Targeting Millennials? Consider Where They Live

As we know, millennials have surpassed baby boomers as the largest demographic age group in the United States. Yet, many people in this massive and influential group are having a complicated time with their careers and lifestyles.
According to Richie Bernardo, writing for WalletHub:
“Loved by marketers, vilified by media, millennials are at once the most popular and unpopular generation alive. They’re the largest, too, giving them an outsized influence on American culture and consumerism. Today, these late-teens-to-early-30-somethings who are often depicted through negative stereotypes — entitled, parentally dependent, deludedly invincible — are responsible for 21 percent of all consumer discretionary spending in the U.S.”
“Despite their trillion-dollar purchasing power and higher educational attainment, millennials are economically worse off than their parents. Why? The financial crisis remains a big part of the reason. Millennials have come of age and entered the workforce in the shadow of the Great Recession, significantly reducing their job prospects and earning potential for decades to come. By one estimate, millennials today earn 20 percent less than Baby Boomers did at the same age.”
Where are the best and worst places for millennials to live? “WalletHub’s data team compared the 50 states and the District of Columbia to determine where this generational cluster has thrived and withered. We examined each state and the District across 24 key metrics, ranging from share of millennials to millennial unemployment rate to millennial voter-turnout rate.”
Here are two informative charts from WalletHub.

 

Best Overall Locales for Millennials

 

Best and Worst Locales by Attribute for Millennials

 

This entry was posted in Part 3: Targeting Customers and Gathering Information, Part 4: Store Location Planning and tagged , , , . Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s