Millennials (aged 18-35) may be the current targets of various criticism in the media and beyond (and what new generation isn’t, really?), but they are also the prime targets of advertisers. Advertising Technology firm Turn found that advertisers are spending 500% more of their budgets on wooing Millennials than on all other age groups combined! But Millennials are far too big a group to be considered a monolithic bloc that lives and spends the same way. This infographic from Turn breaks down Millennials into 4 distinct groups, each with their own average income levels, entertainment and lifestyle interests, homeowner status, and political leanings.
Struggling Aspirationals. At 57% of the total surveyed, Struggling Aspirationals are by far the largest sub-group of Millennials. The income of people in this group ranges from $0-$49,999, and their top spending industries are food and autos. They are generally thrifty shoppers who are environmentally conscious, but they will splurge on big-ticket branded items on occasion.
How to reach them: Their restricted budgets make them more likely to be reached by promotions, limited-time offers, and memberships.
Successful Homeowners. This sub-group made up 18% of those surveyed, and their income is $100,000 or higher. Their top spending industries are telecom and financial services.
How to reach them: High impact media (particularly video advertising.)
Active Affluents. This sub-group trails just behind Successful Homeowners with 17%. Their income ranges from $50,000-$99,999. Their top spending industries are financial services and electronics. This sub-group contains many families and new parents. This group tends to be active, engaged with outdoor activities and prone to travel.
How to reach them: Their busy, outdoor lifestyles take them away from television advertising, but they can be reached through mobile campaigns.
Comfortable TV Watchers. 8% of Millennials fall into this sub-group, whose income matches that of the Active Affluents. Unlike the Active Affluents, this group prefers to stay in and watch television. Their top spending industries are food, auto, and travel. They are likely to vote Republican.
How to reach them: Groups with strong preferences may have unique interests that can be used to market to them more effectively. Do more research and mine the data on these types of groups in order to tease out useful information.