Table of Contents
Executive Summary
-
- Impact of COVID-19 on Millennial lifestyles
-
- Figure 1: Short-, medium- and long term impact of COVID-19 on Millennial lifestyles, May 2021
- The market
- Millennials: an increasingly lucrative consumer base
-
- Figure 2: Age structure of the UK population, 2019
- The consumer
- Sources of Millennial Anxiety
-
- Figure 3: Concern levels for millennials across categories, December 2020
- Aspirations of a Successful Life
-
- Figure 4: Success factors for millennials, December 2020
- Changes in Millennial spending habits
-
- Figure 5: Consumption behaviours for millennials, December 2020
- Diversity of Friendship Circles
-
- Figure 6: Millennials emphasise on importance of having diverse group of friends , December 2020
- Millennials in the home
-
- Figure 7: Millennials add importance to homeware, February 2021
Issues and Insights
-
- Millennials’ financial confidence is shaken
- COVID-19 has intensified interest in health
- The home: a renewed focus
The Market – Key Takeaways
-
- The population of Millennials
- The pandemic adds financial pressure…
- …further delaying milestones
- Health becomes a greater priority
- Millennials stand for green values
Demographic Overview
-
- The impact of COVID-19 on Millennial lifestyles
-
- Figure 8: Short-, medium- and long-term impact of COVID-19 on Millennial lifestyles, May 2021
- The population of Millennials
-
- Figure 9: Age structure of the UK population, 2019
- Learnings from the last recession
Market Drivers
-
- Long-term economic concerns…
-
- Figure 10: Percentage owning with a mortgage by age group, selected years, England
- More millennials are living at home…
-
- Figure 11: Young adults aged 15-34 living with their parents by age and sex, UK, 2020
- Figure 12: Young adults aged 15-34 living with their parents by age, UK, 2018-20
- …and delayed having children
-
- Figure 13: Average age of mothers and fathers at the birth of their child, 1964 to 2017
- Facebook remains the preferred social platform
-
- Figure 14: Use of Top-5 social media networks in the last 3 months, by generation, 19-30 March 2020
- Protecting the planet: a priority
-
- Figure 15: Most important environmental issues, by generation, UK April 2018
- COVID-19 prompts health and fitness interest…
-
- Figure 16: Usage of health technology across demographics, July 2020
- …and fuelled mental health anxiety further
The Consumer – Key Takeaways
-
- Lockdown raises Millennials’ lifestyle anxiety
- Pandemic challenges financial security
- Challenging economic climate sees Millennials become ever-more value-oriented
- Millennials prioritising Health
- Millennials feel strongly about Diversity
- Millennials raising environmental awareness
- The Home: an opportunity for spending and innovating
Impact of COVID-19 on Consumer Behaviour
-
- Millennial exposure anxieties rise alongside age
-
- Figure 17: Anxiety about exposure to the coronavirus across generation, May 2021
- …and lifestyle concerns
-
- Figure 18: Worries around the outbreak’s impact on lifestyle across generations, May 2021
- Booming online spending
-
- Figure 19: Changes in shopping habits since the start of the outbreak
- The pandemic triggers greater interest in wellbeing
-
- Figure 20: Changes to priorities as a result of the outbreak, February 2021
- Mental wellbeing also important
- Millennials eager to return to travelling
-
- Figure 21: Millennials booking their main holiday, May 2021
- Millennials face financial challenges
-
- Figure 22: Changes in financial situation since the start of the outbreak, March 2021
Sources of Millennial Anxiety
-
- Pandemic proves leading cause of concern for UK Millennials…
-
- Figure 23: Concern levels for millennials across categories, December 2020
- …making health a higher priority
- Millennials face financial uncertainty
-
- Figure 24: Proportion of Millennials citing “Financial security” as a cause for concern, December 2020
- Women lag behind men in financial stability
- Millennials interest in the environment impacts their purchases
-
- Figure 25: Proportion of Millennials citing “the environment” as a cause for concern, December 2020
-
- Figure 26: Garnier switch to solid soaps and shampoo, November 2020
- Even as Millennials embrace self-love, image concerns remain
-
- Figure 27: Appearance concerns across gender and demographics, February 2020
- Opportunity for cosmetic procedures operators
- Love in the time of corona
- COVID-19 changing social circles
Aspirations of a Successful Life
-
- Millennials crave financial stability
-
- Figure 28: Success factors for millennials, December 2020
- Millennials seek career satisfaction beyond salary
-
- Figure 29: Proportion of Millennials who consider “having a job that you enjoy” and/or “having an interesting job” as factor indicative of a successful life, Younger vs Older Millennials, December 2020
- Health: an intensified focus
- Millennials approach family life differently than older generations
Changes in Millennial Spending Habits
-
- Lockdown increases spending on everyday items
-
- Figure 30: Consumption behaviours for millennials, December 2020
- Opportunity for food and drink brands to appeal to newly engaged shoppers
- Millennial men enjoy expanded role in-home
- Women save less than men…
-
- Figure 31: Financial savings behaviours for millennials, December 2020
- … Paving the way for more targeted financial services advice for women
-
- Figure 32: “Making Money Moves” Podcast
- Spending on fitness gear surges during pandemic…
-
- Figure 33: Consumer spending on fitness/exercise products and services, December 2020
- …while clothing wears down
- Millennials eager to travel
Diversity of Friendship Circles
-
- Diversity matters to Millennials
-
- Figure 34: Diversity within Millennial’s friendship groups, December 2020
- Improving diversity in advertising and product development…
- …but in organisations too
Millennials in the Home
-
- COVID-19 makes outdoor space more important than ever
-
- Figure 35: Millennial’s attitudes towards the home, December 2020
- The multifunctional home
- A window of opportunity for retailers on social media
-
- Figure 36: Millennial’s attitudes towards the home, December 2020
- Brands look to help out cash strapped Millennials decorate
- Millennials looking for zero waste interiors
-
- Figure 37: Millennials’ attitudes towards the home, December 2020
Appendix – Data Sources, Abbreviations and Supporting Information
-
- Abbreviations
- Consumer research methodology
Back to top