Millennials, individuals aged 18 to 33, are a less religious, home buying, bank hating, selfie loving, liberal and mystifying generation. Just when it seems as though the millennials are figured out, a new selfie is posted, or a political choice is made, and people are left scratching their heads.
Millennials are less religious than previous generations. In fact, almost two-thirds of millennials would not classify themselves as religious. This may be related to the marrying trend of millennials, with only one in four millennials being married.
Millennials are buying homes, and this is changing things up for real estate agents who are not used to the millennials’ ways. 79 percent of first-time home buyers last year were millennials. Some real estate agents find their new young adult costumers to be a little mystifying. Millennials prefer texting, while real estate agents would rather pick up a phone, or have a face to face meeting.
Another mystifying fact about the millennial generation; they are against banks. In fact, they think that banking will be so different in five years that banks will no longer be necessary. In a poll of 10,000 millennials done by Scratch, banks made up four of the top ten most hated brands. Three-quarters of the millennials polled feel that they would be more interested in financial services that were offered by companies such as Apple, PayPal, Square, Amazon, and Google. What does this mean for banks? They need to step it up and figure out how to please millennials.
Who loves a selfie more than a millennial? Millennials are two times more likely to have shared a selfie than any other generation. Just a glance at Facebook or Instagram will show how obvious this is. This does not mean that millennials are self-absorbed though, a surprisingly high percentage, 63 percent, feel that it is their duty to take care of an aging parent. So while the millennial generation may be mystifying, they are a caring generation.
How do millennials identify themselves politically? Half of the millennial population are political independents. They are more likely to vote liberally than conservatively. Only 31 percent of millennials even feel that there is a significant difference between Republican and Democratic parties.
Millennials love technology, so it might be surprising to learn that 50 percent of households without televisions are millennial households. They do however watch programs on their mobile devices.
Millennials are on the lookout for a bargain, and are educated on how to get the best deal. 31 percent of all millennials shopping money is spent on deals.
What does all of this mean? It means that things are going to have to change. As millennials grow into adulthood and venture out more into the world, businesses are going to have to adapt in order to better appeal to millennials. Real estate agents and mortgage companies may have to be innovative with new practices. Companies may need to find a way to work out great deals, and perhaps post them on social media with a few selfies. Banks, especially, need a major overhaul in order to stay competitive with the millennial market.
Millennials might be a mystifying generation to some, but they are the generation of the future. They will make and demand changes. A better understanding of what makes up their generation will help everyone navigate these new changes.