Widespread internet access during their formative years has given millennials unique experiences and perspectives compared to other generations. Although seen as digitally native, most millennials remember relying on traditional media and analog devices.

This guide explores the millennial demographic, their characteristics and behaviors, and how they connect with marketing and advertising.

Who are millennials?

Millennials are born between 1981 and 1996, (ages 28 to 43). They are the largest demographic group in the US, making up an estimated 22% of the population in 2024, according to the US Census Bureau. Also known as Gen Y, this cohort has evolved around the rapid transformation of technology, communication, and consumer habits, and has grown to be distinctly adaptable.

Characteristics of millennials and their comparison with Gen Z

Millennials are digital natives, but their tech savviness is bolstered by their education. As the largest and most educated generation, 39% of US millennials hold a bachelor’s degree or higher, compared with 29% of Gen Xers, 25% of late boomers, and 24% of early boomers, according to 2018 Pew Research Center data.

Since graduating post-secondary school, millennials have faced challenges in the labor market. Upon entering the workforce, they’ve dealt with slower economic growth than any other generation in US history, reported by The Washington Post.

It has set millennials back financially and impacted their buying power. In 2021, the median income for younger millennials (ages 25 to 34) was $74,862 and $90,312 for older millennials (ages 35 to 44), according to US Census Bureau data. That doesn’t leave much room for spending as millennials are estimated to be the second-highest spenders by generation, with an average annual expenditure of $69,061, according to 2021 data from the World Economic Forum.

What do millennials care about?

Millennials may be more financially stable than younger counterparts still in school or starting work, but they have more personal responsibilities from major life stages, like home-buying, early parenthood, or building their career.

  • Big expenses: 40% of millennials consider cost of living to be a top concern in 2024, compared with 36% in 2022, per Deloitte’s 2024 Gen Z and Millennial Survey.
  • Family-first: More millennials value raising a family, rising 13% since 2020, per GWI.
  • Job-hoppers: Millennials are the most likely to switch jobs, with 60% open to a different opportunity—15% higher than non-millennials, per Gallup.

Millennial marketing strategies

How to reach and engage Gen Y

Reaching millennials means aligning with their preferences and values. Whether through experiential initiatives or digital content, authenticity is key. Marketers should focus on building meaningful relationships with their millennial audience through:

  • Marketing campaigns: Craft campaigns around millennials’ interests, incorporating compelling stories, focusing on experiences, and leveraging nostalgia.
  • Influencer marketing: Collaborate with who resonate with millennials, including authentic and relatable ones.
  • : Create and curate content that fosters community.
  • User-generated content: Tap into the real-life experiences of community members through reviews, hashtag contests, or experiences that fuel online conversation.
  • Video content: Invest in short, shareable videos that reflect your brand identity and offer value through entertainment, information, or both.

Where do millennials spend their time?

Meeting millennials where they are is becoming more challenging due to fragmented media and device usage. Most simultaneous internet and TV users are millennials, who make up 30.4% of all media multitaskers, per a February 2024 ĢAV forecast. If they’re your target audience, stay on top of on devices, social platforms, and entertainment platforms.

On devices

  • Millennials hold the largest share of US smartphone users, totaling 71.2 million in 2024, according to a February 2024 ĢAV forecast.
  • Smartphone usage is nearly saturated among millennials, accounting for 96.3% of the demographic and 97.7% of .
  • In 2024, 40.9 million US millennials will be tablet users, over half (54.4%) of the demographic.

On social media platforms

Millennials are a significant portion of

  • 32.6% of Facebook users (or 58.2 million people), per a May 2024 ĢAV forecast
  • 36.5% of Instagram users (or 51.7 million people)
  • 33.0% of TikTok users (or 35.9 million people)
  • 33.6% of Snapchat users (or 30.6 million people)

With TV

Millennials will account for 21.6% of TV viewers in 2024, according to a June 2024 ĢAV forecast, but their share is slowly decreasing, and will continue to fall to 21.5% in 2025. Like other generations, they are spending more time on and less on .

  • In 2024, US millennials will spend 1 hour and 36 minutes with TV, per a June 2024 ĢAV forecast.
  • They are spending less time with linear TV, declining 3.6% YoY in 2024 and 3.8% in 2025.
  • Millennials are the largest CTV user group, with 62.7 million viewers holding a 26.8% share in 2024, per a February ĢAV forecast.
share of total us users on select digital platforms by generation
A chart showing the share of total US users on select digital platforms, 2023.

How do millennials manage their money?

Millennials likely started their financial journeys in a physical branch with human advisors, but they’ve embraced and payments. In 2024, they’ll make up the biggest share of mobile banking users, reaching 63.9 million in the US, according to an April 2023 ĢAV forecast. That’s 86.5% of all US millennials. They also make up more than half of all digital-only banking users, per ĢAV’s US Digital Habits by Generation report.

Financial savvy

Millennials want don’t always choose the right sources. Despite 59% seeking guidance from financial professionals, a November 2023 BOK Financial survey by OnePoll found, another 36% based investment decisions on misleading influencer advice, per an August 2023 Harris Poll for Nationwide. They likely receive this advice on YouTube and Facebook, which equally provide banking information, according to an October 2023 ĢAV survey.

top social media platforms gen z and millennials banking consumers have used to find banking information
A chart showing top social media platforms US millennial and Gen Z banking consumers have used to find banking information, October 2023.

Discovering products and services

Compared to older generations, millennials rely less on physical bank branches and more on digital platforms. Nearly 80% of US Gen Zers and millennials learn about a bank’s products and services on its mobile app, compared to 53.5% of Gen Xers and baby boomers, per an October 2023 ĢAV survey. Additionally, 37.4% of Gen Zers and millennials , versus 16.5% of Gen Xers and baby boomers.

Reputation is important among millennials, with 38.0% going straight to a trusted brand for new financial products and services, compared to 26.3% who prefer to shop around. Use of modern tech tools may also be a draw, with 37% of millennial investors trusting their financial professional more if they leveraged AI, per The Harris Poll’s August 2023 survey for Nationwide.

channels through which US banking consumers become aware of a bank's products
A chart showing the channels through which US banking consumers become aware of a bank’s products and services, October 2023.

Financial outlook

Despite setbacks from the 2008 Great Recession, millennials are optimistic about their financial futures, confident in their financial literacy, and eager to save and meet goals. Many believe they know more about managing finances than their parents, per a November 2023 BOK Financial survey by OnePoll. The survey found that 26% of non-home-owning millennials have money set aside to buy a home and 62% are waiting for this economic cycle to pass before buying.

Defining the generations: What are the other age cohorts?

  • Gen Alpha: Born early 2010s to 2024. The second generation of digital natives, Gen Alphas have never been without smartphones or social media. They seek authenticity, interactivity, and gamification.
  • Zalpha: Someone born on the cusp of Gen Alpha and Gen Z that shares traits of both generations.
  • Gen Z: Born between 1997 and 2012. A socially conscious generation prioritizing mental health, sustainability, and racial equity, shaping consumer habits with a tech-savvy approach.
  • Zillennial: Someone born on the cusp of Gen Z and millennials who shares traits of both.
  • Millennial (Gen Y): Born between 1981 and 1996. Millennials grew up with the internet and quickly embraced social media and smartphones. They value ease and convenience.
  • Gen X: Born between 1965 and 1980. They are independent, skeptical of authority, tech-savvy, and prefer authentic brands and marketing.
  • Baby boomer: Born between 1946 and 1964. They have a strong work ethic, traditional values, brand loyalty, and significant influence on consumer trends and societal norms.