As millennials grow up, get jobs and buy houses, they’re the upcoming market to keep an eye on. The boomers may represent a wider slice of the buying-power pie (with more discretionary funds at their disposal), but millennials are right on their heels. Here’s a look at Canada’s Gen Y.
8.9 million Canadians were born between 1981 and 2000
Let’s talk money:
$225 billion is the estimated income of millennials, roughly 20% of all income earned in Canada. Boomers make 30%, while Gen Xers bring in 46%.
1 in 3 consider themselves entrepreneurs and have some sort of side business.
700,000 are unemployed.
4.5 million (about half) currently live with their parents (up from 1/3 in 1998). Despite the joblessness, there was an 89% increase in travel and a 13% increase in luxury fashion purchases between 2011 and 2012 (compared to 6% and 24% among boomers).
The “always on generation”:
59% own a smartphone (as of 2011).
50 text messages is the daily average.
14% own a tablet (compared to 7% of non-millennial generation).
46% made a mobile purchase in the past month.
Who’s cleaning house?
53% of Gen Y women do all the housework in dual-earning couples, compared to 59% for Gen X.
1.54 hours versus 1.34 hours per day is the amount of housework women clock over men (compared to 2.25 and 1.31 hours in 1986).
36% say they’ll buy as many eco-friendly products as they can, a steady increase from 31% in 2009.
Photo by Ed Yourdon
