The way young people shop and live their lives has changed radically in the last five years. In advance of Sydney’s Millennial 2020 summit, Mumbrella presents five surprising facts about twenty and thirtysomethings.
Australian millennials have the second-lowest rate of home ownership in the world
A smaller percentage of Aussie millennials own their own homes compared to every other country in the world bar the UAE, according to HSBC. A survey of 9,000 young people found only 28% of Australians aged 18-36 had a place to call their own, compared to 70% in China and 35% in the US. While 83% said they intended to buy in the next five years, the bank predicts that is unrealistic in today’s market.
A clothing brand’s online store has a huge impact on its popularity
Nike, Victoria’s Secret and Sephora are the most popular fashion labels among young US shoppers, so says publisher Conde Nast and investment bank Goldman Sachs. However, the research found that it is a brand’s online shop that is one of the biggest contributing factors to favourability.
Millennials now look to social media for inspiration before booking a holiday
Research by trends monitor Skift found 87% of millennials look to Facebook for travel inspiration and 97% post about their experiences on social media. The findings reveal how young people increasingly value recommendations from their friends over shiny brochures and travel-agent tips.
Aussie businesses will spend more on digital ads than print and TV as millennials’ habits change
Australian businesses will spend more money on digital advertising than traditional media for the first time in 2017 (now 52% from 48%), according to media buying agency Zenith. Last year Aussie companies spent $14bn on promotions. The shift comes as separate data shows that a majority of millennials have shared advertising on social media.
Young Aussies are now happy to import goods if they can’t get what they want at home
The Australian Bureau of Statistics estimates that $6.2bn worth of retail goods are imported each year by customers. This is likely to consist mostly of millennials as 67% say they prefer to shop on the internet than in-store. The figures come as international brands such as Amazon, Lidl and Debenhams are rumoured to be opening in Australia.
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