Millennials – you know, the generation that has been exhaustively dissected and talked about?
While the information gleaned from the extensive analysis has provided a guide to help retailers adjust their marketing strategies so they can better reach and engage this audience, have you asked yourself: “so now that I know who Millennials are, where do I find them?”
Yes, they are the digital generation, never more than a few clicks away, but what about offline?
Offline, Millennials are replacing previous generations’ American Dream of the suburban white picket fence with one of a historic brownstone in the heart of the city.
The majority of Millennials, 62%, prefer to live in the type of mixed-use communities found in urban centers, where they can be close to shops, restaurants and offices.
And even though this generation already lives in urban areas at a higher rate than any other generation, 40% say they would like to live in an urban area in the future. As a result, growth in U.S. cities is outpacing the growth outside of them for the first time since the 1920s.
Interestingly, it’s not just any city that Millennials are flocking to.
Millennials are seeking out urban environments on the Western side of the country, with the exception of Washington D.C., far away from their Boomer parents – who tend to be moving to the East Coast.
So where exactly are Millennials and Boomers most likely to be found?
As you can see from the chart, Millennials tend to concentrate in areas that have more socially conscious, creative environments.
Austin, Texas, for instance, has the highest concentration of Millennials, with almost 1.2 times the national average and fits the Millennial ideal with a combination of urban convenience, an exciting art culture and a thriving music scene.
It’s important to note that as Millennials continue their Westward migration, the population of young people will grow, driving and affecting demand in these areas.
This has broad implications for all retailers as this demographic will need store formats conducive to city living as well as products and merchandise that are suited for an urban environment.
As Millennials continue to come of age and control an increasing share of the economy, understanding their online and offline lifestyles as well as their purchasing preferences will be critical to appeal to this generation of consumers.
Now the question is – have you adapted or are you adapting your products, store formats, marketing and messaging to meet the needs of this diverse, city-dwelling generation?
If not, don’t worry, we can help you map it all out.