Understanding how millennials are so different from previous generations is game-changing. They represent 30% of the Canadian population and within 15 years will make up 75% of the workforce. They are social, enjoy entertainment, are big on luxury and love to spend. They are cutters, with fewer using credit cards and fewer watching cable TV each year. They research and purchase online, and brands that don't take the time to learn their habits are in danger of losing relevance. Enjoy our millennials infographic below.
<p>Born between 1981-2000: 30% of Canada's population (9.5 million)</p> <p>$237B estimated income</p> <p>21% of all income earned in Canada</p> <p>75% of the labour force in the next 15 years</p> <p>Millennials are starting to become card cutters</p> <p>16% don't have a credit card</p> <p>Up from 8% in 2005</p> <p>50% only have 1 credit card</p> <p>But they are big spenders & enjoy luxury items</p> <p>Luxury fashion has increased by 33% in 2009-2011</p> <p>Travel has increased by 74% in 2009-2011</p> <p>Fine dining has increased by 102% in 2009-2011</p> <p>Millennials and auto insurance: They are less price sensitive</p> <p>15% less likely to switch companites because of prices VS 35+</p> <p>They like to get quotes online: 61% (get quotes online) vs 42% (of those 35+)</p> <p>Millennials watch online videos & are cord cutters</p> <p>25% of millennials are cord cutters (ie. no cable TV): up 60% from 2010</p> <p>50% have taken action after watching ads for products or services on YouTube</p> <p>Millennials watch 30% less TV than all other adults</p> <p>59% are likely to watch ads if they are short</p> <p>88% of Canadians watch video on the web at least once a week</p> <p>25% spend more time watching online video than tv programming</p> <p>Millennials are mobile and very social</p> <p>81% are mobile phone users. They can check their phone up to 110x a day, that's 10 times an hour.</p> <p>88% have a social profile and 65% update it daily</p>