members of Generation Y experienced the recession as early adolescents before starting their careers. Influencer marketing examples may help you understand better. Many have associated this life experience with young Millennials’ highly practical outlook on professional life.
Social psychologist Jean Twenge contends that younger Millennials are attracted to industries with steady work and compared to older Millennials are more willing to work overtime. Old Millennials at a later stage in identity development, hold more idealistic views on work and work-life balance.
-
Social Media Habits
Old and young Millennials experienced the rise of smartphones at uniquely different life stages. Conversely, old Millennials began using smart phones in their twenties.
A survey found that old and young Millennials spend roughly the same amount of time on social media but view social platforms differently. Both young and Millennials dedicate considerable time to social, yet old Millennials may view social platforms more reverently.
