Millennials (also known as Gen Y), whose current age ranges from 16-34, account for roughly 25% of today’s US population – making them the largest living generation. By 2017, U.S. Millennials are estimated to spend roughly $200 billion annually and will make up 75% of the workplace and comprise of the majority of the consumer market within the next 10 years.
Why does this matter for your business? The Millennial generation is at the age where major life events are taking place, like graduating, buying a house, and getting married. In fact, more than 80% of WeddingWire couples are Millennials! Knowing where they are in their life stages is key for understanding how to communicate with this important group.
Below we share some critical stats from WedInsights Volume 13: Keeping Up With The Millennials to explain the habits and needs of today’s Millennial couples.
Millennials are willing to spend more to personalize their weddings
Over the past 10 years we’ve continued to see overall guest count decrease, regardless of age, whereas the total spend per guest is on the rise. Couples are willing to spend extra on each guest in order to really personalize their big day and make it memorable and unique. Millennials spend on average $31,000 on their wedding, whereas GenX spends $24,000 on fewer guests. A few other points of differentiation between Millennials and their older counterparts:
- Engagement Length: 13 months for Millennials, 11 months for GenX
- Number in Wedding Party: 10 for Millennials, 7 for GenX
- Number of Vendors Hired: 11 for Millennials, 9 for GenX
87% of Millennials report having their smartphones on them at all times
Millennials are the “mobile generation”, everything they do or want to do can be done on-the-go, so a non-existent or bad mobile website can be an instant deal breaker for this group! Make mobile a priority by doing a full sweep of your online properties from your mobile website to your emails and make sure the content is easily digestible (and layout is responsive) on smartphones and tablet devices.
Nearly all (89%) of Millennials report using social media
Millennials spend about 5 ½ hours on social media daily, most of the time via mobile devices, so it’s important for your business to have an active presence online and to post interesting, relevant content that will grab their attention. Keep your content visual and whimsical – incorporate useful videos, tips or advice! Use hashtags to focus on key topics and don’t forget to interact with followers, prospective clients and other industry pros.
All that said, remember: Just because we’re focusing on Millennials, these tips and tricks are relevant for ALL of your customers. Thinking about age and generation is one helpful way to think about where you customers are in their life stage and how can you best serve and meet their needs!