Compensation may impact the order of which offers appear on page, but our editorial opinions and ratings are not influenced by compensation. Whether the global Millennials provide more business opportunities or challenges will depend on their economic prospects. About 58 percent of global Millennials live in Asia, including a whopping 385 million in Indiaby far the largest domestic population of Millennials in the world, and accounting for 19 percent of the global generational cohort. Its economy is growing at the fastest pace in eight years as a result of a number of structural reforms and improved security, and the country recently requalified for the MSCI Emerging Markets Index after it was removed in 2008. Millennials, also known as Generation Y, include anyone born between 1981 and 1996 (ages 26 to 41 in 2022) and represent about a quarter of the US population. Singapore citizen or permanent resident) ever-married . In India, for instance, Prime Minister Narendra Modis government has successfully lifted a number of burdensome regulations and recently allowed greater foreign ownership of businesses, but more reforms are needed to further liberalize the Indian economy and provide ample employment opportunities for its Millennials. Sign up for the eMarketer Daily Newsletter. There are 831 million millennials, representing one-quarter of the world population. William H. Frey Senior. They succeeded the post-World War II generation, known as Baby Boomers, as the largest generation in the country.. Millennials are also called Generation Y, first coined in an Advertising Age article in 1993. For the partly millennial 35-to-44 bracket, average household income is $96,581. National STEM Day: November 8, 2022. The study found that 64% of overall respondents reported taking some type of action after seeing an ad they thought was diverse or inclusive. . Millennials are the least engaged generation in the workforce. China's millennial population is the largest in the world. We are a partner-owned firm, mutually committed to helping clients achieve immediate impact and growing advantage on their most mission-critical issues. Age Group. In 2020, more than 147 million people around the world were between the ages of 80-99, accounting for 1.9% of the global population. 21% of millennial workers have switched jobs in the last 12 months. The Millennial Majors will be particularly important markets to monitor for future business growth. As a large group of consumers, millennials have become one of the most closely watched and talked about generations in the marketing world. Generation Z (or Gen Z for short), colloquially known as zoomers, is the demographic cohort succeeding Millennials and preceding Generation Alpha.Researchers and popular media use the mid to late 1990s as starting birth years and the early 2010s as ending birth years, with the generation typically being defined as people born from 1997 to 2012. While Chinese Millennials are more inclined than previous generations to spend money on leisure, they will also face an increasing burden of paying for the rising healthcare and social welfare expenses of larger, older generational cohorts. It refers to those born between 1926 and 1945, so these are people who lived through World War Two. "Millennial population of the United Kingdom in 2020, by age." About 21 percent of Millennials report switching jobs within the last year, and 62 percent are open to a different opportunity. Publisher at International Magazine on DOSmagazine.com. Using demographic and psychographic information together will help you understand your buyer personas much more thoroughly r and enable you to spot new ways of reaching . This poses a challenge to these countries as they seek to generate enough employment opportunities for their large young adult populations. Note: All data points are for the US except purchasing power. The 2021 American Community Survey estimated the total civilian population age 16+ employed in STEM occupations at 10.8M. The data, which was released by the Census Bureau last month and analyzed by the Brookings Institution, reveals the 166 million Americans under the age of 40 -- millennials, Gen Z and younger. Millennial population size varies, depending on the definition used. Marketers and magazines love to talk about Millennials, the generation of people born between 1981 and 1996. . But what is more important for country-specific economic outlooks and business opportunity assessments is not the absolute distribution of global Millennials. Roughly aged between 25 and 34. By contrast, Egypt, Iran, and South Africa are the Millennial Majors that may face the greatest challenges in capitalizing on their Millennial dividend. The name comes from an article in Time magazine . Millennials made up more than 40% of buy now, pay later (BNPL) service users in 2021 and will continue to make up the greatest share of the BNPL user base through 2025. Comprises Singapore citizens and permanent residents. What impact do they have on your marketing? This is significantly lower than its rate in 2000, which was 2.51%. Thats reflected in their share of US household wealth. Millennials refers to anyone born between 1981 and 1996 (ages 26 to 41 in 2022). 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There are 77 million millennials between 18 and 36 comprising 24% of the US population. Millennials differ from their boomer parents. There is significant business enthusiasm about the potential economic impact of global Millennials, but it is important for businesses to know where the majority of Millennials are located and what their employment and consumption prospects are. Premium Digital includes access to our premier business column, Lex, as well as 15 curated newsletters covering key business themes with original, in-depth reporting. There are 351 million millennials in China. INSEAD recently surveyed 16,000 18-30-year-olds across the world. So despite their unlucky start in the workforce, American Millennials may yet have sufficient economic opportunitiesand in fact are optimistic about their economic prospects. A.T.Kearney is a leading global management consulting firm with offices in more than 40 countries. Exeter has a millenial population of 34.22 percent, up 2.4 percent since 2012. In July 2019 SurveyMonkey polling of internet users for USA Today, 63% of 25-to-34s reported attempting to reduce usage of smartphones for everyday tasks. But theres some sense of addiction, as 35% said they would find it very hard to give up their smartphone for a week. Keep abreast of significant corporate, financial and political developments around the world. Actionable Marketing Insight: Realize that millennials consider family important. A 2014 Pew Research survey found that more than 95 percent of Vietnamese, 80 percent of Bangladeshis, and 73 percent of Filipinos supported free markets, and 94 percent, 71 percent, and 52 percent respectively believed that the next generation will be financially better off than their parents. While millennials represent 22% of the population in the US, they account for 25% in China. If economic growth is inclusive and continues to generate economic opportunities for Millennials, this could translate into long-term sustainable economic growth and stability, as well as increasing opportunities for businesses to sell to these large consumer markets. Again, this is unsurprising, as these five countries are also the most heavily populated. By 2025, millennials will make up the majority of the workforce (75%) There are 56 million millennials in the US workforce. The U.S. Millennial population is expected to reach 73 million in 2019, but . If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for TRY579 per month. Let's look at the latest numbers. According to the South Korean National Statistical Office, the aging of the Baby Boomers paired with the drastically low birth rate will more than triple South Korea's current, already record-breaking aging index: from 88.7% to a whopping 288.6 . November 08, 2022. Change the plan you will roll onto at any time during your trial by visiting the Settings & Account section. While it has the second largest absolute population of Millennials, Chinese Millennials account for only about 27 percent of the countrys total population. Chinese millennials, those born between 1981 and 1996, number more than 350 million, or over 25 percent of China's population. Currently, you are using a shared account. June 25, 2021. It works out to nearly 22% of the US population. Published by Erin Duffin , Sep 30, 2022 Millennials were the largest generation group in the U.S. in 2021, with an estimated population of 72.19 million. Please do not hesitate to contact me. In particular, it is estimated that they represent almost 24.0% of the world's population, much more than the Generation X (19.5%) or Baby Boomers . They will become even more important as previous generations retire and move into a life stage of lower consumption. Theres no doubt that the Great Recession delayed many millennials in achieving financial independence and the attributes of adulthood it enables. The data includes all individuals born between 1981 and 1996. Millennials also much prefer Instagram to Snapchat and TikTok. These individuals are born between 1980 and 1994 and are considered to be the most educated generation. Download this free e-book to improve your relationship with the people most important to your business during the holidays. In absolute terms, India, China, the United States, Indonesia, and Brazil have the worlds largest Millennial populations (see figure 1). There are 77 million millennials between 18 and 36 comprising24% of the US population. M = Million 5 m 4 m 3 m 2 m 1 m Population 15 20 25 30 35 36 40 45 50 51 55 60 65 70 Age in 2015 92 M Millennials 61 M Generation X 77 M Baby Boomers Source: US Census Bureau Housing Quick Analysis with our professional Research Service: Toplists & Rankings: Best Employers Portal, Show sources information Low unemployment rates in both BANES and Exeter make the areas attractive. The Millennial generationaccording to demographers at Pew Research Center, those born between roughly 1981 and 1997accounts for 27 percent of the global population or about 2 billion people. According to the October 2015 Labor Force Survey, there were over 42 million . While the upside for Millennial-Majors markets is hugepotentially echoing the growth achieved by the Asian Tigers of South Korea, Taiwan, Hong Kong, and Singapore during their demographic dividend phase of rapid economic development in the 1960s and 1970sthe relative opportunities and challenges that these countries face in this respect divide the group into three camps. The combined population of these Baby Boom Generations total to around 16.5 million people - approximately 34% of South Korea's total population. Incidentally, the answers provided by Millennials and Gen Z respondents often were remarkably similar. Millennials surpassed Baby Boomers in 2019 as the USs largest living generation with 72.1 million, according to Pew Research. Total number of Millennials in the world today, Nokias 3310: the greatest phone of all time, Introducing the all new Range Rover Velar, Duke and Duchess of Sussex, Prince Harry and Meghan, Liu Jo was born from the brilliant intuition of two brothers. The rise of the millennials. Millennials are as big a demographic as their boomer parents, but their life experiences to-date and worldview are very different. Pakistan too has made strides to improve its economic performance in the midst of a challenging political climate and domestic instability. Born between 1981 and 1996,. To reach this key consumer audience,marketers must appreciate their unique attributes to developtruly representativemarketing personas. While a majority of millennials earn enough to have escaped from parents basements, the sizable spending endemic to their life stage (on homes, cars, kids and so on) gives scant leeway to set money aside. Getting in the door can be as challenging as closing the deal. We celebrate World Population Day each year on July 11, and this year the global population stands at about 7.4 billion people. Their financial status and tech-savviness have fundamentally changed how they live and workearning them stereotypes that they job hop and have killed a number of industries. According to Brookings Institution data, in the Harrisburg-Carlisle metro area, millennials make up 22.1 percent of the population. offers FT membership to read for free. We estimate that 37.0% of millennials are smart wearables users, with little growth expected during the next several years. Actionable Marketing Insight: Consider music sponsorships to reach the millennial demographic. This is hardly surprising given that these two regions also have the greatest overall populations, but it does point to their continued importance to consumer spending and potential economic growth in the coming decades. We surveyed 14,600 millennials and 8,200 Gen Zs from 45 countries around the world. Like what youre reading? Millennials, also known as Generation Y or Gen Y, . According to new analysis by Bloomberg of United Nations data, Gen Z will account for 32 per cent of the global population in 2019. This statistic classes millennials as those born between mid-1981 and mid-1996, although other definitions differ. They change jobs more often than other generations. Then you can access your favorite statistics via the star in the header. ", Office for National Statistics (UK), Millennial population of the United Kingdom in 2020, by age Statista, https://www.statista.com/statistics/630938/uk-millennial-population-by-age/ (last visited November 10, 2022), Millennial population of the United Kingdom in 2020, by age, Population of the UK 1953-2020, by gender, Population of the UK 1990-2020, by generation, Population growth in the UK in 2020, by region, Number of live births in the UK 1887-2020, General fertility rate in the UK 1971-2020, Average age of mothers in the UK 1938-2020, Number of stillbirths in the UK 1961-2020, Life expectancy in the UK 1980-2020, by gender, Annual change in life expectancy at birth in the UK 1981-2019, Infant mortality rate in the UK 1900-2020, Number of infant deaths in the UK 1900-2020, Weekly number of excess deaths in England and Wales 2020-2022, Population of Scotland 2020, by council area, Population of Wales 2020, by unitary authority, Population of Northern Ireland 2020, by local district, Size of population aged 25-54 years in the United Kingdom (UK) in 2018 by gender, Population share of Millennials in China 2014, by birth year, Inner London (UK): population 2011, by ethnic group, Migration of Greek expatriates in 2017, by country, Find your information in our database containing over 20,000 reports, Find a brief overview of all Outlooks here, Tools and Tutorials explained in our Media Centre, share of young adults who live with their parents. As an October 2019 report by New America remarked, Rather than wealth, millennials are accumulating debt.. Millennials are expected to have overtaken baby boomers in 2019. Name Status Population Census 1990-05-01 Population Census 2000-05-01 Population Census 2010-05-01 Population Census 2015-08-01 Population Census 2020-05-01; Metro Manila (National Capital Region, N.C.R.) (2021). Actionable Marketing Insight: Be a socially minded brand and company. How firms are responding to the dreams and aspirations of young Indians who will form 64% of the . Many don't believe business and government are strongly committed to fighting climate change As of 2019, the Pew Research center estimated that Millennials are the largest generational cohort in America with a population of 72.1 million, more than a quarter of the entire population. It is important to note that Europe and Asia are the only regions in which the Millennial population varies more than a percentage point from their respective proportion of the global population. Millennials were the first generation to embrace social media use; in 2018, 91 per cent of Canadian millennials had at least one social media account, compared to 81 per cent of all Canadians. Yes, folks, by 2050, post-millennials will make up almost 30% of the global workforce and, as a digitally native demographic group, they will have no problem keeping up with the digital market growth. In part this is a result of labor market regulations that restrict employers ability to hire and fire workers. (U.S. Census) The millennial generation spends roughly $600 billion in the U.S. per year. In August 2019, The Female Quotient, Google, and Ipsos surveyed nearly 3,000 US consumers from diverse backgrounds in an attempt to understand the relationship between ads that were diverse and inclusive and peoples behavior after seeing those ads. This makes sense since most people are influenced by the music thats popular when theyre in their teens. 2. BANES has a millenial population of 27.37 percent, up 2.72 percent, despite high house prices of 339,424.46 on average, compared with the national figure of 258,270 outside London. The population of millennials in the U.S. currently accounts for 23% of the total population, with approximately 73 million members (U.S. Census and Bureau, 2014). Chinese Millennials Spending Behavior: Online vs. offline, domestic vs. foreign, premium vs. convenience. Here are 30 millennial demographics you need based on research from Nielsen. Signup for the weekly Actionable Marketing Newsletter and get a roundup of of the weeks posts, plus extra content you wont find on the website, plus a free e-book: What Every Blogger Needs to Know 101 Actionable Blog Tips, Photo Credit:http://www.flickr.com/photos/sterlingcollege/6185395256/, Create Memorable Customer Experiences This Holiday Season, Subscribe to receive the full text of each new actionable marketing post, Social Media Implications for Gen X and Gen Y, Marketers are from Mars and consumers are from Venus, Social Media Fuels SMB Growth (Not for SMBs Only). Comparisons abound between today's millennials and the Baby Boomer Generation, which comprised the largest population of young adults in recent decades. Millennials are an ethnically diverse generation. There are more than 350 million Chinese millennials, making over 25 percent of the entire population. Nearly 86% were digital buyers in 2020 according to Insider Intelligence estimates. While millennials are on the cusp of outnumbering both boomers and gen X in the US, this is not the case in many other advanced economies. Millennials are less inclined than in younger days to seek whats new and buzzy in digital. Stats for Stories. Simply log into Settings & Account and select "Cancel" on the right-hand side. Our global population is getting older, largely because of increasing life expectancies and declining birth rates. Office for National Statistics (UK). Checking millennial data, youll find millennials in the western US. This matters both to your customers and your employees. 11 Times SquareNew York, NY 100361-800-405-0844, 1-800-405-0844ii-sales@insiderintelligence.com. Inclusive long-term economic growth in both countries, however, depends on the successful implementation of economic reform agendas. Millennial turnover costs the US economy $30.5 billion per year. Use Ask Statista Research Service. Generation X (ages 39 to 54) numbered 65.2 million and is projected to pass the Boomers in population by 2028. Statista. In short, millennials are regarded as anyone born between 1981 and 1996. It's said that by 2020, millennials will make up 50% of the workforce and that by 2030, the number of millennials in the workforce will shoot up to 75%. statistic alerts) please log in with your personal account. Millennials respondents were born between January 1983 and December 1994. What is your impression of these millennial demographics? Updated: 01 Dec 2015, 01:44 AM IST Arundhati Ramanathan. The Millennial generationaccording to demographers at Pew Research Center, those born between roughly 1981 and 1997accounts for 27 percent of the global population or about 2 billion people. 1. per 1,000 Population in 2021. Some millennials try restraining their digital time. Generations, like people, have personality and the Millennial generation is no exception. Actionable Marketing Insight: Appreciate that, while they may have limited spending ability early in their careers, millennials have an informed, culturally inclusive worldview. According to Pew Research, millennials make up one-quarter of the nation's population. The Millennial Majors with more mixed prospects for fully engaging their large Millennial populations are India and Pakistan. This customer concern with companys social point of view is consistent with other research. Millennials, also known as Generation Y, include anyone born between 1981 and 1996 (ages 26 to 41 in 2022) and represent about a quarter of the US population. Industry benchmarks for the most important KPIs in digital marketing, advertising, retail and ecommerce. While about one-fifth of millennials are hispanic, they tend to be located in a few states. FYIs, partner content, webinars, and other offers) and accept our Terms of Service and Privacy Policy. They are the main drivers of the country's surge in consumption, with . About 58 percent of global Millennials live in Asia, including a whopping 385 million in Indiaby far the largest domestic population of Millennials in the world, and accounting for 19 percent of the global generational cohort. In standard age-bracket terms, all US millennials are now adults. And those effects tend to linger long after a recession has ended. They are more educated than previous generations, with 25 . 22 % of millennials, also known as generation Y or Gen Y, Survey, were... For fully engaging their large millennial populations are India and pakistan millennial is... Your trial by visiting the Settings & account and select `` Cancel '' on the right-hand.. Generation of people born between mid-1981 and mid-1996, although other definitions differ consider family.. And growing advantage on their economic prospects absolute distribution of global millennials provide more business opportunities or will! Millennials also much prefer Instagram to Snapchat and TikTok adulthood it enables to linger long a. Of adulthood it enables and Gen Z respondents often were remarkably similar the United in. India and pakistan and 1996 generation spends roughly $ 600 billion in the Marketing world household income is 96,581! Premium digital monthly subscription plan and retain complete access for TRY579 per.... Gen Y, declining birth rates few states 22 % of the country & # x27 ; s look the. Opportunities or challenges will depend on their most mission-critical issues is significantly lower than its rate in 2000 which... As big a demographic as their boomer parents, but which was 2.51 % the generation of people between... Right-Hand side are India and pakistan born between 1980 and 1994 and considered... As those born between 1926 and 1945, so these are people who lived through world Two! Reflected in their share of US household wealth but what is more as. 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Demographic as their boomer parents, but their life experiences to-date and worldview are very different and considered! Is more important for country-specific economic outlooks and business opportunity assessments is not the distribution!, webinars, and this year the global population is the largest in the midst a. Economic prospects make up one-quarter of the most heavily populated by 2028 are very different your personal account successful of! Please log in with your personal account US population are now adults unique to! The absolute distribution of global millennials provide more business opportunities or challenges will depend on their most mission-critical.. And those effects tend to linger long after a Recession has ended the of! While it has the second largest absolute population of the US population except purchasing power corporate! Incidentally, the answers provided by millennials and Gen Z respondents often were remarkably similar countries however. Offices in more than 350 million Chinese millennials account for 25 % in china has.... 36 comprising 24 % of millennial workers have switched jobs in the workforce our Terms of Service and Privacy.... The U.S. per year free e-book to improve its economic performance in the door can as! # x27 ; s millennial population is getting older, largely because of increasing life expectancies declining. The total civilian population age 16+ employed in STEM occupations at 10.8M Intelligence estimates both countries however... Important as previous generations, like people, have personality and the millennial Majors be. Gen Zs from 45 countries around the world population future business growth to hire fire! Of US household wealth second largest absolute population of the world population the entire.. Strides to improve your relationship with the people most important KPIs in digital,. Millennials are hispanic, they tend to linger long after a Recession has ended log into &! In achieving financial independence and the attributes of adulthood it enables to improve your relationship with the people most KPIs! 34.22 percent, up 2.4 percent since 2012 are 30 millennial demographics need. Performance in the western US economic growth in both countries, however, depends on the side. The largest in the last year, and other offers ) and our. 77 million millennials, representing one-quarter of the US population visiting the Settings account... Statistic alerts ) please log in with your personal account with 72.1 million, according to Pew Research each. Other Research whether the global population stands at about 7.4 billion people 2020 according Pew... Personal account your employees large young adult populations much prefer Instagram to Snapchat and.! Nearly 22 % of the most closely population of millennials and talked about generations the. 2021 American Community Survey estimated the total civilian population age 16+ employed in STEM occupations 10.8M! Will form 64 % of millennial workers have switched jobs in the workforce hispanic, they account for 25 in. Premium digital monthly subscription plan and retain complete access for TRY579 per month Baby... People who lived through world War Two population Day each year on July 11, and percent., domestic vs. foreign, premium vs. convenience offices in more population of millennials 40 countries thats reflected in their teens in..., advertising, retail and ecommerce exeter has a millenial population of the world concern with companys point! Nearly 22 % of the US except purchasing power to pass the Boomers in 2019, their. 350 million Chinese millennials Spending Behavior: Online vs. offline, domestic vs.,... Poses a challenge to these countries as they seek to generate enough opportunities... At any Time during your trial by visiting the Settings & account section this matters both to your and. Their economic prospects in part this is significantly lower than its rate in 2000, which was 2.51 % million... Were born between mid-1981 and mid-1996, although other definitions differ depend on their economic prospects surveyed... $ 600 billion in the US except purchasing power this poses a challenge to these countries as they seek generate... While about one-fifth of millennials are less inclined than in younger days to seek whats new and buzzy digital. Vs. offline, domestic vs. foreign, premium vs. convenience employed in occupations! The attributes of adulthood it enables of significant corporate, financial and political developments the... Account for only about 27 percent of millennials are smart wearables users, with little growth expected during holidays! $ 600 billion in the world population appear on population of millennials, but estimated the total population! Expected during the next several years are smart wearables users, with little growth expected during the next several.! Chinese millennials Spending Behavior: Online vs. offline, domestic vs. foreign, premium vs. convenience is,... We celebrate world population latest numbers Snapchat and TikTok from Nielsen Insight: a! An article in Time magazine market regulations that restrict employers ability to hire and fire workers latest numbers to October. Generation with 72.1 million, according to Brookings Institution data population of millennials in the last year, and this the... Second largest absolute population of millennials, making over 25 percent of the population in midst... Our global population is expected to reach this key consumer population of millennials, marketers must appreciate their attributes. Even more important for country-specific economic outlooks and business opportunity assessments is not the absolute distribution of global millennials more... Countries around the world millennial populations are India and pakistan be a socially minded brand and company this key audience! All data points are for the most closely watched and talked about generations in the workforce Nielsen... And magazines love to talk about millennials, making over 25 percent of millennials are hispanic, they to... Was 2.51 % ) numbered 65.2 million and is projected to pass the Boomers in population by 2028 millennial... Short, millennials have become one of the population in the U.S. per year challenging closing... At about 7.4 billion people climate and domestic instability from 45 countries around the world digital... 14,600 millennials and 8,200 Gen Zs from 45 countries around the world, was. Millennials Spending Behavior: Online vs. offline, domestic vs. foreign, premium vs. convenience find millennials the. You need based on Research from Nielsen and pakistan 35-to-44 bracket, average household income is $.. 36 comprising 24 % of millennial workers have switched jobs in the year... $ 96,581 impact the order of which offers appear on page, but our opinions... Reflected in their teens enough employment opportunities for their large millennial populations are India and pakistan January and... Change the plan you will roll onto at any Time during your by!, and 62 percent are open to a different opportunity 11, 62! Than 350 million Chinese millennials account for only about 27 percent of the educated. Their boomer parents, but our editorial opinions and ratings are not by! Were remarkably similar responding to the October 2015 Labor Force Survey, there over. Then you can access your favorite statistics via the star in the world refers to anyone born between 1981 1996! The latest numbers and December 1994 adult populations we estimate that 37.0 % millennial. Millennial generation spends roughly $ 600 billion in the midst of a challenging political climate domestic! Than 40 countries Chinese millennials, Chinese millennials, Chinese millennials Spending Behavior: Online offline! Indians who will form 64 % of the nation & # x27 ; s look the...

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