Table of Contents
Overview
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- What you need to know
- Definition
Executive Summary
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- Overview
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- Figure 1: Number of births (in millions) by year
- Millennials exceeding their expectations for family life
- Highlights
- Considerations
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- Figure 2: Millennials’ life expectations, March 2018
- Family is a top priority for 2018
- Highlights
- Considerations
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- Figure 3: Millennial priorities, March 2018
- Personal experiences and passions set Millennials apart
- Highlights
- Considerations
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- Figure 4: Millennials’ unique qualities, March 2018
- Millennials want to stand out in a crowd
- Highlights
- Considerations
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- Figure 5: Self-perceptions, March 2018
- Kids are seen as a big responsibility and expense
- Highlights
- Considerations
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- Figure 6: Attitudes toward parenting, March 2018
- Brands are clued in to the Millennial experience
- Highlights
- Considerations
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- Figure 7: Millennial purchase priorities, March 2018
- What it means
The Market – What You Need to Know
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- Millennials are the largest generational group
- This group is aging up, and catching up
- Working their way up
- Managing their money
Millennial Demographics
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- Millennials are a large, influential generation
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- Figure 8: Population by generation, 2018
- Demographic profile of Millennials
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- Figure 9: Millennial consumer, by key demographics, March 2018
- Inclusion an important consideration for Millennials
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- Figure 10: Generations, by race and Hispanic origin, 2018
Millennials at Home
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- Millennials fall below average for homeownership
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- Figure 11: Homeownership rate, by age of householder, 2000-17
- Figure 12: Median US home values, 1963-2017
- Young Millennials still living with friends
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- Figure 13: Households, by age of householder and type of household, 2017
The Millennial Marriage
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- Millennials get together, but keep finances apart
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- Figure 14: Median age at first marriage, by gender, 2006-16
- Outsourcing housework can save the Millennial marriage
- Dishes may be primary area for complaint
- About half of Millennials are parents
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- Figure 15: Households with own children under age 18, by age of householder, 2017
- Millennial families are smaller, and come later in life
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- Figure 16: Annual births and general fertility rate, 2006-16
Millennials at Work
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- Millennials are a critical part of the work force
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- Figure 17: Labor-force status of people aged 16 or older, annual averages, by age, 2016
- Women work to close the wage gap
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- Figure 18: Median earnings of full-time, year-round workers, by gender and female-to-male earnings ratio, in inflation-adjusted dollars, 1960-2016
Millennials and Money
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- Household income will likely grow
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- Figure 19: Median household income, by age of householder, 2016
- Millennials make room in their budgets for fun
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- Figure 20: Geico print ad, July 2017
- Figure 21: Where extra money is spent, November 2017
- Young Millennials have stretched budgets
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- Figure 22: Current financial situation, February 2018
- Student debt may be subsiding
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- Figure 23: Unsecured debt ownership – Student loan and credit card debt, by age, August 2017
- Young Millennials are optimistic about the future
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- Figure 24: Financial outlook, February 2018
Key Trends – What You Need to Know
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- Looking forward means looking back
- Millennials stand out at work
- Purpose is key
- The clean-eating Millennial
- Everything on demand
What’s Working?
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- Nostalgia
- Who’s doing this well?
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- Figure 25: Pepsi Generations "This is the Pepsi" | Super Bowl LII Commercial | Pepsi | :30, February 2018
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- Figure 26: Freshly Picked Disney Styles, December 2017
- Astrology
- Who’s doing this well?
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- Figure 27: Bite Beauty Astrology by Bite - Amuse Bouche Lipstick, February 2018
- Easy Investing
- Who’s doing this well?
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- Figure 28: Betterment Mobile Advertisement, April 2018
- Figure 29: What is Betterment? January, 2018
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- Figure 30: Meet Swell Investing - Where purpose meets profit, May 2017
- The Millennial calling card
- Who’s doing this well?
- Millennial style
- Who’s doing this well?
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- Figure 31: SmashMallow – Strawberries & Cream Snackable Marshmallows
What’s Struggling?
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- Brands without purpose
- Feeling the impact: baby care
- Rebels without a ride
- Feeling the impact: motorcycles
- Just another Meatless Monday
- Feeling the impact: hot dogs and sausages
What’s Next?
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- Door to door
- What to watch
- Anti-aging for the young
- What to watch
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- Figure 32: Murad Environmental Shield - City Skin Age Defense Broad Spectrum SPF 50 PA++++
- Sustainable travel
- What to watch
The Consumer – What You Need to Know
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- Millennials are meeting expectations
- Settling down is top of mind
- Millennials celebrate their unique passions
- Standing out is still favored, but maybe not for long
- Millennials are practical parents
- Marketers continue to win with this group
Life Expectations
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- Millennials take stock
- Family life brings joy
- Careers don’t seem to be the primary focus
- Health is meeting expectations – for now
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- Figure 33: Millennials’ life expectations, March 2018
- All generations are feeling the love of family
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- Figure 34: Life expectations – family life, by generation, March 2018
- Young generations need to save or be saved
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- Figure 35: Life expectations – financial life, by generation, March 2018
- Millennial men are exceeding their expectations
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- Figure 36: You’ve Got This, Mom On! June, 2017
- Figure 37: Millennials’ life expectations – by gender, March 2018
Current Priorities
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- Millennial goals mirror areas of satisfaction
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- Figure 38: Millennial priorities, March 2018
- In their own words: What are your priorities this year?
- Married couples interested in an upgrade
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- Figure 39: HomePod — Welcome Home by Spike Jonze — Apple, March 2018
- Figure 40: Amazon Alexa Moments: Story Time (Amazon Echo Commercial), April 2018
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- Figure 41: Millennial priorities – home upgrades, by key demographics, March 2018
- Millennial women are challenged with opposing priorities
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- Figure 42: Millennial priorities, by gender, March 2018
- Millennials of all income levels may look to simplify
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- Figure 43: Millennial priorities, by household income, March 2018
- Millennials without kids show broader range of interests
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- Figure 44: Millennial priorities, by parental status, March 2018
Unique Qualities
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- Millennials focus on the individual
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- Figure 45: Will finds a way, April 2018
- Figure 46: Millennials’ unique qualities, March 2018
- In their own words: What are your unique qualities?
- Optimism is the Millennial lens
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- Figure 47: TURF Analysis – What makes you different, March 2018
- Women focus on family, but may find less meaning in tradition
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- Figure 48: Millennials’ unique qualities, by gender, March 2018
- Personal experiences transition to family plans for parents
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- Figure 49: School Pickup ft. Kathryn Hahn | Chrysler Pacifica S, March 2018
- Figure 50: Millennials’ unique qualities, by parental status, March 2018
Self-Perceptions
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- Standing out beats fitting in
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- Figure 51: Self-perceptions – standing out, March 2018
- Standing out is for the young
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- Figure 52: Standing out vs fitting in, by generation, March 2018
- Young generations prepared to take risks
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- Figure 53: New Obstacles Revealed: Tough Mudder 2018 | Tough Mudder, January 2018
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- Figure 54: Risk vs caution, by generation, March 2018
- Millennials see less negativity
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- Figure 55: Perceptions of negativity, by generation, March 2018
- Is Millennial optimism fading?
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- Figure 56: Perceptions of negativity, by generation, March 2018
Millennials as Parents
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- Children are more work than fun
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- Figure 57: Attitudes toward parenting, March 2018
- In their own words: How old do you feel?
- Younger generations share more reservations about parenting
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- Figure 58: Attitudes toward parenting – select items, by generation, March 2018
- Even older Millennials may not feel ready to be parents
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- Figure 59: Attitudes toward parenting – desire to have children, by young generations, March 2018
- Millennial moms see the blessing (and the curse) of having kids
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- Figure 60: Attitudes toward parenting – desire to have children, by young generations, March 2018
- Parents feel the extension of their families
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- Figure 61: Bring Merry Back - House of Fraser Christmas Advert, November 2017
- Figure 62: Family traditions, by parental status, March 2018
Purchase Priorities
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- Millennials have a plan, but give in to impulse
- Millennials feel the brand focus
- Social media encourages browsing
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- Figure 63: Wendy’s Twitter Feed, select posts, March – April, 2018
- Figure 64: Denny’s Twitter Feed, select posts, April, 2018
- Figure 65: Millennial purchase priorities, March 2018
- Brands may need to reconnect with Millennial women
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- Figure 66: Millennials and brands, by gender, March 2018
- Parents are a brand focus
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- Figure 67: Millennials and brands, by gender, March 2018
Millennial Shopping Segments
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- Factors
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- Figure 68: Millennial shopping segments, March 2018
- Segment 1: Know-It-Alls (33%)
- Opportunity
- Characteristics
- Segment 2: Haste Makers (24%)
- Opportunity
- Characteristics
- Segment 3: Planners (21%)
- Opportunity
- Characteristics
- Segment 4: Free Spirits (22%)
- Opportunity
- Characteristics
Appendix – Data Sources and Abbreviations
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- Data sources
- Consumer survey data
- Methodology
- Consumer qualitative research
- Direct marketing creative
- Abbreviations and terms
- Abbreviations
- Terms
Appendix – Millennial Demographics
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- Figure 69: Population by generation, 2013-23
- Figure 70: Generations, by race and Hispanic origin, 2018
- Figure 71: Homeownership rate, by age of householder, 2000-17
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- Figure 72: Median US home values, 1963-2017
- Figure 73: Households, by age of householder and type of household, 2017
- Figure 74: Median age at first marriage, by gender, 2006-16
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- Figure 75: Households with own children under age 18, by age of householder, 2017
- Figure 76: Annual births and general fertility rate, 2006-16
- Figure 77: Labor-force status of people aged 16 or older, annual averages, by age, 2016
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