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A lot of young adults are still living with their parents. In fact, data released by real estate tracker Trulia indicates that nearly 40 percent of 18-to-34-year-olds lived with a parent or other family member in 2015. That’s the highest percentage since the Great Depression came to a close in 1940.
Of course, there are several factors that contribute to this. Unemployment rates have gone down since the Great Recession. But wages still aren’t what they used to be. And then there’s the student loan debt that many millennials are dealing with.
So what does all this mean for small businesses? If your business targets millennials, then it could be a huge factor.
Knowing your target market is absolutely essential. But you can’t make assumptions based on social norms that might be changing. In past decades, you might have been safe to assume that many young adults were buying homes and moving in with spouses or significant others. But that’s not the case for many today.
In fact, data indicates that more millennials are living with family members than with significant others in their own homes. So creating messaging for this age group today shouldn’t look the way it did even several years ago.
Make Sure Your Target Market Demographics Are Current
As a small business owner, you need to constantly keep up with the trends and practices of your target audience. So if your business creates products or services for millennials, this latest report could definitely make an impact on your messaging.
Living at Home Photo via Shutterstock
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