Is Object Literal Instantiation faster than setting properties?

Given the following example, is one objectively better/faster/safer than the other? Should object literal instantiation be a best practice where it is practical?

Where is this inappropriate?

class Person
{
    public string name;
    public int age;
}
void MakePeople()
{
    Person myPerson = new Person();
    myPerson.name = "Steve";
    myPerson.age = 21;

    Person literalPerson = new Person { name = "John", age = 22 };
}