Table of Contents
Overview
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- What you need to know
- This Report looks at the following areas
- Definition
- COVID-19: market context
Executive Summary
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- Top takeaways
- Market overview
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- Figure 1: Population by generation, 2021
- Impact of COVID-19 on Millennials
- Millennials are faced with income setbacks
- Homeownership continues to be delayed
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- Figure 2: Short-, medium- and long-term impact of COVID-19 on Millennials, June 2021
- Opportunities and challenges
- Millennials are overwhelmed trying to keep up with life
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- Figure 3: Self-perceptions, indexed to total adults, February 2021
- Prioritizing financial stability and independence
- Older Millennials are prioritizing parenthood
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- Figure 4: Dating and relationship preferences, indexed to total adults, February 2021
- Brand presence on social media is essential
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- Figure 5: Millennials’ social media associations, February 2021
- Millennials want more than a low price
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- Figure 6: Purchasing value, indexed to total adults, February 2021
Target Audience – Key Takeaways
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- Millennials are the largest generation
- They continue to delay milestones
- Careers are a part of their identity
- Looking for ways to improve their personal world
Millennials by the Numbers
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- Millennials are the largest generation in the US
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- Figure 7: Population by generation, 2021
- Two distinct cohorts – Younger and older Millennials
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- Figure 8: Share of population by generation with Millennials broken out, 2021
- Majority of Millennials live on their own or with a partner
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- Figure 9: Living arrangements of adults 18 to 64 years old, 2020
- Homeownership rates are better, but still not where they should be
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- Figure 10: Homeownership rate, by age of householder, 2020
- Many continue to delay marriage until they feel more stable
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- Figure 11: Marital status, by age, 2020
- The majority of parents are Millennials
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- Figure 12: Share of households with own children under age 18, by age of householder, 2020
Market Factors
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- Impact of COVID-19 on Millennials
- Immediate impacts (2020)
- Short term (2021)
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- Figure 13: Top three things Millennials are looking forward to post COVID-19, indexed to all adults, April 2021
- Recovery (2022-25)
- Millennials are still playing income catch-up
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- Figure 14: Household income distribution, shares by age of householder, 2019
- Young millennial employment impacted by pandemic layoffs
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- Figure 15: Millennial employment, February 2021
- Millennial career outlook
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- Figure 16: Career opinions, indexed to total adults, February 2021
- Shift toward more flexibility is the future workplace preference
- Work from home may stunt creativity
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- Figure 17: Career opinions, indexed to total adults, February 2021
Market Opportunities
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- Provide nonjudgmental financial help and resources
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- Figure 18: Confidence in adulting, indexed to total adults, February 2021
- Encourage home and apartment improvement
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- Figure 19: Reasons for undertaking home projects, indexed to total adults, October 2021
- Help them organize and minimize
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- Figure 20: Color-coded organization, February 2021
- Making mental health a priority
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- Figure 21: Stop procrastinating self-care, March 2021
Companies and Brands – Key Takeaways
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- Brands encourage Millennials to take care of their psychological wellbeing
- Community reminds Millennials they aren’t alone
- Brands appeal to Millennials’ need for security and perfection
Competitive Strategies
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- Mintel Global Trend Drivers
- Mintel Trend Driver: Wellbeing
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- Figure 22: Mintel Trend Driver, Wellbeing
- Promoting products as self-care
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- Figure 23: You deserve wellness, January 2021
- Give Millennials permission to say “no”
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- Figure 24: Pure Leaf Tea No Is Beautiful, March 2021
- Mintel Trend Driver: Identity
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- Figure 25: Mintel Trend Driver, Identity
- Help Millennial purchases support communities in need
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- Figure 26: Sugar Scrub In-House, February 2021
- Use competition to create community
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- Figure 27: Peloton homecoming, May 2021
- Remind Millennials of the meaning behind small acts
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- Figure 28: Let’s Grab a Beer, February 2021
- Improve a sense of resiliency through community
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- Figure 29: You Can’t Stop Us, July 2020
- Mintel Trend Driver: Rights
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- Figure 30: Mintel Trend Driver, Rights
- Appeal to Millennials’ need to be more than “pretty sure”
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- Figure 31: Certain Is Better Rocket Mortgage commercial, February 2021
- Help Millennials avoid hazards
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- Figure 32: T-Mobile Big Game 2021, February 2021
The Consumer – Key Takeaways
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- Becoming a parent shifts Millennials’ identity
- Appearances matter to Millennials
- Millennials desire to be financially independent
- Social media is an important platform for Millennial communication
- They expect brands to provide more
Millennials’ Self-perceptions
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- Millennials feel unique, but lack resilience
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- Figure 33: Self-perceptions, indexed to total adults, February 2021
- Increased income results in more feelings of practicality and resilience
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- Figure 34: Self-perceptions, by income, February 2021
- Parental status shifts Millennials’ self-view
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- Figure 35: Self-perceptions, by parental status, February 2021
Relationships and Social Circles
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- More weight is placed on becoming a parent than finding a spouse
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- Figure 36: Dating and relationship preferences, indexed to total adults, February 2021
- Younger Millennials are career focused, while older Millennials prioritize family
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- Figure 37: Dating and relationship preferences, by Millennial segments, February 2021
- Women see last name as an important part of their personal identity
- Keeping finances separate to combat marriage challenges
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- Figure 38: Highs and lows of marriage, indexed by total population, February 2021
- Men consult their spouse less than women
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- Figure 39: Highs and lows of marriage, by gender, February 2021
Technology and Social Media
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- Social media usage
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- Figure 40: Millennials’ social media usage, February 2021
- Social media platform associations
- Facebook and Twitter
- Instagram and TikTok
- YouTube
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- Figure 41: Millennials’ social media associations, February 2021
- Millennials use social media as a multidimensional tool
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- Figure 42: Technology opinions, indexed to total adults, February 2021
- Less concerned with data privacy
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- Figure 43: Interacting with people preferences, February 2021
- Millennials have their own definitions of “real” and “aspirational”
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- Figure 44: Online content preferences, February 2021
Increasing Brand Value
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- Ethical claims and recommendations encourage Millennials’ purchases
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- Figure 45: Top items requested at homeless shelters, March 2021
- Influence of friends
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- Figure 46: Purchasing value, indexed to total adults, February 2021
- Purchasing local resonates with smaller communities
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- Figure 47: Purchasing local, by area, February 2021
- Millennials are the only generation more focused on experiences
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- Figure 48: Spending preferences, February 2021
- Look to brands to help support causes when they can’t
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- Figure 49: Supporting causes preferences, February 2021
Appendix – Data Sources and Abbreviations
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- Data sources
- Consumer survey data
- Consumer qualitative research
- Direct marketing creative
- Abbreviations and terms
- Abbreviations
Appendix – The Market
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- Figure 50: Marital status, by age, 2020
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