Table of Contents
Executive Summary
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- Top takeaways: what Black Millennials want
- Market overview
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- Figure 1: Estimated US Millennial population by race, in millions, 2021
- Impact of COVID-19 on Black Millennials
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- Figure 2: Short, medium and long term impact of COVID-19 on Black Millennials, 2021
- Opportunities and challenges
- Not all Black Millennials face the same financial challenges
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- Figure 3: Self-reported state of financial health, by household income, 2021
- Black Millennials show support for companies that support them
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- Figure 4: Drivers of brand loyalty, by generation, 2021
- Multiple strategies will work to reach Black Millennials online
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- Figure 5: Preferred advertising channels, 2021
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- Figure 6: Attitudes toward influence of social media influencers and celebrities, 2021
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- Figure 7: Attitudes toward advertisements, by generation, 2021
Target Audience – Key Takeaways
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- An audience of more than 11 million consumers
- Lower educational attainment puts Black Millennials at a disadvantage
- Black Millennial budgets will be tighter for a while
Black Millennials by the Numbers
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- One in four Black Americans is a Millennial
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- Figure 8: Estimated US Millennial population by race, in millions, 2021
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- Figure 9: Estimated US resident population, 2021
- Impact of COVID-19 on Black Millennials
- COVID-19 reduced Black adults’ life expectancy
- Lower COVID-19 vaccination rates among communities of color
- Youngest Black Millennials hit hardest by job losses
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- Figure 10: Unemployment rate of the civilian noninstitutional population by race, seasonally adjusted, 2020-21
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- Figure 11: Unemployment rate of the civilian noninstitutional population by race, seasonally adjusted annual averages for 2020
- Just over one third of Black Millennials feel their financial situation is healthy
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- Figure 12: Self-reported state of financial health, by household income, 2021
Characteristics of Black Millennials
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- Not all Millennials are on the same trajectory
- Marriage
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- Figure 13: Married share of the population, 2010-20
- Children
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- Figure 14: Households with related children under 18 in the household, by race and Hispanic origin of householder, 2020
- Figure 15: Households, by detailed type, 2020
- Other Millennials out-earn their Black peers
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- Figure 16: Median household income, by age of householder, 2019
- Education helps, but still doesn’t close the gap
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- Figure 17: Percentage of people aged 25 years and over who have completed college, by race, 2020
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- Figure 18: Mean annual earnings of workers aged 18 years and over, by educational attainment, 2019
- One in five Black Millennials becomes a homeowner by the age of 30
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- Figure 19: Homeownership rates by age of householder, Q1 2021
Market Factors
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- Among Black Millennials, unemployment rate remains above 8.5%
- Employment trends in the near future will vary by state
- Overall income will remain lower
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- Figure 20: Unemployment rate of the civilian noninstitutional population aged 25-39, by race, 2021
- Consumer prices are edging upwards
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- Figure 21: Consumer Price Index change from previous period, 2020-21
- Black consumers are avid social media users
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- Figure 22: Social media use, at least daily, among total and Black adults, 2021
Companies and Brands – Key Takeaways
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- Significant potential to reach this audience online
- Sephora sets an example for all beauty retailers
- Mintel Trend Driver Rights offers opportunities
Competitive Strategies
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- Partnering with Black influencers
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- Figure 23: Attitudes toward influence of social media influencers and celebrities, 2021
- Spotlight on The Crib Around the Corner
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- Figure 24: AT&T-sponsored TikTok channel for Black creators, 2021
- Corporate commitments to underserved communities
- Pledging support to Black-owned beauty brands
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- Figure 25: Attitudes toward grooming and personal appearance, by generation, 2021
Market Opportunities
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- Mintel Global Trend Drivers
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- Figure 26: Mintel Global Trend Driver, Rights
- Continue to empower Black Millennials
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- Figure 27: Drivers of brand loyalty, by generation, 2021
- Respect Black Millennials’ needs
- Relaxation
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- Figure 28: Activities that Black Millennials wish they had more time to do, 2021
- Education
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- Figure 29: Percentage of Black Millennials who wish they had more time to learn new skills, 2021
- Protect Black Millennials’ right to data privacy
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- Figure 30: Attitudes toward trustworthiness of social media sites, 2021
The Consumer – Key Takeaways
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- Privacy is important to Black Millennials
- Brands can boost affinity by interacting with individuals online
- Social media advertising offers best opportunity to reach Black Millennials
- Communicating value is essential for building brand loyalty
Corporate Responsibility
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- Black Millennials expect brands to respect privacy and pay a living wage
- TURF analysis
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- Figure 31: TURF analysis – Corporate responsibility, 2021
- Compared to men, women hold brands to a higher standard
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- Figure 32: Attitudes toward corporate responsibility, by gender, 2021
- Two thirds of Black adults see benefit in boycotting
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- Figure 33: Agreement that boycotting brands is sometimes necessary, by generation, 2021
Social Media Use and Perceptions
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- Brands can show they care by engaging with consumers on social media
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- Figure 34: Attitude toward brands engaging with consumers on social media, 2021
- YouTube gets top ratings among Black Millennials
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- Figure 35: Social media associations, 2021
- Black Millennials more engaged with Twitter than other Millennials
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- Figure 36: Twitter associations, 2021
- Facebook, Twitter and Instagram get negative ratings from a small group of Black Millennials
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- Figure 37: Correspondence analysis – Symmetrical map – Social media associations, May 2021
Advertising Approaches
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- Social media is best way for marketers to reach Black Millennials
- Advertising associated with video and television content is also effective
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- Figure 38: Preferred advertising channels, 2021
- Interest in online video ads strongest among Millennials
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- Figure 39: Preferred advertising channels, by generation, 2021
- Two thirds of Black Millennials okay with ad-supported streaming content
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- Figure 40: Attitudes toward advertisements, by generation, 2021
Building Brand Loyalty
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- Value motivates brand loyalty
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- Figure 41: Mintel Global Trend Driver, Value
- Figure 42: Drivers of brand loyalty, 2021
- Affordability
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- Figure 43: Drivers of brand loyalty, by self-described financial situation, 2021
- Trust and dependability
- Spotlight on: Clorox
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- Figure 44: Making Game Time Safer | NBA + WNBA + Clorox, 2021
- Black Millennial shoppers are driven by habit
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- Figure 45: Percentage of Black adults who tend to make shopping decisions out of habit, by generation, 2021
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- Figure 46: Percentage of Black adults who tend to make shopping decisions out of habit, by generation, 2021
Appendix – Data Sources and Abbreviations
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- Data sources
- Consumer survey data
- Abbreviations and terms
- Abbreviations
- Terms
Appendix – The Market
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- Figure 47: US population by generation and race/Hispanic origin, 2021
- Figure 48: Unemployment rate of the Black/African American civilian noninstitutional population by gender, seasonally adjusted, 2020-21
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- Figure 49: Mean annual earnings of workers aged 18 years and over, 1975-2019
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Appendix – The Consumer
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- Figure 50: Attitudes toward corporate responsibility, 2021
- TURF methodology
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- Figure 51: Table – TURF analysis – Corporate responsibility, May 2021
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