Table of Contents
Executive Summary
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- Top takeaways
- Market overview
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- Figure 1: Population by generation, 2021
- Figure 2: Distribution of generations by race and Hispanic origin, 2021
- Impact of COVID-19 on Millennials
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- Figure 3: Short-, medium- and long-term impact of COVID-19 on Millennials, June 2021
- Opportunities and challenges
- Connect on social to provide convenience
- Creating Millennial communities
- Offer flexible shopping options to help Millennials manage budgets
Millennials by the Numbers – Key Takeaways
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- Connecting with the largest generation
- COVID-19 disrupted lifestyles and spurred new habits for Millennials
- Rocky unemployment and recessions create a generation seeking deals
Millennials by the Numbers
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- Millennials remain a force to be reckoned with
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- Figure 4: Population by generation, 2021
- Millennial Demographics
- One of the most diverse generations
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- Figure 5: Distribution of generations by race and Hispanic origin, 2021
- Gender splits evenly
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- Figure 6: Millennials by gender, 2021
- Impact of COVID-19 on Millennials
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- Figure 7: Attitudes toward researching, February 2021
Market Factors
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- Up and down unemployment leads to a generation of deal hunters
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- Figure 8: Unemployment and underemployment, January 2007-April 2021
- Tech bridges the online and offline shopping journey
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- Figure 9: CocoKind uses on-pack QR codes to share product info
- Privacy and data collection will shape future online shopping experience
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- Figure 10: Apple’s app tracking transparency
- Environmental practices are no joke to consumers
Companies and Brands – Key Takeaways
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- Using experiences to drive engagement
- Environmental initiatives are a must-have
- Leveraging social along the shopping journey
- BNPL offerings help Millennials better manage expenses
Competitive Strategies
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- Leveraging experiences to connect with consumers
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- Figure 11: FabFitFun customization
- Tapping into Millennials’ desire for environmental initiatives
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- Figure 12: Lululemon highlights resale initiative
- Providing Millennials with safe, secure and smooth shopping
Market Opportunities
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- Using social to connect, play, and shop
- Partnering with BNPL platforms to provide Millennials (financial) pliability
- Use DTC options to connect with Millennials
The Consumer – Key Takeaways
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- Connect with the largest generation
- Use social media to streamline the shopping journey
- Combining platforms for a cohesive conversation
- Giving Millennials a voice in their rewards
- Equipping Millennials to make informed decisions
Understanding Millennials
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- Millennials maintain a prominent online shopping presence
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- Figure 13: Millennials online shopping frequency, February 2021
- Older Millennials look for their prime partners
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- Figure 14: Millennials online shopping frequency, by older/younger millennials, February 2021
- COVID-19 pushed Millennials’ reliance on ecommerce
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- Figure 15: Online shopping frequency – COVID-19 related, February 2021
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- Figure 16: Abercrombie hosts live social shopping event
- Categories Shopped
- Millennials shop online across categories
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- Figure 17: Items bought online, February 2021
- The need for omnichannel options
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- Figure 18: Where items are purchased, February 2021
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- Figure 19: Nordstrom assistance online
Retailers Shopped
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- Giving Millennials many ways to shop
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- Figure 20: Retailers shopped online, February 2021
- Reaching all with Amazon, connecting differently with beauty
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- Figure 21: Retailers shopped online, by gender, February 2021
- Being a partner for parents
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- Figure 22: Retailers shopped online, by parental status, February 2021
Learning and Information
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- Use a full repertoire of platforms to reach Millennials
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- Figure 23: Trusted sources, February 2021
- Older Millennials go for established channels; Younger seek out emerging options
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- Figure 24: Trusted sources, by older and younger millennials, February 2021
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- Figure 25: Hollister Social Tourist launch on TikTok
- Building communities and tangible access to products
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- Figure 26: Trusted sources, by gender, February 2021
- Being part of the parental community
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- Figure 27: Trusted sources, by parental status, February 2021
Behaviors Online
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- Personally rewarding Millennials
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- Figure 28: Behaviors before purchase, February 2021
- Keeping new and rewarding consumers for loyalty
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- Figure 29: Behaviors before purchase, by gender, February 2021
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- Figure 30: T-Mobile Tuesdays
- Value is sought across the board
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- Figure 31: Behaviors before purchase, by HHI, February 2021
Important Factors When Shopping Online
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- Acing the basics and excelling in the experience
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- Figure 32: Important online shopping factors, February 2021
- Personalization is a significant aspect of ecommerce for Millennials
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- Figure 33: Top ranked online shopping factors, February 2021
- Using each ecommerce element to connect differently with males and females
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- Figure 34: Important online shopping factors, by gender, February 2021
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- Figure 35: Shopping on LG TV
Attitudes toward Shopping Online
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- Easing the search online
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- Figure 36: Attitudes toward researching, February 2021
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- Figure 37: Consumer Reports Instagram
- Parents investigate more and feel more overwhelmed
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- Figure 38: Attitudes toward researching, by parental status, February 2021
- Millennials put their money where their mouth is
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- Figure 39: Attitudes toward brand values, February 2021
- More Millennial males research, but all want to feel good about their purchase
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- Figure 40: Attitudes toward brand values, by gender, February 2021
- Millennials seek convenience in all aspects
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- Figure 41: Attitudes toward shopping habits, February 2021
- Parents need strong partners
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- Figure 42: Attitudes toward shopping habits, by parental status, February 2021
- Social media is a critical path to reach Millennials
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- Figure 43: Attitudes toward social media, February 2021
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- Figure 44: HelloFresh seeks to engage consumers via social
- Millennials with higher incomes more likely to engage on social
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- Figure 45: Attitudes toward social media, by HHI, February 2021
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- Figure 46: Gucci promotes virtual experiences via social
Appendix – Data Sources and Abbreviations
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- Data sources
- Consumer survey data
- Abbreviations and terms
- Abbreviations
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