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3 Impact Of The Great Recession

3 Impact Of The Great Recession

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Research Center. This rate is relatively unchanged since 2012 and even lower than the

level observed in the depths of the Great Recession.

The number of young adults heading their own households is no higher in 2015

(25 million) than it was before the recession began in 2007 (25.2 million). In 2010, 69%

of 18-to-34-year-olds lived independently. As of May 2015, only 67% of Millennials

were living independently. Over the same time period, the share of young adults living

in their parents’ homes increased from 24% to 26%.

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“In spite of these positive economic trends and

the growth in the 18- to 34-year-old population,

there has been no uptick in the number of

young adults establishing their own

households. This may have important

consequences for the nation’s housing market

recovery, as the growing young adult population

has not fueled demand for housing units and

the furnishings, telecom and cable installations,

and other ancillary purchases that accompany

newly formed households.”

Pew Research Center, 7/29/15

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According to the Clark University Poll Of Emerging Adults, more people ages

18-to-29 live with their parents than with a spouse.



73.5 Affluent Millennials

While many Millennials are struggling with their careers and personal finances,

others are achieving financial success.

In its report The Rising Cost of Not Going to College, Pew found incomes highest

among college-educated Millennials. A comparison of those ages 25-to-32 with and

without a bachelor’s degree shows median household incomes of $89,079 and

$39,942, respectively. With each passing generation, the difference in income grows,

the variance is 20% between Millennials today.

International Demographics (www.themediaaudit.com) reported that 7.3 million

households headed by an 18-to-34 year-old in the 81 largest metropolitan areas had an

annual income in excess of $100,000.



CONSUMER BEHAVIOR 2017-2018



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Merrill Edge (www.merrilledge.com) reported that young adults (ages 18-to-34) in

households with investable assets of between $50,000 and $250,000 began their

retirement savings at an average age of 22. For comparison, Baby Boomers began

saving, on average, at age 35. These Millennials say they plan to save an average of

$2.5 million by retirement, considerably more ambitious than affluents ages 51-to-64,

who anticipate saving $260,000. Among all adults in affluent households, the average

retirement savings goal is $860,000.

The Merrill Edge survey found that 47% of affluent Millennial households with

children are willing to cut back on family vacations in order to contribute to a college

fund for their kids; 45% would forego purchasing a new car.



73.6 Shopping Attitudes

In a survey by the Urban Land Institute (www.uli.org), Millennials expressed their

attitude toward shopping as follows:











Love to shop:

Shop when necessary and enjoy it:

Shopping is a necessary chore; I can deal with it:

Hate shopping:



Female



Male



44%

45%

9%

3%



29%

51%

15%

5%



Still, shopping at bricks-and-mortar stores dominates among Millennials. The

following are percentages based on retail formats they visit at least once a month

(source: Urban Land Institute):

• Discount department stores:

91%

• Neighborhood and community shopping centers:

74%

• Enclosed malls:

64%

• Full-line department stores:

64%

• Big-box power centers:

63%

• Chain apparel stores:

58%

• Neighborhood business districts:

54%

In a survey by DDB Worldwide (www.ddb.com), adults ages 18-to-24 profiled

their e-commerce activities as follows:

Female





















Ideally would buy everything online:

Typically shop on auction sites:

Typically use shopping apps on mobile phone:

Typically use retail store apps:

An extreme couponer:

Have requested a price match using mobile phone:

Typically use mobile phone to scan and find the

best price in town for a specific item:

Typically shop for and buy items on mobile phone:



CONSUMER BEHAVIOR 2017-2018



• 407 •



Male



33%

31%

28%

24%

23%

21%



40%

43%

30%

27%

22%

25%



20%

19%



25%

24%



73.7 Use Of Digital Media

According to eMarketer (www.emarketer.com), 96% of Millennials used the

Internet at year-end 2015; 74% had home broadband; 82% owned a smartphone.

At year-end 2015, Millennials had social media accounts as follows (source:

Harvard University Institute for Politics):

• Facebook:

81%

• Instagram:

46%

• Twitter:

38%

• Snapchat:

36%

• Pinterest:

34%

• Tumblr:

14%

By demographic, Millennial social media users were as follows:

Facebook



Instagram



Tw itter



Snapchat



Gender

• Female:

• Male:



83%

79%



56%

35%



40%

37%



42%

31%



55%

12%



19%

9%



Age

• 18-to-24:

• 25-to-35:



82%

81%



50%

39%



42%

34%



46%

24%



34%

33%



19%

8%



Race/Ethnicity

• Caucasian:

• African-American:

• Hispanic:



83%

78%

77%



41%

55%

49%



38%

45%

32%



40%

25%

34%



38%

27%

28%



14%

11%

15%



CONSUMER BEHAVIOR 2017-2018



• 408 •



Pinterest



Tumblr



74

GENERATION Z CONSUMERS



74.1 Profile

The generation born in or after 2001 has been dubbed ‘Generation Z.’ T hey are

also simply called ‘youth.’ Youth ages 10-to-12 are often referred to as tweens; teens

are ages 13-to-17.

The U.S. Census Bureau (www.census.gov) estimated the year-end 2015

Generation Z population at 65.26 million.

The ethnic distribution of Generation Z is as follows (source: Census Bureau):

• Caucasian/White:

52.4%

• Hispanic/Latino:

24.1%

• African American/Black:

13.8%

• Asian American:

4.6%

• Multiracial:

4.0%

• American Indian/Alaskan Native:

0.9%

• Native Hawaiian/Pacific Islander:

0.2%

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“Society is starting to obsess over the next

generation that will define American culture.

Marketers and academics are turning attention

to this group, which has billions in buying

power and is already shaping the culture.”

Time, 1/4/16

_________________________________________________________________



74.2 Activities

The National Center for Education Statistics (http://nces.ed.gov) reported that

50.1 million students attended public elementary and secondary schools in the 20152016 academic year. Of these, 35.2 million were in pre-kindergarten through grade 8,

and 14.9 million were in grades 9 through 12. Roughly 4.9 million students attended



CONSUMER BEHAVIOR 2017-2018



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