NEW YORK (TheStreet) -- A BIG hello from this millennial in financial services to you, baby-boomer era investor. Aged 18 to 36 and boasting an unemployment rate almost double the national average, millennials are fascinating creatures indeed. We (generalizing here) are job-hopping independent contractors that probably still don't have health insurance despite the Obamacare mandate. We love social interaction on Facebook (FB), Twitter (TWTR), and Instagram, lust for it actually. We have little savings due to the existence of mobile payments. Playing on dating site Tinder is viewed as acceptable when in a committed relationship. We want it all immediately, but aren't sure how to make it happen. Oh, and by the way, we represent a huge untapped spending potential that could be profited from by the baby-boomer-era investor that actually has money.
First, a couple stats on the millennials since everyone loves sharing them in retweetable lists:
- Millennials make up 24% of the U.S. population.
- Median income of $25,000 for younger millennials, near $48,000 for senior millennials.
- Top-three millennial living grounds: Austin, Texas; San Diego; San Francisco.
- 80% sleep with phones next to their beds.
- 52% are more likely to make impulse purchases than any other generation. Shout out Starbucks (SBUX).
- 59% buy brands that reflect their style or personality. Explains why H&M is thriving, and Abercrombie & Fitch (ANF) is dying.
- 62% indicate they prefer to live in mixed-use communities. Sorry Toll Brothers (TOL).
These are the main themes to know, boomers. Ehh, that and millennials are not keen on cars as throngs of them invade urban areas across the United States. Although the two examples in the pictures below aren't really playable investment wise, it's how you should be thinking on making bank from millennials. What gets them to point A to point B the quickest? What is flashy looking, green, but also affordable? If the millennials move to urban areas, what are they going to need to live their alleged busy lifestyles (in reality, they're not very busy).