Table of Contents
Overview
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- What you need to know
- Definition
Executive Summary
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- Figure 1: Births in the US (millions), Mintel generational cut-offs, 1930-2015
- The issues
- Sharing economy is still niche – even among Millennials
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- Figure 2: Sharing/gig economy participation, Millennials indexed to average, March 2017
- Millennials are confident, but not experts
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- Figure 3: Adult behaviors – select items, by generation, March 2017
- Millennials more optimistic about issues within their sphere of influence
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- Figure 4: Millennial attitudes about life, March 2017
- The opportunities
- You can take their Tinder, but you’ll never take their Netflix
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- Figure 5: “Must have” online services, Millennials indexed to average, March 2017
- Millennials show an expanded use of social media
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- Figure 6: Millennials’ opinions on social media, Millennials indexed to average, March 2017
- Millennials provide testing ground for new trends
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- Figure 7: Trends that have a positive impact on Millennials, Millennials indexed to average, March 2017
- What it means
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The Millennial Market – What You Need to Know
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- Millennials make up a quarter of the US population
- Unmarried Millennials are pairing up with friends and partners
- Most Older Millennials are starting families
- Millennials value education
- Some may face financial strain
The Millennial Generation by the Numbers
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- Millennials are the largest US generation
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- Figure 8: Share of US population, by generation, 2012-2022
- Millennials influenced by a diverse population
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- Figure 9: Generations, by race and Hispanic origin, 2017
- Millennial living arrangements
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- Figure 10: Living arrangements among adults aged 18 to 34: 1975 and 2016
- Asian Millennials most likely to be living with spouse
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- Figure 11: Living arrangements of young adults aged 18-34, by race, 2016
- Majority of older Millennials are parents
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- Figure 12: Households with own children under age 18, by age of householder, 2016
Millennial Characteristics
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- Education is a key Millennial milestone
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- Figure 13: Milestones of adulthood, 2012
- Millennial women have made substantial economic gains
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- Figure 14: Economic and educational characteristics of young adults aged 25-34, 1975 and 2016
- Budgets may be stretched
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- Figure 15: Current financial situation, Millennials vs all, December 2016
Key Trends – What You Need to Know
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- Brands fight through the clutter with a political message
- Millennials accelerate adoption of new technologies
- Traditional cable news still appeals to some Millennials
- Millennials reach milestones
- Luxury is being redefined
- Turning Millennial passion into action
What’s Working?
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- Brands take a direct approach
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- Figure 16: Heineken | Worlds Apart | #OpenYourWorld, April 2017
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- Figure 17: Your Brain on Drug Policy | Rachael Leigh Cook, April2017
- Figure 18: Audible Oscars Commercial: Zachary Quinto – “1984,” February 2017
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- Figure 19: WARNING: We’re Saving Small Talk | The Weather Channel, April 2017
- Figure 20: Are you afraid of flying? | Royal Jordanian Airlines, April 2017
- Millennials empty their wallets
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- Figure 21: Attitudes toward financial trends, by generation, January 2017
- Making good use of flexible work arrangements
- Cable news attracts a younger audience
- Millennials drive competition in the ride-sharing space
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- Figure 22: Ride sharing frequency, usage by generation, December 2016
What’s Struggling?
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- Millennials face the rising costs of parenting
- Traditional brands may not find favor with the younger crowd
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- Figure 23: Card Benefits from Chase, Loyalty email, April 2017
- Figure 24: American Express, Loyalty email, April 2017
- Millennials may be passionate, but inactive
- Millennials rely on disposable furniture
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- Figure 25: VCF – Boss of the Bedroom, April 2017
What’s Next?
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- Millennials enroll in “adulting” classes to fill in knowledge gaps
- Millennials in the market for homes
- The new luxury consumer
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- Figure 26: Grow up. Trailer – Mercedes-Benz original, March 2017
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- Figure 27: #OpenTheNow – Epic Ping Pong with Roger Federer - Moët & Chandon, November 2015
- Fintech attracts young investors
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- Figure 28: Wealthsimple Super Bowl Ad – Mad World, January 2017
- Millennials find an “oddly satisfying” way to unwind
The Consumer – What You Need to Know
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- Digital entertainment is a “must have”
- Millennials open to social connections with brands
- Millennials embrace new trends with open arms
- Sharing economy supported by Millennials
- Fear of “adulting” is more hype than happening
- Age, sex, and education drives optimism
Millennials’ Must Have Services
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- “I want my MTV” is now “I want my streaming services”
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- Figure 29: “Must have” online services, Millennials indexed to average, March 2017
- Similar to iGens, young Millennials find YouTube an essential
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- Figure 30: Millennials’ “must have” online services – select items, by younger and older, March 2017
- Employed Millennials seek convenience
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- Figure 31: Millennials’ “must have” online services – select items, by employment status, March 2017
- Hispanics on the bandwagon for the most popular services
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- Figure 32: Millennials’ “must have” online services – select items, by Hispanic origin, March 2017
Opinions on Social Media
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- Brands more likely to reach Millennials through social
- In their words
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- Figure 33: Millennials’ opinions on social media, Millennials indexed to average, March 2017
- Younger Millennials open to brand connections
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- Figure 34: Millennials’ opinions on social media – select items, by younger and older Millennials, March 2017
- Women feel the brunt of social media negativity
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- Figure 35: Millennials’ opinions on social media – select items, by gender, March 2017
- Black Millennials make social media work for them
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- Figure 36: Millennials’ opinions on social media – select items, by race, March 2017
Perceptions of Trends
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- Millennials have more positive views of social media
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- Figure 37: Trends that have a positive impact on Millennials, Millennials indexed to average, March 2017
- The youngest Millennials engage in internet activism
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- Figure 38: Trends that have a positive impact on Millennials, by age, March 2017
- Men may find social media more inviting
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- Figure 39: Trends that have a positive impact on Millennials – select items, by gender, March 2017
- Limited regional differences on minority inclusivity
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- Figure 40: Trends that have a positive impact on Millennials – select items, by region, March 2017
- Black Millennials embrace digital trends
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- Figure 41: Trends that have a positive impact on Millennials – select items, by race, March 2017
Sharing Economy Participation
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- Millennials are key contributors to the sharing economy
- In their words
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- Figure 42: Sharing/gig economy participation, Millennials indexed to average, March 2017
- Both younger and older Millennials have learned to share
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- Figure 43: Millennials’ sharing/gig economy participation – select items, by older and younger Millennials, March 2017
- Millennial parents over-index for nearly all services
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- Figure 44: Millennials’ sharing/gig economy participation – select items, by older and younger Millennials, March 2017
- Small family households are key target
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- Figure 45: Millennials’ sharing/gig economy participation – select items, by number of children in household, March 2017
Adulting
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- Parenting is an area of strength for Millennials
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- Figure 46: Adulting, Millennials indexed to average, March 2017
- Young Millennials still gaining confidence
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- Figure 47: Millennials’ adult behaviors – select items, by younger and older Millennials, March 2017
- The confidence curve continues past the age of 40
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- Figure 48: Adult behaviors – select items, by generation, March 2017
- Men and women hold their own against their household chores
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- Figure 49: Millennials’ adult behaviors – select items, by gender, March 2017
- Hispanics exude confidence
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- Figure 50: Millennials’ adult behaviors – select items, by Hispanic origin, March 2017
- Black and White Millennials both highly confident
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- Figure 51: Millennials’ adult behaviors – select items, by race, March 2017
Millennial Optimism
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- Adults feel optimistic about health and happiness
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- Figure 52: Attitudes about life, by Millennials and all, March 2017
- Millennials more optimistic about earning potential
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- Figure 53: Millennial attitudes about life, March 2017
- Education drives optimism across the board
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- Figure 54: Millennial attitudes about life, by level of education, March 2017
- Male Millennials show more overall positivity
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- Figure 55: Millennial attitudes about life, by gender, March 2017
- The key to young optimism is opportunity
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- Figure 56: Millennial attitudes about life – opportunity and present state, by generation, March 2017
Appendix – Data Sources and Abbreviations
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- Data sources
- Consumer survey data
- Consumer qualitative research
- Direct marketing creative
Appendix – The Millennial Market
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- Figure 57: Population, by generation, 2012-22
- Figure 58: Milestones of adulthood, 2012
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- Figure 59: Living arrangements among adults aged 18 to 34: 1975 and 2016
- Figure 60: Living arrangements of young adults aged 18-34, 2016
- Figure 61: Economic and educational characteristics of young adults aged 25-34, 1975 and 2016
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- Figure 62: Distribution of generations, by race and Hispanic origin, 2017
- Figure 63: Households with own children under age 18, by age of householder, 2016
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