We've compiled a snapshot of useful stats and statements about this seemingly elusive yet super-significant demographic group.
- Definitions of the age bracket for millennials vary across sources, but most commonly they're considered to be the group that had the internet before they turned 18, and age-wise they are between 18 and 32, with some sources expanding the age bracket to 36. (Primary source: AdNews – Yaffa Media).
- In Australia, millennials make up 4.2 million of the population and they have a combined disposable income of $530 million per year. (Source: AdNews – Yaffa Media)
- Over the next five years millennials will account for food and grocery retail growth of $6.1 billion. (Source: Neilsen Millennial Report 2017)
- They're also the biggest spending generation: 38% of millennials are in the top third of discretionary spenders in Australia (Roy Morgan Single Source Database)
- Millennials care about brands that reflect them and their identity, and 40 per cent will pay more for a product if it is consistent with the image they want to convey. (Source: Neilsen Millennial Report 2017)
- Despite a lower than average income, millennials are more connected than ever. On average, they have access to 11 connected devices in the home and are fully immersed in both their digital and physical lives. (Source: Neilsen Millennial Report 2017)
- In the Asia-Pacific region, millennials represent more than 45% of the population, with 60 % of the world’s millennials expected to live in Asia by 2020 (Source: Accenture Adaptive Retail; The future is now: understanding the new Asian consumer study, 2016)
- Asian millennials will have more spending power than any previous generation – estimated to be $6 trillion in disposable income by 2020. (Source: Accenture Adaptive Retail; The future is now: understanding the new Asian consumer study, 2016)
And because we all – millennials or not – like pictures, here's an infographic from the Nielsen Millennial Report that sheds some more light:
