Millennials (anyone born between 1980 and 2000) are today making their mark in a big way. The United States now has more Millennials (92 million) than Baby Boomers (77 million) or members of Generation X (61 million).
The Washington Post recently ran an article on a study conducted by Goldman Sachs about exactly what Millennials want, and what they don't want. Here's a summary of seven things that stood out from the study.
1. Cheap stuff (WANT)
Compared to the generations that preceded them, Millennials prefer price over quality, that is, paying a lower price is more important to them than buying a quality product.
2. A house (DON'T WANT)
Although Millennials may one day want to buy a house, they're not particularly interested in doing so anytime soon. According to Goldman Sachs, 30 percent of Millennials are happy living at home with their parents.
3. To be healthy (WANT)
Millennials really do want to exercise and eat healthy food. An increasing number of them are making the choice to avoid unhealthy habits like smoking tobacco products and drinking.
4. A television (DON'T WANT)
More than half of Millennials say they either do not intend to purchase a television in the near future, or they don't really care about buying one. Instead, they are consuming TV shows and movies on their laptops, tablets, and other Internet-enabled devices.
5. Athletic gear (WANT)
If Millennials are going to splurge on anything, it's likely to be on athletic gear, including apparel and footwear.
6. A car (DON'T WANT)
Millennials are charter members of the sharing society-many of them would prefer to have access to a car only when they need it rather than actually owning one. Services such as Uber, car2go, Zipcar, and others provide them with this option.
7. Social media (WANT)
Millennials depend on social media to accomplish a wide variety of tasks, from choosing a place to eat lunch (Yelp), to keeping in touch with friends (Facebook), to looking for a job (LinkedIn), to making decisions about things they want to buy. According to one research study, 16 percent of people age 36 and over agree with the statement, "When a brand uses social media, I like that brand more," while 34 percent of Millennials agree.