Delayed by the Great Recession, millennials took their time in reaching standard milestones of adulthood. But they’re getting there, especially the older ones. In the process, they’re rewriting some common notions about millennial life.
Are millennials still heavy users of digital devices and media?
Of course. What’s different from before is a skew toward stability and away from volatility. Making the most of their smartphones, millennials have adopted newer devices in lackluster numbers. In social media, they don’t rush en masse to embrace the most novel options (like TikTok) and tend to stick with what’s already familiar. Netflix is a fixture in their media mix, though Disney+ has quickly gained traction.
How digital are they in their shopping?
Very, though physical stores remain an important part of their mix—even as the lines blur between digital and in-store shopping. More than eight in 10 millennials are digital shoppers, and it represents a large chunk of their purchasing. Amazon dominates their ecommerce activity. Coupons are highly influential.
Has student debt left most millennials impoverished?
It is a burden for many. But one shouldn’t overlook the fact that a majority don’t have any. The broader problem is that many millennials have other sorts of debt—on credit cards, car loans, etc. Despite decent income (finally), millennials’ share of total household wealth is negligible.
Is homeownership a rarity among millennials?
No. Despite their financial struggles, increasing numbers of millennials are homeowners, including a slim majority of those in their 30s. And despite the stereotype of millennials as city dwellers, homeownership is drawing more and more to the suburbs.
WHAT’S IN THIS REPORT? This report looks at the shifts adulting brings to millennial life—in areas ranging from social media usage to homeownership—as the generation moves into a certifiably grownup life stage.
KEY STAT: Reflecting the greater stability now in millennials’ digital usage, they are less apt to seek out the newest and buzziest social platforms—and they’re sticking with Facebook, according to our February 2020 forecast.
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