Table of Contents
Executive Summary
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- Who are Millennials?
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- Figure 1: Share of US population by generation, 2016
- Why are Millennials an important target audience?
- The issues
- Liberal leaning Millennials are tolerant – To a point
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- Figure 2: Millennial views on society – Family composition, index to all, February 2016
- Millennial self-perceptions misaligned with how they feel others view them
- Popular culture garners popular interest, but food trends are followed by fans
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- Figure 3: Millennial trends, February 2016
- The opportunities
- Millennials are adults, whatever that means
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- Figure 4: Millennial views on the future, February 2016
- Millennials are strongly anti-aging
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- Figure 5: Millennial views on the future – Independence, by older and younger Millennials, by gender, February 2016
- Marketers understand Millennials (if they’re older, male, White, and affluent)
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- Figure 6: Attitudes toward trends, advertising portrayals, by key demographics,. February 2016
- The sharing, caring Millennial
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- Figure 7: Millennial behaviors, February 2016
- What it means
The Millennial Market – What You Need to Know
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- Millennials are a large and diverse group
- Millennials delay marriage and family to focus on education
The Millennial Generation by the Numbers
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- Millennials make up a quarter of the US population
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- Figure 8: Share of US population by generation, 2016
- Millennials exposed to different people and cultures
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- Figure 9: Generations, by race and Hispanic origin, 2016
- Millennial generation believes in, but delays marriage
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- Figure 10: Marital status, by age, 2015
- Figure 11: Median age at first marriage, by gender, 1890-2015
- Millennials are highly educated, and indebted
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- Figure 12: Level of education completed, by generation, March 2016
- Millennials likely paired up as roommates, friends, or partners
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- Figure 13: Single-person households as a percentage of total households by generation, 2015
- Entering critical earning years
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- Figure 14: Median household income, by age of householder, in thousands, 2014
Key Trends – What You Need to Know
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- Ads can also be entertainment
- Millennial priorities shift the workforce
- Selective spending drives new product offerings
- Finding balance is key challenge
What’s Working
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- Advertising as entertainment draws Millennial following
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- Figure 15: HumanKinda, October 2015
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- Figure 16: First Day, September 2015
- Figure 17: Fear the Walking Dead Flight 462, October 2015-March 2016
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- Figure 18: #missadventure season two, episode one: the perfect weekend, March 2016
- “Lazy” Millennials look up to productive role models
- Recruiting and retaining Millennial employees
- Diversity and inclusion signal authenticity
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- Figure 19: #HowWeFamily, June 2015
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- Figure 20: Wells Fargo commercial: Learning Sign Language, April 2015
- Figure 21: Axe – Find Your Magic, January 2016
- Authentic and affordable travel
What’s Not Working
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- Millennials less likely to own homes, but inspired to purchase
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- Figure 22: Type of primary residence, by Generation, May 2015
- Pay TV struggles in the face of cord cutting
- Competition in streaming music puts pressure on profits
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- Figure 23: Spotify: Never Ending, March 2016
- Anti-LGBT legislation dampens state tourism
What’s Next
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- Access over ownership
- A holistic approach to health
- Financial services target Millennials to aid in debt refinancing
- The balancing act
- Millennials push for supply chain transparency
The Consumer – What You Need to Know
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- Millennials wary of others’ perceptions
- The future is bright
- The quasi-adults
- The Zen of Millennials
- Trend setters and trend followers
- Make me laugh, marketers
- Online shopping is a given
How Millennials Perceive Themselves and Their Generation
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- Millennials’ self-perceptions at odds with how they think others see them
- Methodology
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- Figure 24: Millennials’ perceptions of themselves, their generation, and how they think others perceive their generation – Correspondence analysis, February 2016
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- Figure 25: Millennials’ generational perceptions, February 2016
- Older and younger Millennials share comparable self-perceptions
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- Figure 26: Millennials’ self-perceptions – Compassionate, ambitious, tech-obsessed, by older and younger Millennials, February 2016
- Similar self-perceptions among racial groups
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- Figure 27: Millennials’ self-perceptions – Tolerant, tech-obsessed, entitled, by race, February 2016
Planning for the Future
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- Millennials are optimistic, despite uncertain preparation for the future
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- Figure 28: Planning for the future, February 2016
- Reliance on parents doesn’t negate adulthood
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- Figure 29: Planning for the future – Independence, by older and younger Millennials, by gender, February 2016
- White Millennials more confident in their adult status
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- Figure 30: Planning for the future – Independence, by race, February 2016
- Men fight the battle against aging
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- Figure 31: Planning for the future – Aging, by gender, February 2016
- Hispanics want to prepare for the future
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- Figure 32: Planning for the future – Preparation, by Hispanic origin, February 2016
How Millennials View Society
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- Millennials prove more accepting of changing norms
- Diversity is desired, but feelings are mixed on incoming refugees
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- Figure 33: Millennials’ views on society – All issues, index to all, February 2016
- Parents understand delaying marriage and family
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- Figure 34: Millennials’ views on society – Family composition, by parent status, February 2016
- Some social change supported less by younger Millennials
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- Figure 35: Millennial views on society – Social issues (good), by younger and older Millennials, February 2016
Keeping up with Trends
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- Not tech-obsessed, but tech oriented
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- Figure 36: Keeping up with trends, February 2016
- Lower-income Millennials less concerned with trends – Regardless of cost
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- Figure 37: Keeping up with trends – Technology, travel, social media, diet, by household income, February 2016
- Parents are on-trend
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- Figure 38: Keeping up with select trends, by parental status, February 2016
Millennial Behaviors
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- Online behaviors are natural for this generation
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- Figure 39: Millennials’ behaviors, February 2016
- The boomerang effect
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- Figure 40: Behaviors – Living at home as an adult, by generation, February 2016
- Hispanics open to using nontraditional services
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- Figure 41: Millennial behaviors – Use of alternate services, by Hispanic origin, February 2016
Millennial Marketing Preferences
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- Humor is the leading preference in advertising
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- Figure 42: Marketing preferences, indexed to all, February 2016
- Women looking for emotional ads, men looking for energy and suspense
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- Figure 43: Marketing preferences – Select items, by gender, February 2016
- Younger Millennials want to enjoy an ad and sing along
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- Figure 44: Marketing preferences – New music and entertainment, by younger and older Millennials, February 2016
- Black Millennials looking for a reflection of diversity
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- Figure 45: Marketing preferences – Includes diversity, by race and Hispanic origin, February 2016
- Higher-income brackets looking for aspirational ads
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- Figure 46: Marketing preferences – Shows perfection, by household income, February 2016
Attitudes toward Shopping, Trends, and Advertising
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- Online reviews are critical
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- Figure 47: Attitudes toward shopping, index to all, February 2016
- Millennials identify a need to disconnect from devices
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- Figure 48: Attitudes toward trends, index to all, February 2016
- Millennials, Millennials, Millennials
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- Figure 49: Attitudes toward advertising, index to all, February 2016
- Affluent Millennials identify more with ads
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- Figure 50: Attitudes toward advertising portrayals, by key demographics, February 2016
How Lottery Winnings Would Be Spent
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- Millennials’ top desire is dream vacation
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- Figure 51: How lottery winnings would be spent, February 2016
- Although everyone wants a vacation, Blacks are more likely to desire education
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- Figure 52: How lottery winnings would be spent, by race, February 2016
- Affluent Millennials see the value of pampering
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- Figure 53: How lottery winnings would be spent, by household income, February 2016
Willingness to Purchase Online
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- Fit doesn’t appear to be a barrier to Millennials shopping online for apparel
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- Figure 54: Willingness to purchase online, February 2016
- Niche online categories driven by those with high household income
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- Figure 55: Willingness to purchase online – Select items, by household income, February 2016
- Hispanic audience key for household purchases online
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- Figure 56: Willingness to purchase online – Select items, by Hispanic origin, February 2016
Millennials’ Perceptions of Quality
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- Majority agree that quality equals durability
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- Figure 57: Perceptions of quality, index to all, February 2016
- Older Millennials believe in the quality of local
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- Figure 58: Perceptions of quality – Select items, by older and younger Millennials, February 2016
- Craftsmanship stands out to non-White Millennials
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- Figure 59: Perceptions of quality, by race, February 2016
Appendix – Data Sources and Abbreviations
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- Data sources
- Consumer survey data
- Consumer qualitative research
- Generations
Appendix – Market
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- Figure 60: Population by generation, 2011-21
- Figure 61: Generations, by race and Hispanic origin, 2016
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- Figure 62: Marital status, by age, 2015
- Figure 63: Median age at first marriage, by gender, 2005-15
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- Figure 64: Median household income, by age of householder, 2014
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