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Marketing to Millennials - US - May 2016

OVERVIEW
What you need to know
Definition
EXECUTIVE SUMMARY
Who are Millennials?
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
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
Figure 3: Millennial trends, February 2016
The opportunities
Millennials are adults, whatever that means
Figure 4: Millennial views on the future, February 2016
Millennials are strongly anti-aging
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)
Figure 6: Attitudes toward trends, advertising portrayals, by key demographics,. February 2016
The sharing, caring Millennial
Figure 7: Millennial behaviors, February 2016
What it means
THE MILLENNIAL MARKET – WHAT YOU NEED TO KNOW
Millennials are a large and diverse group
Millennials delay marriage and family to focus on education
THE MILLENNIAL GENERATION BY THE NUMBERS
Millennials make up a quarter of the US population
Figure 8: Share of US population by generation, 2016 
Millennials exposed to different people and cultures
Figure 9: Generations, by race and Hispanic origin, 2016
Millennial generation believes in, but delays marriage
Figure 10: Marital status, by age, 2015
Figure 11: Median age at first marriage, by gender, 1890-2015
Millennials are highly educated, and indebted
Figure 12: Level of education completed, by generation, March 2016
Millennials likely paired up as roommates, friends, or partners
Figure 13: Single-person households as a percentage of total households by generation, 2015
Entering critical earning years
Figure 14: Median household income, by age of householder, in thousands, 2014
KEY TRENDS – WHAT YOU NEED TO KNOW
Ads can also be entertainment
Millennial priorities shift the workforce
Selective spending drives new product offerings
Finding balance is key challenge
WHAT’S WORKING
Advertising as entertainment draws Millennial following
Figure 15: HumanKinda, October 2015
Figure 16: First Day, September 2015
Figure 17: Fear the Walking Dead Flight 462, October 2015-March 2016
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
Figure 19: #HowWeFamily, June 2015
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
Millennials less likely to own homes, but inspired to purchase
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
Figure 23: Spotify: Never Ending, March 2016
Anti-LGBT legislation dampens state tourism
WHAT’S NEXT
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
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
Millennials’ self-perceptions at odds with how they think others see them
Methodology
Figure 24: Millennials’ perceptions of themselves, their generation, and how they think others perceive their generation – Correspondence analysis, February 2016
Figure 25: Millennials’ generational perceptions, February 2016
Older and younger Millennials share comparable self-perceptions
Figure 26: Millennials’ self-perceptions – Compassionate, ambitious, tech-obsessed, by older and younger Millennials, February 2016
Similar self-perceptions among racial groups
Figure 27: Millennials’ self-perceptions – Tolerant, tech-obsessed, entitled, by race, February 2016
PLANNING FOR THE FUTURE
Millennials are optimistic, despite uncertain preparation for the future
Figure 28: Planning for the future, February 2016
Reliance on parents doesn’t negate adulthood
Figure 29: Planning for the future – Independence, by older and younger Millennials, by gender, February 2016
White Millennials more confident in their adult status
Figure 30: Planning for the future – Independence, by race, February 2016
Men fight the battle against aging
Figure 31: Planning for the future – Aging, by gender, February 2016
Hispanics want to prepare for the future
Figure 32: Planning for the future – Preparation, by Hispanic origin, February 2016
HOW MILLENNIALS VIEW SOCIETY
Millennials prove more accepting of changing norms
Diversity is desired, but feelings are mixed on incoming refugees
Figure 33: Millennials’ views on society – All issues, index to all, February 2016
Parents understand delaying marriage and family
Figure 34: Millennials’ views on society – Family composition, by parent status, February 2016
Some social change supported less by younger Millennials
Figure 35: Millennial views on society – Social issues (good), by younger and older Millennials, February 2016
KEEPING UP WITH TRENDS
Not tech-obsessed, but tech oriented
Figure 36: Keeping up with trends, February 2016
Lower-income Millennials less concerned with trends – Regardless of cost
Figure 37: Keeping up with trends – Technology, travel, social media, diet, by household income, February 2016
Parents are on-trend
Figure 38: Keeping up with select trends, by parental status, February 2016
MILLENNIAL BEHAVIORS
Online behaviors are natural for this generation
Figure 39: Millennials’ behaviors, February 2016
The boomerang effect
Figure 40: Behaviors – Living at home as an adult, by generation, February 2016
Hispanics open to using nontraditional services
Figure 41: Millennial behaviors – Use of alternate services, by Hispanic origin, February 2016
MILLENNIAL MARKETING PREFERENCES
Humor is the leading preference in advertising
Figure 42: Marketing preferences, indexed to all, February 2016
Women looking for emotional ads, men looking for energy and suspense
Figure 43: Marketing preferences – Select items, by gender, February 2016
Younger Millennials want to enjoy an ad and sing along
Figure 44: Marketing preferences – New music and entertainment, by younger and older Millennials, February 2016
Black Millennials looking for a reflection of diversity
Figure 45: Marketing preferences – Includes diversity, by race and Hispanic origin, February 2016
Higher-income brackets looking for aspirational ads
Figure 46: Marketing preferences – Shows perfection, by household income, February 2016
ATTITUDES TOWARD SHOPPING, TRENDS, AND ADVERTISING
Online reviews are critical
Figure 47: Attitudes toward shopping, index to all, February 2016
Millennials identify a need to disconnect from devices
Figure 48: Attitudes toward trends, index to all, February 2016
Millennials, Millennials, Millennials
Figure 49: Attitudes toward advertising, index to all, February 2016
Affluent Millennials identify more with ads
Figure 50: Attitudes toward advertising portrayals, by key demographics, February 2016
HOW LOTTERY WINNINGS WOULD BE SPENT
Millennials’ top desire is dream vacation
Figure 51: How lottery winnings would be spent, February 2016
Although everyone wants a vacation, Blacks are more likely to desire education
Figure 52: How lottery winnings would be spent, by race, February 2016
Affluent Millennials see the value of pampering
Figure 53: How lottery winnings would be spent, by household income, February 2016
WILLINGNESS TO PURCHASE ONLINE
Fit doesn’t appear to be a barrier to Millennials shopping online for apparel
Figure 54: Willingness to purchase online, February 2016
Niche online categories driven by those with high household income
Figure 55: Willingness to purchase online – Select items, by household income, February 2016
Hispanic audience key for household purchases online
Figure 56: Willingness to purchase online – Select items, by Hispanic origin, February 2016
MILLENNIALS’ PERCEPTIONS OF QUALITY
Majority agree that quality equals durability
Figure 57: Perceptions of quality, index to all, February 2016
Older Millennials believe in the quality of local
Figure 58: Perceptions of quality – Select items, by older and younger Millennials, February 2016
Craftsmanship stands out to non-White Millennials
Figure 59: Perceptions of quality, by race, February 2016
APPENDIX – DATA SOURCES AND ABBREVIATIONS
Data sources
Consumer survey data
Consumer qualitative research
Generations
APPENDIX – MARKET
Figure 60: Population by generation, 2011-21
Figure 61: Generations, by race and Hispanic origin, 2016
Figure 62: Marital status, by age, 2015
Figure 63: Median age at first marriage, by gender, 2005-15
Figure 64: Median household income, by age of householder, 2014

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