Table of Contents
Executive Summary
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- Market overview
- Two in five Millennials say they are disappointed with their careers
- Opportunities
- Millennials are grateful, but only a third feel stable or content
- Opportunities
- Homeownership means success
- Opportunities
- Impact of COVID-19 on Millennials
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- Figure 1: Short-, medium- and longer-term impact of COVID-19 on Millennials, June 2020
- What it means
Impact of COVID-19 on Millennials
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- What you need to know
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- Figure 2: Short-, medium- and longer-term impact of COVID-19 on Millennials, June 2020
- Threats and Opportunities
- Financial setbacks challenge Millennials
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- Figure 3: Share of Millennials who have six months’ worth of emergency savings, February 2020
- Lean in to working from home
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- Figure 4: Higher spending priorities since COVID-19 outbreak, June 11-24, 2020
- Millennials drive a return to travel
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- Figure 5: Percentage for whom going on vacation or going to the movies are among the three things they look forward to most, by generation, June 2020
- Mintel’s Global Consumer Trend Drivers
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- Figure 6: Mintel Global Trend Drivers
- Resurgence of Black Lives Matter protests draw attention to Rights
- Coronavirus triggers greater interest in Wellbeing
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- Figure 7: Millennials’ exercise locations, by generation, January 2020
- Pandemic makes Younger Millennials more engaged with their Surroundings
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- Figure 8: Higher personal priorities since COVID-19 outbreak, June 11- 24, 2020
- How the COVID-19 crisis will affect Millennials
- A recession depression is coming
- COVID-19 stalls Millennial plans to get pregnant
- Distance learning will take a toll on parents
- How a COVID-19 recession will reshape Millennials
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- Figure 9: Experienced and expected loss of employment income, by age, May 28-June 2, 2020
- COVID-19: US context
The Market – What You Need to Know
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- One in four Americans is a Millennial
- Inequalities in education and earnings along racial lines
- 30 is still the new 20
- Two different worlds
Millennials by the Numbers
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- Millennials are not homogenous
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- Figure 10: US population by generation, 2020
- Don’t overlook the multicultural Millennial market
- Hispanic Millennials
- Black Millennials
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- Figure 11: US civilian noninstitutionalized population aged 25-44, by race and Hispanic origin, 2019
Education, Employment and Earnings
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- Higher education gives some Millennials a slight financial edge
- Stuck with debt
- Advantages for accumulating wealth
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- Figure 12: Percentage with bachelor’s or graduate degree, by age, 2019
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- Figure 13: Median wealth among families with heads of household born between 1981 and 1996, 2016
- Educational attainment is one factor in income disparity
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- Figure 14: Educational attainment, among adults aged 25-44, by race and Hispanic origin, 2019
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- Figure 15: Median total household income in 2018 among householders aged 25-44, by race and Hispanic origin
- Millennials represent largest generation in the workforce
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- Figure 16: Employed persons by age and employment sector, annual average, 2019
Families and Households
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- Adults continue to delay marriage
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- Figure 17: Living arrangements of adults aged 25-34, living with spouse, 1970-2019
- Millennials still rely on Baby Boomer-aged parents
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- Figure 18: Age of Millennials’ parents, February 2020
- More are living with their parents into their 30s
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- Figure 19: Living arrangements of adults aged 25-34, living with parents, 1970-2019
- Household income gets a boost after mid-thirties
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- Figure 20: Median total household income in 2018, by age of householder
- Age 35 represents a significant threshold
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- Figure 21: Marital status by age, 2019
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- Figure 22: Parents with co-resident children under 18, by parent age, 2019
- Boomer grandparents offer time and funding
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- Figure 23: Involvement of Baby Boomer grandparents, February 2020
- Homeownership is happening later
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- Figure 24: Homeownership rates for the US, by age of householder, 1982-2019
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- Figure 25: Homeownership rates for the US, by type of household, among householders aged 25-44, 2019
Key Trends – What You Need to Know
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- Millennials could use some guidance with domesticity
- Homeownership may still be out of reach for some
- Benefits are great if you can get them
What’s Working
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- Whirlpool helps give moms a break
- Business on top, party on the bottom
- Most Millennials agree they’re becoming more like their own parents
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- Figure 26: Millennials’ attitudes toward their parents, among homeowners and non-homeowners, February 2020
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- Figure 27: Dr. Rick | Group Outing | Progressive Insurance Commercial, April 2020
What’s Struggling
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- Millennials’ health is declining faster than Gen Xers
- Cities see an exodus
- Homeownership gets tougher for Younger Millennials
What’s Next
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- The disruption of dentistry
- Employer-sponsored activism
- Legacy brands are breaking through
The Consumer – What You Need to Know
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- Younger Millennials feel life has improved
- Success is a job with benefits and owning a home
- Optimized Millennials build sense of self around skills and talents
- Millennial parents seem to have it all
- For many, youthful career ambitions did not see fruition
- Black Millennials face more challenges
Outlook on Life
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- Financial security not as certain as emotional support
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- Figure 28: Millennials’ feelings about emotional support and financial resources, February 2020
- Millennials feel their lives have improved
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- Figure 29: Millennials’ perspective on their lives vs 10 years ago, February 2020
- Figure 30: Improvement compared to 10 years ago, Younger vs Older Millennials, February 2020
- Feelings of gratitude are strong, but fewer feel stable or content
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- Figure 31: Millennials’ feelings about life, indexed against total adults, February 2020
- Black Millennials more frustrated and disappointed than others
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- Figure 32: Millennials’ feelings about life, by race and Hispanic origin, February 2020
Signs of Success
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- Homeownership, a good job and savings define success
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- Figure 33: Signs of success in America, February 2020
- Younger Millennials still reach for the stars
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- Figure 34: Signs of success in America, Younger vs Older Millennials, February 2020
- Women’s needs and motivations inform their concept of success
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- Figure 35: Signs of success in America, men vs women, February 2020
- Black Millennials face greater challenges to achieving success
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- Figure 36: Signs of success in America, men vs women, February 2020
Millennial Identity
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- Millennials were raised to optimize their skills and talents
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- Figure 37: Elements that influence Millennials’ personal identity, February 2020
- Becoming a parent dramatically changes one’s sense of self
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- Figure 38: Influence of skills and talents on Millennials’ personal identity, February 2020
- Figure 39: Influence of role in family on Millennials’ personal identity, February 2020
- Brand Spotlight: Facebook Portal
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- Figure 40: “Thank-You” Portal advertisement, April 2020
- Racial/cultural background is important for multicultural Millennials
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- Figure 41: Influence of role in family on Millennials’ personal identity, February 2020
Parenting
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- Marriage and kids more likely to mean success for younger generations
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- Figure 42: Signs of success in America, marriage and parenthood, by generation, February 2020
- Parents have a more positive outlook than Millennials without kids
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- Figure 43: Millennials’ feelings about life, by presence of children in household, February 2020
- Dads think they’re killing it
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- Figure 44: Millennial attitudes toward success and expectations, February 2020
- Brand Spotlight: Clorox
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- Figure 45: Fight Back with Clorox - Basketball TV, September 2020
- Teaching hard work and respect are top parenting goals for Millennials
- Modeling religious devotion is more important to Black Millennials
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- Figure 46: Manners Millennial parents would want to teach their own kids, February 2020
Career
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- Career hopes were high
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- Figure 47: Millennial attitudes toward success and expectations, February 2020
- One third say they did not get a job they were qualified for
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- Figure 48: Percentage did not get a job they were qualified for, by gender, race, Hispanic origin, February 2020
- The higher the hopes, the greater the potential for disappointment
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- Figure 49: Agreement that career has been disappointing, February 2020
- Black and Hispanic Millennials are especially disappointed
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- Figure 50: Agreement that their career has been disappointing, by race and Hispanic origin, February 2020
Appendix – Data Sources and Abbreviations
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- Data sources
- Consumer survey data
- Abbreviations and terms
- Abbreviations
- Terms
Data Appendix – The Consumer
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- Figure 51: Share of Millennials looking forward to returning to their exercise routine, April-June 2020
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- Figure 52: Educational attainment, among adults aged 25+, 2019
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- Figure 53: Higher priorities since COVID-19 outbreak, June 11-24, 2020
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- Figure 54: Anticipating future activities, June 11-24, 2020
- TURF Analysis Methodology
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- Figure 55: Table - TURF analysis – Success in America, February 2020
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- Figure 56: TURF analysis – indicators of success in America, among Millennials, February 2020
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