14 Facts About Millennials And The Economy That Everyone In Business Should Know

The millennial generation is growing up, and they're going to have a huge impact on the country's economic future.

There is no universal definition of exactly when the millennial generation begins or ends. Goldman Sachs, in a recent set of reports, chose to set the cutoffs as people born between 1980 and 2000. Sociologists William Strauss and Neil Howe, who are widely credited with coming up with the name millennial, define the generation as people born between 1982 and 2004.

1. Millennials have been hit hard by the recession.

16-24 year olds have historically always had higher unemployment than older cohorts, but unemployment for younger millennials has skyrocketed since the financial crisis and is only slowly returning to normal:

millennial unemploymentBusiness Insider/Andy Kiersz, data from the Bureau of Labor Statistics

2. Millennials are less likely to be looking for work.

Labor force participation has been flat or dropping for teenagers and young adults for a while, with millennials less likely to be in the labor force than teenagers and young adults of past generations.

milennial LFPRBusiness Insider/Andy Kiersz, data from the Bureau of Labor Statistics

3. Millennials currently have less spending power than older generations.

Goldman Sachs Millennial incomeGoldman Sachs

3. Millennials are starting to age into their prime spending years.

Millennials are coming into their thirties and forties, which means they will be an increasingly important consumer group, as seen in this Goldman Sachs chart:

Goldman Sachs millennial aging into prime spendingGoldman Sachs

4. Millennials are much less likely to get married in their twenties than older generations were.

5. Millennials are less likely to form households in their twenties and early thirties.

Goldman Sachs millennials homesGoldman Sachs

6. Millennials are more health-conscious than older generations.

Goldman Sachs millennials healthGoldman Sachs

7. Millennials really like athletic brands.

This is as a result of the culture of health prevalent among this generation:

Goldman Sachs athletic brands millennialsGoldman Sachs

8. Millennials are also fans of specialty grocery stores.

Goldman Sachs millennials specialty grocery storesGoldman Sachs

9. Millennials drink alcohol more frequently than twenty-somethings have in the past.

Goldman Sachs millennials alcoholGoldman Sachs

10. Millennials are more tech-savvy than older generations.

Goldman Sachs millennial cell phoneGoldman Sachs

11. Millennials love social media.

Millennials are more likely than other generations to share their opinions on the things they buy using emerging social media technologies:

Goldman Sachs social media brands millennialsGoldman Sachs

Here's some demographic background on this rising generation.

12. Millennials are the children of the baby boomers, and there are about 95 million of them, comprising 30% of the population.

millennial population chart without stupid typoBusiness Insider/Andy Kiersz, data from U.S. Census Bureau

13. Millennials are better educated than prior generations.

A higher proportion of 18-24 year olds are going to college now than at any time in the past:

Relatedly, older millennials and Gen-Xers are better educated than their parents and grandparents:

millennials educational attainment goodBusiness Insider/Andy Kiersz, data from U.S. Census' 2012 American Community Survey

14. These are the cities with the highest concentration of Millennials.

Nine of the ten cities with the highest proportion of people between 16 and 34 are college towns:

Screen Shot 2014 05 16 at 6.35.23 PMBusiness Insider/Andy Kiersz, data from U.S. Census' 2012 American Community Survey

Overall, while millennials face economic headwinds, they're poised to become a highly technologically capable consumer force in the coming years.

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