As a college professor, my immediate image of a ‘Millennial’ is a college student or recent college graduate– a digital denizen with an optimistic outlook. But a report by Mintel says college students are just 15% of the 71 million young adults 18-34 in the U.S. ‘Affluent Young Adults are just 19%. So who makes up the lion’s share? By far the largest segment is what they call ‘Minimalists’ or ‘Unpowered Young Adults’.

Despite their similar age and cultural influences, Minimalists are quite different from their college student and affluent young adult counterparts. They are more likely to live with a parent (25%) and/or relative (14%). 29% are married. Nearly three in 10 (29%) live with a child. They have less spending power and index low on purchase of most discretionary items, high on essentials. They are more likely to be found at Wal-Mart or Sam’s Club than Whole Foods and Costco. They are much less likely to purchase online.

Minimalists are less likely to shop across channels because they tend to be more budget-conscious and often prefer to frequent stores where they are sure they can find “bargains” and discounts. Note, as well, that demand for premium foods and beverages and those designed specifically to promote health and wellness is quite low within this segment.

Thank you Mintel for reminding us that stereotypes are dangerous. What Minimalists lack in spending power, they more than make up for in numbers. 66% of any population is too many to be ignored.