Table of Contents
Executive Summary
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- Top takeaways
- Market overview
- A segment in transition: one generation, two life stages
- The double shift of moms with young children (ie Millennial moms) is amplified
- COVID-19 potentially shakes up financial priorities
- Impact of COVID-19 on Millennials and their outlook on life
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- Figure 1: Short-, medium- and longer-term impact of COVID-19 on Millennial outlook on life
- Opportunities and challenges
- Adult identities are defined by priorities, current conditions impact perceptions of personal success
- Millennial outlook on life was already low entering pandemic; pandemic conditions make it worse
- Millennials rely heavily on their social networks for emotional support and stress management
The Market – Key Takeaways
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- Millennials are a segment in transition
- Millennial moms are under more pressure due to shifts in household dynamics
- The struggle to balance debt reduction and enjoyment of experiences is valid
Market Factors and Opportunities
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- One in four Canadian adults are Millennials
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- Figure 2: Canadian population, by age group, 2019
- It’s a transitional phase: one generation, two life stages
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- Figure 3: Parental status of Millennials; older vs younger Millennials, March 2020
- Household dynamics are squeezing Millennial moms
- More parents, led by moms, are working full time
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- Figure 4: Employment status of couple families with at least one child aged under 16, 1976 and 2015
- Millennial women grew up watching moms do double duty and internalized it
- The pandemic exposes inequity in the household, possibly reversing progress
- The struggle to balance debt reduction and enjoying experiences is real
- The struggle existed well before the pandemic
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- Figure 5: How extra money is spent, February 2020
- Post-pandemic pressures changes the struggle
Competitive Strategies
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- Meeting Millennial needs through the lens of the Wellbeing Trend Driver
- There really is comfort in self-care for Millennial women
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- Figure 6: ‘Taking relaxing baths/showers’ as an activity used to manage stress, Millennial women vs overall, March 2020
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- Figure 7: Lush Instagram post, March 2020
- Meeting Millennial needs through the lens of the Technology Trend Driver
- Gaming will become a more mainstream mental health resource
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- Figure 10: ‘Playing video games’ as an activity used to manage stress, Millennial men vs overall, March 2020
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- Figure 11: ‘Played video games together more than usual’ with their family as a results of the pandemic, fathers vs mothers, June 2020
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- Figure 12: Play Great Games Together – Nintendo Switch, May 2018
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- Figure 13: Akili Interactive Facebook post, April 2020
- Meeting Millennial needs through the lens of the Experiences Trend Driver
- Communicating serious messages will have more traction if they’re fun
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- Figure 14: “I’d rather spend money on experiences than things” (% any agree), by generation, June 2019
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- Figure 15: No Frills Instagram post, May 2020
- Figure 16: A Cart Apart – A No Frills Track, May 2020
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- Figure 17: No Frills Instagram post, September 2020
- Figure 18: No Frills Presents: Haulin' State Of Mind, September 2020
- Meeting Millennial needs through the lens of the Value Trend Driver
- Creatively rewarding consumers for ‘good behaviour’ will matter to Millennials
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- Figure 19: No Frills Instagram post, September 2020
- Meeting Millennial needs through the lens of the Identity Trend Driver
- It’s personal: Millennials choose brands that represent their personal values
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- Figure 20: “The brands I use reinforce the image I want to portray” (% any agree), by generation, June 2019
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- Figure 21: Kraft Heinz Canada Instagram post, October 2020
The Consumer – Key Takeaways
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- Personal identities are informed by how they spend their time
- Millennial outlook on life is the least positive compared to other generations
- Social networks are key for emotional support and managing stress
Defining Personal Identity
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- One generation, two life stages
- Parenting is the great divide in how Millennials see who they are
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- Figure 22: Top three factors that have the greatest influence on personal identity (any rank), Millennial parents with under-18s at home vs Millennial non-parents, March 2020
- ‘Role in my family’ is foundational to the identity of Millennial parents
- The evolving sense of ‘adulthood’ qualitatively changes attitudes towards parenthood
- Traditional notions linger and negatively impact Millennial mothers’ feelings of personal success
- Millennial moms need ‘permission’ for self-care
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- Figure 23: Michelle Obama Instagram post, July 2019
- Helping them find ‘little’ moments will go a long way – think micro-moments
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- Figure 24: Solly Baby post, October 2020
- Traditional notions linger: Millennial fathers need acknowledgement and guidance
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- Figure 25: #TakeTheTime | Bonding, June 2019
- Figure 26: Dove Men+Care Global Channel, August 2020
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- Figure 27: Dove Men+Care Global Channel, September 2020
- Skills, talents, hobbies and interests form the bedrock of Millennial non-parents’ identities
- Adult Identities are based on activities they spend time on
- Meet them where they’re at and tap into broader interests
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- Figure 28: Second Harvest Facebook post, August 2020
Outlook on Life
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- Compared to other generations, Millennials are not in a happy place
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- Figure 29: Short-, medium- and longer-term impact of COVID-19 on Millennial outlook on life
- Even before the pandemic, they felt less stable, less content, less hopeful
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- Figure 30: Outlook on life, Gen Z vs Millennials and older generations, March 2020
- Strains on time and finances due to their current lifestage drive the more negative outlook
- In the re-emergence phase, Millennials need acknowledgement of their challenges
- Let them know they’re not alone, that there’s joy for all in finding deals
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- Figure 31: PC Financial | Cake Mix, May 2019
- Highlight the emotional toll that comes with being financially strapped
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- Figure 32: Money Talks Story #1 – Sophia + Imran, December 2018
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- Figure 33: Money Talks Story #2 – Alyssa + Keith, December 2018
- Counter the stereotype and highlight the mental health benefits of spending on experiences
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- Figure 34: Yocha Earl Grey & Lavender Stress Away Kombucha (Singapore), March 2020
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- Figure 35: NightFood Instagram post, July 2020
- Children are literally a game changer when it comes to outlook on life
- Emotional gains outweigh challenges for Millennial parents
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- Figure 36: Outlook on life, Millennial parents with under-18s at home vs Millennial non-parents, March 2020
- The pandemic challenges the amount of joy derived
- Consider leveraging social and entertainment platforms to acknowledge challenges
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- Figure 37: Netflix Instagram post, April 2020
- Leverage social platforms to authentically address emotions
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- Figure 38: Chrissy Teigen Instagram post, October 2020
- Show how products or services can help win back precious moments
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- Figure 39: PC Express – The Talk 30sec, May 2019
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- Figure 40: Kraft Mac & Cheese Instagram post, August 2020
- Figure 41: Kraft Mac & Cheese For Breakfast (Canada), August 2020
- Empowerment needs to be the theme now and into the recovery phase
- Millennial women non-parents need more resources to build confidence in financial management
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- Figure 42: Feeling anxious when thinking of life right now, Millennial parents vs non-parents by gender, March 2020
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- Figure 43: Wealthsimple Instagram post, November 2017
- Figure 44: Wealthsimple Instagram post, November 2017
- A clearer path towards a solid financial foundation and a comfortable retirement will count
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- Figure 45: Wealthsimple Instagram posts, August 2020
- Figure 46: Wealthsimple Instagram posts, September 2020
- Building a stronger connection to their surroundings will matter more in the recovery phase
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- Figure 47: Sobeys Instagram post, January 2020
Emotional Support and Managing Mental Wellness
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- It’s all about the social network, especially now
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- Figure 48: Most important sources of emotional support for Millennials (any rank), March 2020
- Give them avenues to show that they’re thinking of each other
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- Figure 49: Taco Bell Facebook post, October 2020
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- Figure 50: Taco Gifter - Inside the Experience, October 2020
- The social support network includes their Boomer parents
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- Figure 51: Most important sources of emotional support (any rank), Millennials vs overall, March 2020
- Give them avenues to show that they’re thinking of their Boomer parents
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- Figure 52: Happy Meal Senior, July 2020
- Focusing on the parental relationship is a good way to connect with Millennial women non-parents
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- Figure 53: Tim Hortons True Stores TV Commercial – Dad’s Place, March 2016
- Reposition activities so that interactions are more meaningful
- Millennial parents: an educational component provides fodder for bonding and emotional comfort
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- Figure 54: America’s Test Kitchen Kids Instagram post, October 2020
- Create ‘space’ in commonly used platforms to connect with Millennial women and men
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- Figure 56: Types of activities used to manage stress, Millennial women vs Millennial men, March 2020
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- Figure 57: Yoga Tree Studios Toronto Instagram post, August 2020
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- Figure 58: Fortnight Instagram post, June 2020
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- Figure 60: Sentosa Island Instagram post, May 2020
Appendix – Data Sources and Abbreviations
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- Data sources
- Consumer survey data
- Abbreviations
- Terms
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