The term millennial gets thrown around like gold dust in digital marketing circles. Millennials are the mysterious golden goose that, once cracked, will reign down all sorts of treasures. And they also like taking lots of selfies.
But how much do we really know about millennials, and how important are they to the digital marketing world?
Read on to find out.
Millennials broadly encompasses anyone born between 1982 and 2004. The term refers to people who begun their adult lives at the beginning of the millennial year 2000.
This group also goes by the tags Generation Y and Generation Millennial.
While they've taken awhile to find their stride, millennials now make up the biggest spending demographic.
They're also more culturally diverse and religiously unaffiliated than any previous generation.
The average US millennial earns over US$61,000 per annum, and in 2013 millennials parted with US$1.3 trillion in direct spending.
Millennials adopt new technology 2.5 times faster than previous generations, and a massive 92% of teens are online daily.
They're also mobile – with close to 70% of millennials getting online via a smartphone.
The top five brands for millennials are Nike, Apple, Samsung, Sony, and Walmart.