Table of Contents
Executive Summary
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- Market overview
- Top takeaways
- Impact of COVID-19 on Black Millennials
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- Figure 1: Short-, medium- and longer-term social and consumer issues and impacts of COVID-19 on Black Millennials, June 2020
- The insights
- Black Millennials are grateful and hope for the best amidst some concerns
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- Figure 2: Black Millennials’ perspectives on life, indexed to all Millennials, March 2020
- Black Millennials are accomplished, but still beleaguered by financial shortcomings
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- Figure 3: Black Millennials’ personal achievement and success in America – Financial, March 2020
- Black Millennials are concerned about America’s future
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- Figure 4: Black Millennials’ future outlook – American society, indexed to all Millennials, March 2020
- Black Millennials do more with less
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- Figure 5: Where Black Millennials spend extra money, indexed to all Millennials, March 2020
- Black Millennials support the brands that support them
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- Figure 6: Black Millennials’ brands and beliefs, indexed to all Millennials, March 2020
- The opportunities
- Create financial security products and services that will be of value to Black Millennials
- Offer brand transparency and accountability when showing support
- What it means
Impact of COVID-19 on Black Millennials
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- What you need to know: it’s not business as usual
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- Figure 7: Short-, medium- and longer-term social and consumer issues and impacts of COVID-19 on Black Millennials, June 2020
- Opportunities
- Impact of COVID-19 on Black consumers
- High unemployment plus capital infusion will drive entrepreneurship
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- Figure 8: PayPal $530 million and Bank of America $1 billion announcements, June 2020
- Stagnant Black consumer wealth may further erode future financial security
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- Figure 9: Homeownership rate, non-Hispanic White vs Black, 1994-Q1 2020
- Vulnerable Black-owned businesses may permanently close
- How the COVID-19 crisis will affect Black Millennials
- Older Black Millennials at higher risk
- Younger Black Millennials struggling to achieve success will experience a setback
- Black Millennial women will balance self-care with survival
- How a COVID-19 recession will reshape Black Millennials’ future
- Sharp rise in unemployment will impact ability to pay everyday bills
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- Figure 10: Monthly unemployment rate, by race and Hispanic origin, January 2007-May 2020
- Black consumers across educational attainment will struggle to pay for essentials
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- Figure 11: Inability to pay current month’s bills and cover a $400 emergency expense, by race and Hispanic origin and educational attainment, 2018
- Black consumer confidence in 2020 recession unlikely to mirror confidence during 2007-09 recession
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- Figure 12: Black consumers’ economic perceptions, by economic perceptions, April 2020
- COVID-19: US context
The Market – What You Need to Know
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- There are nearly 12 million Black Millennials
- Black Millennials earn less than their peers
- Homeownership is a difficult goal to reach, even in good economic times
- Most Black Millennials are single
- Black Millennials want access to all types of content
Black Millennials by the Numbers
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- Black Millennials account for about one quarter of the Black population
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- Figure 13: Distribution of generations, by race and Hispanic origin, 2020
- Figure 14: Distribution of generations, by race and Hispanic origin, 2019
- Black Millennials may hold off on parenthood – for now
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- Figure 15: Households with related children, by race and Hispanic origin of householder, 2018
Characteristics of Black Millennials
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- Black Millennials are more likely to be single
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- Figure 16: Marital and partnership status, total and Black, and aged 25-44, October 2018-December 2019
- Black Millennials earn less than their peers
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- Figure 17: Personal income distribution and median income among people aged 25-44, by race and Hispanic origin, 2018
- Black Millennials’ financial independence impacts their college experience
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- Figure 18: Educational attainment of people aged 25-44, by total and Black, 2019
- Educational attainment does not equate to earnings equity for younger Black Millennials
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- Figure 19: Median annual earnings of 25-34 year olds with a bachelor’s degree, by select occupations, by race and Hispanic origin, 2017
- Black homeownership trails the average
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- Figure 20: Homeownership, by race/Hispanic origin of householder, 2002-19
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- Figure 21: Homeownership, by age groups <25-44, 2019
- Most Black Millennials have health insurance, but recent job losses can impact coverage
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- Figure 22: Types of insurance owned, total and Black, October 2018-December 2019
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- Figure 23: Medical insurance policy source, total and Black, October 2018-December 2019
Market Perspective – Media and Content
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- Black Millennials subscribe to everything
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- Figure 24: Black consumers’ media consumption, Black total and Millennials, December 2019
- Engagement in messaging driven by consumer control and content
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- Figure 25: Black Millennials’ path-to-purchase media behavior, December 2019
- Black Millennials’ familiarity with traditional and digital devices drive consumption
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- Figure 26: Black Millennials’ content consumption preferences, December 2019
Key Trends – What You Need to Know
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- Many Black Millennials are one financial misstep away from trouble
- Black Millennials were impacted early during lockdown, but still hopeful
- Brands express support for Black Millennials, but will need to step up and take action
What’s Happening with Black Millennials and the Economy
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- Most Black Millennials live paycheck to paycheck
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- Figure 27: Black consumers’ current financial situation, by generation, April 2020
- Black Millennials express realism in their economic future
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- Figure 28: Black consumers’ perceptions on the American economy, by generation, April 2020
- Black Millennials are hopeful amidst economic loss
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- Figure 29: Black consumers’ financial outlook, by generation, April 2020
What to Watch
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- Black Millennials demand partnership from brands
- A shift in messaging
- Issuing a challenge
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- Figure 30: Pull Up Or Shut Up challenge, June 3, 2020
- Figure 31: L’Oréal response to protests, June 3, 2020
- Figure 32: L’Oréal response to Pull Up Or Shut Up challenge, June 5, 2020
The Consumer – What You Need to Know
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- Most Black Millennials live comfortably, but some life goals seem far away
- Black Millennials are thankful, but still want more
- Dwindling faith in institutions drive Black Millennials’ concern for future of America
- Black Millennials believe the government has power to fix societal ills
- Black Millennials are able to afford their needs and some wants
- Brands that support Black Millennials’ causes will earn their dollars
What it Means to be Successful in America
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- Ever elusive financial security defines success for Black Millennials
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- Figure 33: Black Millennials’ perceptions of success in America, March 2020
- Younger Millennials seek control over their career and finances
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- Figure 34: Success in America, by younger and older Black Millennials, March 2020
- Affluent Black Millennials see their dreams within their reach
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- Figure 35: Success in America, by Black Millennials’ household income, March 2020
Personal Benchmarks of Achievement
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- Some Black Millennials are living their dreams
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- Figure 36: Black Millennials’ personal achievements, indexed to all Millennials, March 2020
- Black Millennials seek greater financial stability
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- Figure 37: Black Millennials’ personal achievement and success in America – Financial, March 2020
- Lived personal experiences are expected – not a part of “success”
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- Figure 38: Black Millennials’ personal achievement and success in America – Lived experiences, March 2020
- Nearly half of Black Millennials live a middle-class lifestyle
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- Figure 39: Black consumers’ personal achievement, by generation, March 2020
- Black Millennial men’s higher earnings offer financial security
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- Figure 40: Black Millennials’ personal achievement, by gender, March 2020
- Multiple sources of income allow Millennials to lead a comfortable life
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- Figure 41: Black Millennials’ personal success, by number of income sources, March 2020
Perspectives on Life
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- Gratitude and hope are universal among all Millennials
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- Figure 42: Black Millennials’ perspectives on life, indexed to all Millennials, March 2020
- Younger Millennials are hopeful, yet still express concern for their life’s direction
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- Figure 43: Black consumers’ perspectives on life, by generation, March 2020
- Low-income earners are discontented, but believe their goals are still attainable
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- Figure 44: Black Millennials’ perspectives on life, by household income, March 2020
Outlook for America’s Future
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- Black Millennials have little faith in American society
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- Figure 45: Black Millennials’ future outlook – American society, indexed to all Millennials, March 2020
- Women’s concern for American society heightened toward election season
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- Figure 46: Black Millennials’ future outlook – American society, by gender, March 2020
- Younger Millennials show apprehension for the future
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- Figure 47: Black consumers’ future outlook – American society, by generation, March 2020
Solving Social Issues – Who’s Responsible?
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- Responsibility for resolution is divided between public goods and societal issues
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- Figure 48: Black Millennials’ perception of who should be responsible for social issues, March 2020
- Black Millennials’ lack of belief in institutions rooted in a lack of action
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- Figure 49: Black Millennials’ perception of responsibility for social issues – Government, indexed to all Millennials, March 2020
- Personal experiences with discrimination in the workplace drive expectations for social change
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- Figure 50: Black Millennials’ perception of responsibility for social issues – Brands and companies (NET), indexed to all Millennials, March 2020
- Black Millennials’ reliance on each other will drive any change they see
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- Figure 51: Black Millennials’ perception of responsibility for social issues – Individuals like me, indexed to all Millennials, March 2020
Where Extra Money is Spent
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- Black Millennials earn less, but try to do more with their money
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- Figure 52: Where Black Millennials spend extra money, indexed to all Millennials, March 2020
- Returning to a fun lifestyle may be important to younger Millennials in the medium term
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- Figure 53: Where Black consumers spend extra money, by generation, March 2020
- Women typically treat themselves and may be first to return to normal frequency
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- Figure 54: Where Black Millennials spend extra money, by gender, March 2020
- Parents more likely to balance their financial future with entertaining the family
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- Figure 55: Where Black Millennials spend extra money, by parental status, March 2020
Brands and Beliefs
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- Black Millennials expect brands to choose a side
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- Figure 56: Black Millennials’ brands and beliefs, indexed to all Millennials, March 2020
- Older Black Millennials most likely to vote with their wallet
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- Figure 57: Black consumers’ brands and beliefs, by generation, March 2020
Appendix – Data Sources and Abbreviations
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- Consumer survey data
- Abbreviations
- Abbreviations
Appendix – The Consumer
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- Figure 58: Marital and partnership status, total and Black, October 2018-December 2019
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- Figure 59: Types of insurance owned, total and Black, October 2018-December 2019
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- Figure 60: Medical insurance policy source, total and Black, October 2018-December 2019
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