Marketing to Black Millennials - US - June 2019

OVERVIEW
What you need to know
Definition
EXECUTIVE SUMMARY 
Overview
The insights
Everyone has high expectations for Black Millennials’ lives, but face anxiety in achieving them
Figure 1: Attitudes toward life and world view, February 2019
Black Millennials more likely to face burnout
Figure 2: Attitudes toward life and success in life, by generation, February 2019
Lower earnings and greater financial obligations have an adverse impact
Figure 3: Average personal earnings (2017) and everyday expenses, by race and age 25-39, October 2017- November 2018
Black Millennials gravitate to small brands to stand out
Figure 4: Attitudes toward life and brand perception, February 2019
Black Millennials believe America will remain divided
Figure 5: World view – American society, February 2019
The Opportunities
Acknowledge their personal struggles and show transparency in the way forward
Follow their lead toward discovery of brand choices
Highlight commonalities across groups, while respecting their individuality
What it means
THE MARKET – WHAT YOU NEED TO KNOW
Black Millennials comprise over one quarter of the total Black population
Black Millennials complete college later than their general market peers
Black Millennials’ earnings lags across educational attainment
BLACK MILLENNIALS BY THE NUMBERS
Millennials represent the greatest share of the Black population
Figure 6: Black population share, by generation, 2018
Black Millennials represent 14% of all Millennials
Figure 7: Millennial population share by race and Hispanic origin, 2018
BLACK MILLENNIAL EDUCATION AND EARNINGS
One third of Black Millennials have earned college credit
Figure 8: Educational attainment among adults aged 25-39, by race and Hispanic origin, 2018
Independent Black Millennials return to school later in life
Figure 9: Life events experienced in the last 12 months, total and Black adults aged 25-39, October 2017 – November 2018
Black Millennials’ labor force participation on par with the average
Figure 10: Employment status among adults aged 25-39, by race and Hispanic origin, 2018
Black Millennial median income trails their White and Asian counterparts
Figure 11: Personal median income in adjusted dollars by age groups, by race and Hispanic origin, 2017
Black Millennial graduate degree earnings similar to total bachelor’s degree earnings
Figure 12: Personal median earnings among adults aged 25-34, by race and Hispanic origin and educational attainment, 2017
MARKET PERSPECTIVE
Shopping is a sport for Black Millennials
Figure 13: Attitudes toward shopping, total vs Black adults aged 25-39, October 2017 – November 2018
Making money and independence valued over all else
Figure 14: Attitudes toward personal finance, total vs Black adults aged 25-39, October 2017 – November 2018
KEY TRENDS – WHAT YOU NEED TO KNOW 
Media expansion poised to deliver unique content to reach Black Millennials
Student loan debt contributes to strained finances
Black Millennials’ start-ups fund their peers’ businesses
Black social media safe spaces launch on independent platforms
WHAT’S WORKING?
Designated media and content platforms created for Black Millennials
WHAT’S STRUGGLING?
Black Millennials in the center of the growing student loan crisis
Figure 15: Cumulative amount borrowed for undergrad, by race and Hispanic origin, 2012
WHAT’S NEXT?
Black Millennials create opportunities for their peers to launch start-ups and form partnerships with established firms
A return to “safe space” social media platforms outside the usual suspects
Figure 16: BlackPlanet.com user tweet, February 2016
Figure 17: MightyNetworks announcement of Awesomely Luvvie dedicated platform, April 2019
Student loan repayment replaces traditional work perks
THE CONSUMER – WHAT YOU NEED TO KNOW
Black Millennials’ finances are better than their parents’, but lag that of their general market peers
Work is driving burnout among Black Millennials
Black Millennials’ participation in everyday experiences contingent upon accessibility
The American Dream is alive among Black Millennials – American society, not so much
Big brands offer better quality, small brands cement image
Saving more money is life’s missed opportunity
Gap between expectations and achievements drive anxiety among Black Millennials
CURRENT FINANCIAL SITUATION
Most Black Millennials’ finances are okay or better
Figure 18: Self-reported current financial situation, Black Millennials vs total Millennials and total Black consumers, February 2019
Older Millennials’ family and job status aids financial health
Figure 19: Self-reported financial situation, younger and older Millennials, February 2019
A college degree leads to a more comfortable financial situation
Figure 20: Self-reported financial situation, by educational attainment, February 2019
Financial stability is a weak link to consumer confidence
Figure 21: Economic outlook – American economy, total and Black adults aged 25-39, October 2017 – November 2018
Price fluctuations on everyday expenses have greater impact on Black Millennials
Figure 22: Economic outlook – Everyday expenses, total and Black adults aged 25-39, October 2017 – November 2018
SUCCESS IN LIFE
Black Millennials are fast approaching burnout
Figure 23: Success in life, by generations, February 2019
A college degree offers trade-offs for Black Millennials
Figure 24: Success in life, by educational attainment, February 2019
Millennial parents feel the strain at work, but their efforts are worth the sacrifice
Figure 25: Success in life, by parental status, February 2019
DOWN-TO-EARTH ASPIRATIONS
Everyday, practical, yet fun activities drive Millennial aspirations
Figure 26: Down-to-earth aspirations – Everyday fun, February 2019
Millennial families with disposable income more likely enjoy little pleasures
Figure 27: Down-to-earth aspirations – Everyday fun, by key demographics, February 2019
Personal digital technology holds different value across category
Figure 28: Down-to-earth aspirations – Digital technology, February 2019
Married Millennial men look to perfect their entertainment center
Figure 29: Down-to-earth aspirations – Digital technology, by demographics, February 2019
Experiences close and away from home are fulfilling
Figure 30: Down-to-earth aspirations – Experiences, February 2019
Experiences are universal, but more income drives greater choice
Figure 31: Down-to-earth aspirations – Experiences, by demographics, February 2019
Ensuring loved ones are taken care of trumps personal responsibilities
Figure 32: Down-to-earth aspirations – Personal responsibilities, February 2019
Millennial women feel the need to nurture their friends and family
Figure 33: Down-to-earth aspirations – Personal responsibilities, by demographics, February 2019
In their own words…
WORLD VIEW
Black Millennials believe they can only rely on faith, family and themselves
Figure 34: World view – American society, total and Black Millennials, February 2019
Figure 35: Word cloud of American Dream responses among Black Millennials – May 2019
Millennials’ version of the “American Dream” is a reality check
Figure 36: World view – American society, by generations, February 2019
College fuels Millennials’ dreams for their lives
Figure 37: World view – American society, by educational attainment and household income, February 2019
Millennial parents have greater faith in their abilities rather than society
Figure 38: World view – American society, by parental status, February 2019
BRAND PERCEPTION
Bigger is better, but also basic
Figure 39: World view – Brand perceptions and behavior, February 2019
Image is tied to trendiness and individuality
Figure 40: Attitudes and behavior toward shopping, total vs Black, October 2017 – November 2018
Younger Millennials prefer small brands that are yet to be adopted by the mainstream
Figure 41: World view – Brand perceptions and behavior, by younger and older Millennials, February 2019
LIFE REFLECTIONS
More money could solve most challenges
Figure 42: Life reflections, February 2019
Millennials more likely to balance career and home life
Figure 43: Life reflections, by generation, February 2019
Women are more anxious and look to their faith for relief
Figure 44: Life reflections, by gender, February 2019
Shifting priorities compel greater investment in family and community
Figure 45: Life reflections, by marital/partnered and parental status, February 2019
Figure 46: Life reflections, by parental status, February 2019
ATTITUDES TOWARD LIFE
Living up to expectations leave Millennials anxious
Figure 47: Attitudes toward life, February 2019
Figure 48: Attitudes toward life – It’s not where I thought it would be, by key demographics, February 2019
Black Millennials share the same attitudes as their peers
Figure 49: Attitudes toward life, total vs Black Millennials, February 2019
Millennials exert control where possible – their image
Figure 50: Attitudes toward life, by generation, February 2019
APPENDIX – DATA SOURCES AND ABBREVIATIONS
Consumer survey data
Consumer qualitative research
Abbreviations and terms
Abbreviations
Terms
APPENDIX – THE CONSUMER
Figure 51: Life events experienced in the last 12 months, total and Black adults aged 25-39, October 2017 – November 2018
Figure 52: Attitudes toward shopping, total vs Black adults aged 25-39, October 2017 – November 2018
Figure 53: Attitudes toward personal finance, total vs Black adults aged 25-39, October 2017 – November 2018
Figure 54: Economic outlook – American economy, total and Black adults aged 25-39, October 2017 – November 2018
Figure 55: Economic outlook – Everyday expenses, total and Black adults aged 25-39, October 2017 – November 2018