How well do you know your Millennial clients?

According to a report released by the Demand Institute – a non-profit think tank formed by the Conference Board and Nielsen – some myths about Millennials might be busted within the next five years and their spending habits may turn out to be similar to previous generations.

The Demand Institute drew several conclusions based on its summer 2013 survey of 1,000 Millennials (ages 18 to 29), stating that Millennials don’t seem to be as inclined as previously thought to rent instead of buy homes.  In fact, the report states that Millennials seem likely to make similar choices about their futures as their parents’ generation.

The report states that Millennials will form 8.3 million more households in the next five years, so that by 2018 they will spend more per household on rent and home purchases combined than any other “generation” will in the next five years.

Other conclusions about Millennials include:

  • 79 percent expect their financial situation to improve in the next five years.
  • 74 percent plan to move in the next five years.
  • 64 percent expect to be married in five years.
  • 55 percent expect to have children in five years.
  • 84 percent either own a home or plan to own a home someday.
  • 75 percent believe home ownership is an important long-term goal.
  • 61 percent are looking for more space in their next home.
  • 48 percent plan to live in the suburbs, 38 percent want to live in the city.
  • 61 percent prefer a short drive to the grocery store rather than walk.
  • 88 percent of Millennial households own a car today.

Want more? See the full report.

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