I'm not so sure the overall 18-34 demo has that much disposable income anymore. Seeing as which age group is more closely aligned with the Bernie Sanders campaign, I think that's an assumption that most mass media (not just radio itself) has played on for far too long. They really aren't as rich today as Madison Avenue and Hollywood assumes.
There are just as many broke Millennials and probably even more so than Boomer seniors. A lot of Millennials I know don't even drive. And that's not just necessarily out of the well-noted environmental concerns of people in that age group today. They simply just can't afford a car. Period. Not even a 10 year old hand-me-down beater from Mom. They can't afford the maintenance and gas. Or even have a place to park it. And when you're limited to public transportation, you tend to not spend a lot either. They don't. I've seen their places.
The 18-34s are also the ones behind the $15 minimum wage movement, they're the ones vocalizing the loudest over income inequality and free college. It truly doesn't look like a very affluent demographic to me in 2016. Perhaps in 1986, but not in 2016.
Smartphones are their radios. They can get whatever they want in media instantly. Data caps are unlimited in some plans. They would look for public open wifi just to LISTEN to the radio if push came to shove. And most importantly, they NEED to interact with their peers on social media. It's the way it's done these days. And thus, there will be only be lower prices and more data, not less, as time goes on. More things are remote controlled through the internet. You can't sell anyone data caps and throttled speeds anymore. Modern life in 2016 doesn't allow for it. the consumers will not tolerate it. And as long as there is an internet, radio will have to accept it.
In fact, the Lifeline Phone Assistance program was recently updated to include home broadband internet access. And anyone receiving SNAP or WIC benefits (i.e. your average corporate minimum wage employee and likely Millennial-age) qualifies. This gives them even less reason to listen to conventional local radio. Not when they can hear/watch other things on tap at a reduced price or free option.
To suggest terrestrial radio can still hold it's own with younger people when you have to actually LOOK for a radio to buy in most places is a bit of a stretch. It's not like everyone still makes them. Most new ones I find are actually old stock that has a layer of dust on the packaging. Sometimes even with a cassette player. Even car radios are just another app today in the modern media landscape.
But older people know radio. They still give a crap. Just don't get them started with the advertising. It will then veer off into why isn't anyone playing Kokomo anymore to will Robin & Maynard and Pat Cashman come back. You know the drill.
