The millennial generation - often defined as individuals ranging in age from 18-29 - is a massive age group. As they continue to permeate the U.S. workforce and gather a larger share of consumer power, the need to understand their buying habits becomes increasingly important.
A new survey from Barkley, Service Management Group and The Boston Consulting Group offers a comprehensive look at this notoriously tech-savvy and market-conscious generation. For example, the study found Millennials consume 42 percent of television programming online.
Among other findings, the study determined Millennials are more prone to shop for groceries in groups, prefer casual dining environments, crave adventure and seek affirmation or advice when it comes to shopping.
"Since the Millennials generation is larger than the Baby Boomers and three times bigger than Generation X, marketers' understanding of Millennials' needs, tastes and behaviors will clearly shape current and future business decisions," said Jeff Fromm, senior vice president at Barkley.
It's also important to recognize how this age group has been conditioned to a world replete with technology, as they've grown up surrounded by computers, the internet, mobile phones and, more recently, social media.