Millennials, otherwise known as Generation Y, have recently come to be recognized as the cultural powerhouse that they are. And there is good reason for this: Millennials represent the largest generation in American history. They number 95 million strong — compared to 78 million Baby Boomers — and are finally coming of age.
While the oldest Millennials may have been out of college for a few years and the youngest are still in high school, there are still a staggering 21.6 million of them in college right now. For brands, this is arguably the most important slice of the Millennial pie. College is the first time many of these Americans have complete control over their spending. While much of their cash will be spent on housing, food and books, college students still hang on to about $163 billion in walk-around money annually. Spending power like that is enough to wet any palette, but the true potential lies in the relationships they build with brands as they develop loyalties that could last a lifetime.
Take a look at this enlightening infographic by el toro to see how Millennials spend their money, which platforms they engage with, and what types of ads appeal to them.