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Marketing to Millennials - US - August 2012

Millennials are taking increasingly prominent roles as consumers and in the workforce, and in so doing have captured the attention of retailers, employers and government officials who are growing more cognizant of these young consumers’ preferences and overall market potential. Millennials are in large part the driving force behind incorporating more mobile and internet technology into every facet of American life, and push for a variety of social issues to become widely accepted into the mainstream. Yet, their specific areas of interest vary by demographics.

This report attempts to explain Millennials’ point of view and desired position in the workplace and market by exploring their current living situations, as well as their attitudes about technology and advertising. Opinions about retail and grocery shopping are also covered, as well as the relative importance of a variety of social issues. These issues are all matters that marketers, retailers, employers, and even government officials should consider in determining how best to address Millennials’ needs and preferences.

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Table of contents

  1. Scope and Themes

    • What you need to know
      • Definition
        • Data sources
          • Consumer survey data
            • Advertising creative
              • Abbreviations and terms
                • Abbreviations
                  • Terms
                  • Executive Summary

                      • Demographic factors
                        • Millennials comprise one quarter of the U.S. population
                          • Figure 1: U.S. population, by generation, 2011
                        • Young adults have limited spending power
                          • Figure 2: Median household incomes in the U.S., by age, 2010
                        • College enrollment rate is climbing
                          • Figure 3: Actual and projected enrollment at degree-granting institutions, by age, 2006-16
                        • Fewer Millennials traveling by car
                          • Figure 4: Efforts to reduce driving, by age, April 2012
                        • Cultural factors
                          • Millennial generation constantly connected
                            • For young adults, social consciousness is an expectation
                              • Optimism reigns despite economic setbacks
                                • The consumer
                                  • Millennials have job-relevant degrees, but discrepancies exist between men and women
                                    • Figure 5: Millennials’ higher education relevancy to work situation, by gender, April 2012
                                  • Many Millennials have yet to leave the nest
                                    • Figure 6: Currently living at home with parents or other relatives, by generation, April 2012
                                  • Millennials are seeking luxury
                                    • Figure 7: Opinions about saving and spending money, by generation, April 2012
                                  • Millennial life defined through technology
                                    • Figure 8: Opinions about cell phone and internet technology, Millennials vs. all, April 2012
                                  • Millennials more likely to choose mobile over in-store shopping
                                    • Figure 9: Opinions about mobile and internet purchases and retailer communication, Millennials vs. all, April 2012
                                  • Millennials expect equal rights to define a societal norm
                                    • Figure 10: Opinions about the importance of equal rights for lesbian, gay, bisexual, and transgender people, by generation, April 2012
                                  • What we think
                                  • Issues in the Market

                                      • Do retailers need to take a more balanced approach to marketing?
                                        • Will social consciousness be melded into standard business practices?
                                          • Should companies address Millennials’ limited spending power?
                                          • Insights and Opportunities

                                            • Key points
                                              • More retailer initiatives showing Millennials the benefits of living offline
                                                • Figure 11: Applebee’s “The Roost Facebook Tutorial” ad, June 2012
                                              • State and local area advertising can highlight job market potential
                                                • Figure 12: Wyoming “Forever West” TV ad, 2011
                                            • Trend Application

                                                • Inspire Trend: Cool Vending
                                                  • Inspire Trend: Who are the Joneses?
                                                    • Inspire 2015 Trend: Access Anything, Anywhere
                                                      • Access Anything, Anywhere
                                                      • Demographic Characteristics

                                                        • Key points
                                                          • Millennials make up largest U.S. population segment, bringing diversity
                                                            • Figure 13: U.S. Population, by generation, 2011
                                                            • Figure 14: Generations, by race and Hispanic origin, 2011
                                                          • Young adults’ household incomes among the lowest
                                                            • Figure 15: Median household incomes in the U.S., by age of householder, 2010
                                                          • College enrollment increases may be linked to Millennials’ economic status
                                                            • Figure 16: Actual and projected enrollment at degree-granting institutions, by age, 2006-16
                                                          • Fewer Millennials rely on cars for transportation
                                                            • Figure 17: Efforts to reduce driving, by age, April 2012
                                                            • Figure 18: Preference for living in smart growth areas, by age, April 2012
                                                        • Cultural Influences and Characteristics

                                                          • Key points
                                                            • Technology infusing all aspects of Millennials’ lives
                                                              • Millennial outlook makes social consciousness the new norm
                                                                • Millennials optimistic despite personal economic turmoil
                                                                • Innovations and Innovators

                                                                  • Key points
                                                                    • New York hotel makes efforts to cater to tech-dependent Millennials
                                                                      • Figure 19: Yotel self-check-in kiosks and “Yobot,” New York City, July 2012
                                                                    • Advocacy groups encourage support for young business owners
                                                                      • Ride-sharing app provides new option for young transportation seekers
                                                                      • Marketing Strategies

                                                                        • Key points
                                                                          • Marketing to Millennials may mean marketing to their parents
                                                                            • Toyota—This is Living
                                                                              • Figure 20: Toyota “This is Living” TV ad, July 2012
                                                                            • Toyota—Keep on Rolling
                                                                              • Figure 21: Toyota “Keep on Rolling” TV ad, July 2012
                                                                            • Millennial marketing should reflect that life is a multitasking social network
                                                                              • Apple Computer—Personal Assistant
                                                                                • Figure 22: Apple Computer “Personal Assistant” TV ad, June 2012
                                                                              • AT&T—Shared Sleeper
                                                                                • Figure 23: AT&T “Shared Sleeper” TV ad, September 2011
                                                                              • AT&T—Faster Speed Dating
                                                                                • Figure 24: AT&T “Faster Speed Dating” TV ad, July 2012
                                                                              • Google—Everyone Together
                                                                                • Figure 25: Google “Everyone Together” TV ad, March 2012
                                                                              • Retailers may reach more Millennials with social cause marketing
                                                                                • Politicians draw on celebrities to speak to Millennials
                                                                                  • San Francisco Mayor Ed Lee—2 Legit 2 Quit
                                                                                    • Figure 26: San Francisco Mayor Ed Lee “2 Legit 2 Quit” TV ad, November 2011
                                                                                  • Obama for America—That Guy
                                                                                    • Figure 27: Obama for America “That Guy” TV ad, June 2012
                                                                                  • Retail ads highlighting inclusivity may speak most to Millennials
                                                                                    • JCPenney
                                                                                      • Figure 28: JCPenney Mother’s Day catalog ad, May 2012
                                                                                    • Gap
                                                                                      • Figure 29: Gap “Be One” billboard ad, May 2012
                                                                                    • Chevy looks to sell Millennials on fun, adventure
                                                                                      • Figure 30: Chevy Sonic “Stunt Anthem” TV ad, January 2012
                                                                                  • Millennial Life and Work

                                                                                    • Key points
                                                                                      • Millennial men more likely to work in a field related to their college degree
                                                                                        • Figure 31: Employed Millennials’ higher education relevancy to work situation, by gender, April 2012
                                                                                        • Figure 32: Employed Millennials’ Higher education relevancy to work situation, by household income, April 2012
                                                                                      • Work, family equally important to more than four in 10 Millennials
                                                                                        • Figure 33: Singles’ prioritization of work and personal relationships, Millennials vs. Gen X, April 2012
                                                                                      • More Millennials living at home with parents, relatives
                                                                                        • Figure 34: Current living situation of singles, by generation, April 2012
                                                                                        • Figure 35: Single Millennials’ current living situation, by age, April 2012
                                                                                      • Millennials look beyond salary to find job satisfaction
                                                                                        • Figure 36: Millennials’ opinions about money and their standard of living, October 2010-November 2011
                                                                                    • Opinions about Finances and Spending

                                                                                      • Key points
                                                                                        • Millennials value saving money, but more still spending on luxury
                                                                                          • Figure 37: Opinions about saving and spending money, by generation, April 2012
                                                                                          • Figure 38: Millennials’ opinions about buying luxury items, by household income, April 2012
                                                                                        • Employed Millennials looking for new jobs for better salaries, benefits
                                                                                          • Figure 39: Opinions about looking for new jobs among those who are employed, by generation, April 2012
                                                                                          • Figure 40: Employed Millennials’ opinions about looking for new jobs, by gender and age, April 2012
                                                                                        • Millennials concerned, but hopeful, about personal finances
                                                                                          • Figure 41: Opinions about financial futures compared to last year, by generation, April 2012
                                                                                          • Figure 42: Millennials’ expected financial status in the coming 12 months, October 2010-November 2011
                                                                                          • Figure 43: Millennials’ opinions about life, work, and the future, October 2010-November 2011
                                                                                      • Opinions about Using Technology

                                                                                        • Key points
                                                                                          • More Millennials look to the internet, cell phones for status and connections
                                                                                            • Figure 44: Opinions about cell phone and internet technology, by generation, April 2012
                                                                                            • Figure 45: Millennials’ opinions about cell phone and internet technology, by gender, April 2012
                                                                                          • Internet a primary source of entertainment for Millennials
                                                                                            • Figure 46: Opinions about internet entertainment, by generation, April 2012
                                                                                            • Figure 47: Millennials’ opinions about internet entertainment, by age, April 2012
                                                                                          • Millennials more likely to respond to the convenience of mobile advertising
                                                                                            • Figure 48: Opinions about advertisements and text message promotions, by generation, April 2012
                                                                                            • Figure 49: Millennials’ opinions about advertisements and text message promotions, by gender and age, April 2012
                                                                                        • Opinions about Retail and Grocery Shopping

                                                                                          • Key points
                                                                                            • Millennials think it should be easier being green
                                                                                              • Figure 50: Opinions about environmentally-friendly and fair trade products, by generation, April 2012
                                                                                              • Figure 51: Millennials’ opinions about environmentally-friendly and fair trade products, by gender and age, April 2012
                                                                                            • Millennials looking to go mobile with shopping and retailer communication
                                                                                              • Figure 52: Opinions about mobile and internet purchases and retailer communication, by generation, April 2012
                                                                                            • More Millennials interested in purchasing from vending machines
                                                                                              • Figure 53: Opinions about vending machine and ATM purchases, by generation, April 2012
                                                                                              • Figure 54: Millennials’ opinions about vending machine and ATM purchases, by gender and age, April 2012
                                                                                              • Figure 55: Millennials’ opinions about making purchases from vending machines and ATMs, by presence of children in the household, April 2012
                                                                                              • Figure 56: Stores where Millennial parents have purchased groceries, March 2012
                                                                                          • Importance of Social Issues

                                                                                            • Key points
                                                                                              • Fewer Millennials express concerns about online, public safety
                                                                                                • Figure 57: Opinions about the importance of online privacy and security and public safety, by generation, April 2012
                                                                                              • More Millennials proponents of societal inclusion
                                                                                                • Figure 58: Opinions about the importance of equal rights for lesbian, gay, bisexual, and transgender people, by generation, April 2012
                                                                                              • Millennial women take the lead on social issues
                                                                                                • Figure 59: Millennials’ opinions about the importance of select social issues, by gender, April 2012
                                                                                            • Impact of Race and Hispanic Origin

                                                                                              • Key points
                                                                                                • Non-white Millennials inclined to look for mobile shopping opportunities
                                                                                                  • Figure 60: Millennials’ opinions about mobile shopping, by race/Hispanic origin, April 2012
                                                                                                • More Hispanic Millennials looking for better jobs
                                                                                                  • Figure 61: Millennials’ opinions about looking for new jobs, by Hispanic origin, April 2012
                                                                                                • Hispanic Millennials more focused on social issues
                                                                                                  • Figure 62: Millennials’ opinions about the importance of various social issues, by race/Hispanic origin, April 2012
                                                                                              • Cluster Analysis

                                                                                                  • Typical Average Millennials
                                                                                                    • Demographics
                                                                                                      • Characteristics
                                                                                                        • Opportunity
                                                                                                          • Tech-dependent Forward Thinkers
                                                                                                            • Demographics
                                                                                                              • Characteristics
                                                                                                                • Opportunity
                                                                                                                  • Self-directed Disconnects
                                                                                                                    • Demographics
                                                                                                                      • Characteristics
                                                                                                                        • Opportunity
                                                                                                                          • Cluster characteristics
                                                                                                                            • Figure 63: Millennial clusters, April 2012
                                                                                                                            • Figure 64: Opinions about using technology, by Millennial clusters, April 2012
                                                                                                                            • Figure 65: Opinions about retail and grocery shopping, by Millennial clusters, April 2012
                                                                                                                            • Figure 66: Opinions about product and service advertisers, by Millennial clusters, April 2012
                                                                                                                            • Figure 67: Opinions about finances and spending, by Millennial clusters, April 2012
                                                                                                                            • Figure 68: Opinions about social issues, by Millennial clusters, April 2012
                                                                                                                          • Cluster demographics
                                                                                                                            • Figure 69: Profile of Millennial clusters, by gender, age, and household income, April 2012
                                                                                                                            • Figure 70: Profile of Millennial clusters, by living situation, April 2012
                                                                                                                            • Figure 71: Profile of Millennial clusters, by race and Hispanic origin, April 2012
                                                                                                                            • Figure 72: Profile of Millennial clusters, by marital and relationship status, employment, and presence of children in the household, April 2012
                                                                                                                          • Cluster methodology
                                                                                                                          • Appendix—Other Useful Tables

                                                                                                                            • Millennial life and work
                                                                                                                              • Figure 73: Employed respondents’ higher education relevancy to work situation, by generation, April 2012
                                                                                                                            • Opinions about finances and spending
                                                                                                                              • Figure 74: Millennials’ Opinions about saving money, by presence of children in household, April 2012
                                                                                                                            • Opinions about using technology
                                                                                                                              • Figure 75: Millennials’ opinions about using the internet for entertainment, by presence of children in household, April 2012
                                                                                                                            • Opinions about retail and grocery shopping
                                                                                                                              • Figure 76: Millennials’ opinions about mobile and internet purchases and retailer communication, by age, April 2012
                                                                                                                            • Importance of social issues
                                                                                                                              • Figure 77: Opinions about the importance of various social issues, by generation, April 2012
                                                                                                                              • Figure 78: Importance of social issues, by gender, April 2012
                                                                                                                              • Figure 79: Opinions on allowing gay and lesbian couples to marry legally, by age, March 2012
                                                                                                                              • Figure 80: Importance of the environment and volunteering as social issues among Millennials, by presence of children in household, April 2012
                                                                                                                            • Impact of race and Hispanic origin
                                                                                                                              • Figure 81: Educational attainment of people aged 25 or older, by race/Hispanic origin, 2010
                                                                                                                          • Appendix: Trade Associations

                                                                                                                            Companies Covered

                                                                                                                            • Apple, Inc
                                                                                                                            • AT&T Inc.
                                                                                                                            • Facebook, Inc.
                                                                                                                            • FOX Broadcasting Company
                                                                                                                            • Gap (USA)
                                                                                                                            • Google, Inc.
                                                                                                                            • JCPenney (department stores and catalog)
                                                                                                                            • MTV Networks
                                                                                                                            • Toyota Motor Corporation USA
                                                                                                                            • YouTube, Inc.
                                                                                                                            • Zipcar, Inc.

                                                                                                                            Marketing to Millennials - US - August 2012

                                                                                                                            £3,277.28 (Excl.Tax)