By: Katie Kilbane
If Charles Darwin were alive today he would have a tough time studying the average millennial. Out of the most recent cohorts, millennials are throwing curveballs as to what they want to own (or rent), when they want to be married and what healthy means to them.
Goldman Sachs conducted a study called “Millennials: Coming of Age” that examined the unique way millennials are doing life. The generation is the largest at 92 million born between 1980 – 2000 compared to Generation X at 61 million and 77 million for Baby Boomers.
Millennials are fixated on how to make each day easier and that relates to how they want to live. Buying homes or cars is too much of a commitment. Many still live at home with their parents or rent a house rather than buying one. This generation is also leasing more cars and using apps such as Uber or Lyft to get around.
Lack of commitment is driving this generation to think smarter about finances before they are available. Many save for life experiences such as trips rather than buying a flat screen tv or expensive purses. Wedding rings are also included. The average is waiting till their 30’s to pop the question and start a family.
Despite the lack of ownership, Millennials are committed to their health. With bombardments of ads describing the effects of cigarettes less are smoking. They are also including exercise into their everyday lives. Nearly all department stores/brands have their own workout clothes line thanks to an increase in exercise.
The lives of millennials will influence the economy for decades to come and shape the future for their children. Based on these trends, Millennials won’t stop other things like voting, careers, education and environment from changing either.
For more information on Millennials visit Goldman Sachs Millennials Infographic. http://www.goldmansachs.com/our-thinking/pages/millennials/