Product innovation to attract millennials: Eight-six percent of Canadian insurers are concerned about their ability to effectively serve millennials. This concern stems from insurers’ lack of understanding of this demographic’s behavior—and developing a deeper comprehension is crucial, since as the largest generation in Canada, millennials have the greatest purchasing power.

One other example: Teens lag behind young (and not-especially-young) adults in usage of smartphone voice assistants. Even when calculated in our forecast strictly as a percentage of smartphone owners, the voice assistant penetration figure for teens (38.6%) is lower than that of all age brackets under 65. The Social Element.

Growing independence and earning make this group of young adults the most digitally connected of all. The 18-to-34 age group is a broad range that encompasses a variety of life stages. On the younger end are postsecondary students, whose sensibilities may be radically different from those of older millennials. And older millennials may be new homeowners and parents of young children.