What is extended young adulthood? It's a new phrase that describes the trend of Millennials prolonging the time between adolescence and full adulthood. It's a reality that wouldn't matter to the marketing community except that it has started to shift the normal pattern of purchasing behavior -- not to mention also radically altering the ways we view demographics. Here are the six biggest ways Millennials are changing their ways.
They're marrying later in life
Gone are the days where most young twenty-somethings are getting married in huge numbers. Millennials are pushing marriage further down the road into their early thirties. This is changing purchasing behavior of homes, family goods, and other investments.
Careers are changing constantly
Millennials are not afraid to test many waters in an effort to find themselves. Not only are they moving in and out of jobs, but they change entire career paths on a dime. Hiring a Millennial probably means retention will not be very high.
1/3 of them are living with parents
To get over the economic problems facing America, many Millennials have moved back with their parents to save money. Millennials are friendlier and more connected to their parents than Gen X. Many of them do not see an issue with this and are pushing normal spending on rent and other amenities to later in life.
Millennial expert Morley Winograd speaks with iMedia about the signs of extended young adulthood and how Millennials are changing normal demographic behavioral beliefs.
Older Millennials are having big families
Later-born Millennials are actually starting big families. While things like marriage are being pushed down the road, it does not mean that they want to remain unattached. Traditional concepts are simply being redefined.
They're saving money & spending wisely
Millennials are not wasteful spenders (despite mainstream belief). Many of their young adult lives were defined by the great recession, causing them to hold on to money and only spend it on necessary things. They are not as financially irresponsible as we are led to believe.
They're about to hit their peak-impact on consumer consumption
The good news for marketers: now is the time that consumer spending among Millennials will hit its peak. Enough of them have reached ages where they are finically comfortable, unmarried, and adventurous. If there ever was a time to launch targeted Millennial-centric campaigns, this is it.
Morley Winograd ends our conversation by explaining why we are currently seeing the best environment for marketing to this generation.
Learn more about Morley's new book "Millenial Momentum" now available on Amazon Kindle.
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Article written by media production manager David Zaleski and videos edited by associate media producer Brian Waters.
"Cute hipster couple with hats taking a selfie with dslr camera in park in autumn." image via Shutterstock.