The Millennials – sometimes referred to as Generation Y – are those bornbetween 1980 and 2000. There are approximately 80 million of them in the U.S.,a little over one-fourth of the population.
Click hereor on the image to download a PDF of the "In Focus" section from the April 11, 2013 issue ofProgressive Dairymanmagazine, showing facts about this demographic.
According to a column from Michael Zacka in the Huffington Post,Millennials tend to postpone marriage and childbearing. The U.S. CensusBureau shows that married couples and/or singles with children are in theminority and now make up only 40 percent of the population.
Millennials face an uphill battle when it comes to finding good jobsin today’s economy, but they carry a lot of weight when it comes to theirconsumer spending habits. The U.S. Bureau of Labor Statistics 2010 ConsumerExpenditure Survey shows the average per-capita annual expenditure for singleswas $34,471, while those with children were at $23,179 per person. Singles arefueling the economy.
As a group, they are much more apt to be infl uenced by peer-to-peernetworks than by “push advertising,” tending to listen more to their social circleas a guide for what products to purchase. They appreciate smart and unusualmarketing campaigns and have to see a true benefi t of the product beforespending their money.
Many organizations are working hard to understand how best to market tothis influential demographic. The dairy industry needs to put forth its best effortin reaching out to this rising generation as well. PD
