Millennials are social and almost always connected; they spend almost 8 hours a day online. They check email, use social media to keep up with what friends are doing, stream music and movies, shop, play games and more. Social media has penetrated their generation, and popular networks include Facebook, YouTube, Instagram, and Twitter.
Millennials are more concerned with their financial future than other generations. They also have high levels of educational attainment. Their largest budget issues include usual issues like rent/mortgage, food, transportation, basic expenses, but also student loans. They put off commitments like marriage, and most of them are renters. Almost 40 percent either live or have lived with their parents due to poor economic conditions. However, when the time is right, they are inclined to buy homes and settle.
As Millennials are almost always online, they also shop online. Online shopping product categories include clothing, books, DVDs or music and health and beauty products. However, for cosmetics/personal care items and shoes, Millennials still prefer to shop only in stores. Seventy-four percent of Millennials compare prices online and a remarkable ninety-one percent of Millennials report making a purchase on their mobile device monthly. For Millennials, brand names are not as important as price - not surprising, given their thriftiness.
Besides spending most of their time online, Millennials also like to spend their free time with common leisure activities such as reading, spending time with family and friends and exercising/working out. They are also more health conscious than other generations, and buying ‘organic’ is important to them.