{"id":562242,"date":"2022-12-20T05:27:41","date_gmt":"2022-12-20T13:27:41","guid":{"rendered":"https:\/\/www.esri.com\/about\/newsroom\/?post_type=wherenext&p=562242"},"modified":"2024-05-10T05:23:09","modified_gmt":"2024-05-10T12:23:09","slug":"millennial-preferences","status":"publish","type":"wherenext","link":"https:\/\/www.esri.com\/about\/newsroom\/publications\/wherenext\/millennial-preferences","title":{"rendered":"Why Are Millennials Leaving Big Cities?"},"author":501,"featured_media":0,"parent":0,"menu_order":0,"template":"","format":"standard","meta":{"_acf_changed":false,"sync_status":"","episode_type":"","audio_file":"","podmotor_file_id":"","podmotor_episode_id":"","castos_file_data":"","cover_image":"","cover_image_id":"","duration":"","filesize":"","filesize_raw":"","date_recorded":"","explicit":"","block":"","itunes_episode_number":"","itunes_title":"","itunes_season_number":"","itunes_episode_type":"","_links_to":"","_links_to_target":""},"categories":[],"tags":[384812,477032,11272,281],"department":[488812],"wherenext-category":[],"industry":[],"class_list":["post-562242","wherenext","type-wherenext","status-publish","format-standard","hentry","tag-crm","tag-customer-analysis","tag-demographics","tag-location-intelligence","department-emerging-technologies"],"acf":{"short_description":"Millennials are settling down in second-tier cities. What does that mean for businesses trying to attract certain customers?","pdf":{"host_remotely":false,"file":"","file_url":""},"flexible_content":[{"acf_fc_layout":"content","content":"For businesses hoping to cater to millennial customers, new findings suggest they should look south. The cities that rank best at attracting people aged 25 to 39 are all in the American south, with the exception of Denver, Colorado, according to a recent study of census data<\/a> by the financial website SmartAsset.\r\n\r\nTopping the list of millennial magnets in the most recent full year was Austin, with another Texas stronghold, Dallas, ranking third. Denver was the second-most attractive destination for millennials, the study found."},{"acf_fc_layout":"sidebar","layout":"standard","image_reference":null,"image_reference_figure":"","spotlight_image":null,"section_title":"","spotlight_name":"","position":"Left","content":"Article snapshot:<\/strong> New data showing where millennials are migrating is only a piece of the puzzle\u2014modern software reveals the demographic reality behind those changes.","snippet":""},{"acf_fc_layout":"content","content":"In addition to boasting mostly mild winters and lower income taxes, the top 10 destinations had something else in common: almost none are among the largest cities in the country (Dallas being the exception). The cities with the fourth, fifth, and sixth highest millennial inflows were Raleigh, North Carolina (population 469,000); Jacksonville, Florida (population 955,000); and Henderson, Nevada (population 322,000).\r\n\r\nThese second-tier metropolises<\/a> tend to offer more affordable options for people seeking relief from big-city housing costs<\/a>. Millennials seem to be taking notice.\r\n

Where Millennials Go<\/strong><\/h3>\r\nFor a time during the last decade, demographers and economic observers thought millennials might be a generation unlike others before it. Its members weren\u2019t getting married at the rates that previous generations had, or having kids and buying homes<\/a>. Some pundits attributed this to a protest against traditional norms<\/a> and expectations.\r\n\r\nSubsequent research has shown that these choices were more economic than ideological<\/a>; young people mired in student debt and the overhang of the Great Recession simply couldn\u2019t afford the standard trappings of young adulthood.\r\n\r\nIn recent years, wages have improved, and more millennials have begun getting married and settling down. The hitch: As they do so, they\u2019re moving away from some of the largest\u2014and most expensive\u2014US cities, toward locales with lower costs of living.\r\n\r\nAmong cities that saw more millennials move out than move in, none lost more in 2021 than New York, with nearly 80,000 net departures. The runners-up included heavyweight cities Chicago; Washington, D.C.; Boston; Los Angeles; and San Francisco.\r\n\r\nThat geographic shift may well be explained by the fact that New York, L.A., San Francisco, D.C., and Boston are five of the country\u2019s six most expensive cities<\/a>.\r\n

A Hyperlocal View of Millennials <\/strong><\/h3>\r\nFor business development executives, store planners, and marketers, knowing that millennials are moving to certain cities is an intriguing trend in search of context. What decision-makers really want to know is that millennials in a particular neighborhood prefer credit cards to debit cards, earn 10 percent less than the national average income, and favor organic food. Or that certain neighborhoods should expect an increase<\/a> in 25- to 39-year-olds who have two incomes, an appetite for DIY home improvement, and spend 34 percent more than the national average on clothes and services.\r\n\r\nSuch demographic and psychographic insight comes from a modern geographic information system (GIS)<\/a>, and plays a prominent role not only in where companies establish their operations, but what they offer customers and how they reach them.\r\n\r\nIn fact, industry leaders combine data from their CRM systems with GIS data<\/a> to deepen demographic analysis. The resultant location intelligence<\/a> creates a hyperlocal view of consumer interests in certain areas.\r\n\r\nAs the head of location intelligence at a major bank told WhereNext<\/em>. \u201cAt the end of the day, using [our] skills and [GIS] technology, we're able to understand our customer.\u201d\r\n\r\nIf GIS analysis shows that customers in certain neighborhoods like to visit brick-and-mortar branches, the company will invest accordingly, he explained.\r\n\r\n\u201cBut if what we determine from knowing our customer is that it's really a bunch of millennials who want to [bank] on their phone, we're going to do that, too. We're going to know our customer above all else. This technology allows us to do that.\u201d"}],"references":null},"yoast_head":"\nThe Challenge of Knowing Millennial Customers<\/title>\n<meta name=\"description\" content=\"Millennials are a diverse group, and news that they\u2019re moving to certain cities in greater numbers is incomplete without demographic context.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.esri.com\/about\/newsroom\/publications\/wherenext\/millennial-preferences\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Why Are Millennials Leaving Big Cities?\" \/>\n<meta property=\"og:description\" content=\"Millennials are a diverse group, and news that they\u2019re moving to certain cities in greater numbers is incomplete without demographic context.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.esri.com\/about\/newsroom\/publications\/wherenext\/millennial-preferences\" \/>\n<meta property=\"og:site_name\" content=\"Esri\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/esrigis\/\" \/>\n<meta property=\"article:modified_time\" content=\"2024-05-10T12:23:09+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.esri.com\/about\/newsroom\/app\/uploads\/2022\/12\/wherenext-template-card-826x465-1.jpg\" \/><meta property=\"og:image\" content=\"https:\/\/www.esri.com\/about\/newsroom\/app\/uploads\/2022\/12\/wherenext-template-card-826x465-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:site\" content=\"@Esri\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\n\t \"@context\": \"https:\/\/schema.org\",\n\t \"@graph\": [\n\t {\n\t \"@type\": \"WebPage\",\n\t \"@id\": \"https:\/\/www.esri.com\/about\/newsroom\/publications\/wherenext\/millennial-preferences\",\n\t \"url\": \"https:\/\/www.esri.com\/about\/newsroom\/publications\/wherenext\/millennial-preferences\",\n\t \"name\": \"The Challenge of Knowing Millennial Customers\",\n\t \"isPartOf\": {\n\t \"@id\": \"https:\/\/www.esri.com\/about\/newsroom\/#website\"\n\t },\n\t \"datePublished\": \"2022-12-20T13:27:41+00:00\",\n\t \"dateModified\": \"2024-05-10T12:23:09+00:00\",\n\t \"description\": \"Millennials are a diverse group, and news that they\u2019re moving to certain cities in greater numbers is incomplete without demographic context.\",\n\t \"breadcrumb\": {\n\t \"@id\": \"https:\/\/www.esri.com\/about\/newsroom\/publications\/wherenext\/millennial-preferences#breadcrumb\"\n\t },\n\t \"inLanguage\": \"en-US\",\n\t \"potentialAction\": [\n\t {\n\t \"@type\": \"ReadAction\",\n\t \"target\": [\n\t \"https:\/\/www.esri.com\/about\/newsroom\/publications\/wherenext\/millennial-preferences\"\n\t ]\n\t }\n\t ]\n\t },\n\t {\n\t \"@type\": \"BreadcrumbList\",\n\t \"@id\": \"https:\/\/www.esri.com\/about\/newsroom\/publications\/wherenext\/millennial-preferences#breadcrumb\",\n\t \"itemListElement\": [\n\t {\n\t \"@type\": \"ListItem\",\n\t \"position\": 1,\n\t \"name\": \"Home\",\n\t \"item\": \"https:\/\/www.esri.com\/about\/newsroom\"\n\t },\n\t {\n\t \"@type\": \"ListItem\",\n\t \"position\": 2,\n\t \"name\": \"Why Are Millennials Leaving Big Cities?\"\n\t }\n\t ]\n\t },\n\t {\n\t \"@type\": \"WebSite\",\n\t \"@id\": \"https:\/\/www.esri.com\/about\/newsroom\/#website\",\n\t \"url\": \"https:\/\/www.esri.com\/about\/newsroom\/\",\n\t \"name\": \"Esri\",\n\t \"description\": \"Esri Newsroom\",\n\t \"potentialAction\": [\n\t {\n\t \"@type\": \"SearchAction\",\n\t \"target\": {\n\t \"@type\": \"EntryPoint\",\n\t \"urlTemplate\": \"https:\/\/www.esri.com\/about\/newsroom\/?s={search_term_string}\"\n\t },\n\t \"query-input\": {\n\t \"@type\": \"PropertyValueSpecification\",\n\t \"valueRequired\": true,\n\t \"valueName\": \"search_term_string\"\n\t }\n\t }\n\t ],\n\t \"inLanguage\": \"en-US\"\n\t },\n\t {\n\t \"@type\": \"Person\",\n\t \"@id\": \"https:\/\/www.esri.com\/about\/newsroom\/#\/schema\/person\/b890389919572d29641d24fc67eaf376\",\n\t \"name\": \"Chris Chiappinelli\",\n\t \"image\": {\n\t \"@type\": \"ImageObject\",\n\t \"inLanguage\": \"en-US\",\n\t \"@id\": \"https:\/\/www.esri.com\/about\/newsroom\/#\/schema\/person\/image\/\",\n\t \"url\": \"https:\/\/www.esri.com\/about\/newsroom\/app\/uploads\/2017\/04\/Esri-Chris_Chiappinelli_540x540.jpg\",\n\t \"contentUrl\": \"https:\/\/www.esri.com\/about\/newsroom\/app\/uploads\/2017\/04\/Esri-Chris_Chiappinelli_540x540.jpg\",\n\t \"caption\": \"Chris Chiappinelli\"\n\t },\n\t \"description\": \"Chris Chiappinelli is the editor of Esri\u2019s WhereNext magazine. 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