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Interep Looks at Young Adult Consumers

Interep Looks at Young Adult Consumers

Are they Gen X? Gen Y? Or a little bit of both?
Interep released research on the young adult consumers. The report, “Gen X + Gen Y = Adult 18-34 Consumers,” examines the culture of Gen X, the oldest members of the demographic, and the so-called Millennial Generation, the younger set.
According to the report, 18-34 consumers make up 24 percent of the total population. The age group is made of 62 percent non-Hispanic white, 17 percent Hispanic and 15 percent African-American. Twenty-seven percent of adults 18-34 have household incomes of $75,000-plus.
According to Interep, the transitional nature of this age group’s lifestyle (college graduation, entering workforce, marriage, children, home buying) “bring with them a host of new consumer needs – and an open playing field for first-time brand impressions.”
Other highlights: Householders age 35 and under spend $923 billion yearly, and, according to Interep, a disproportionately high amount of that is spent on alcohol, rents, vehicle purchases and education.
The study also shows that while the average age for first marriages is increasing, most folks still get hitched in their mid-20s. Overall, 37 percent of adults 18-34 are married; 53 percent have children. Three-quarters of births are to women aged 20-34.
The report also indicated some of the top-20 metros with the highest percentage of adults 18-34. They include Bryan-College Station, Texas; State College, Penn.; Ithaca, N.Y.; Ann Arbor, Mich.; Salt Lake City; Austin, Texas; and Lincoln, Neb.