US Marketing to Millennials Report 2023
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With this report, you’ll understand how to market to Millennials in the US across industries. While Gen Z may be on trend, Millennials hold a lot of power in the marketplace in 2023. Discover more below, as we break down the key topics analysed in this report and offer handpicked insights.
Mintel defines Millennials as the generation born between 1980 and 1996. In 2023, members of the Millennial generation are between the ages of 27 and 43. For the purposes of this Report, Mintel has further defined Millennial consumer segments as the following:
Younger Millennials: those born between 1989 and 1996, who are aged 27-34.
Older Millennials: those born between 1980 and 1988, who are aged 35-43.
Millennials have been and will continue to be the largest segment of the US population. And while they’re less wealthy than other previous generations, they still hold a notable share of wealth. Affluent Millennials in particular are becoming the target consumer group for brands marketing to high net worth individuals.
However, high inflation has left many Millennials in a stressed financial situation. As a result, there is financial disparity within this generation, and this should be considered in marketing efforts. Affluent and childless Millennials are for example exploring luxury travel. Meanwhile, those on tighter budgets are looking for services to help them manage their finances.
Millennials are a generation receptive to technology, and perhaps the most important to consider in this respect. While Gen Z may also be at the cutting edge of tech trends, Millennials have more spending power to act on this. For example, this report finds that Millennials tend to follow a budget. Combined with tech savviness, this makes them key customers for financial tracking/budgeting apps.
Besides financial service offerings, health-based products and services are likely to resonate with Millennials. 62% of Older Millennials say that their body does not work as well as it used to. This makes them a key demographic for the vitamin, minerals, and supplements (VMS) market. Within this market, Millennials will be looking for products with convincing long-term health benefits, such as eye health, heart health, and joint health. Millennials are willing to spend when it comes to health, and marketing efforts should respond accordingly.
In this report, our analyst covers Millennial consumer trends extensively and details relevant marketing strategies to respond to these. You may also be interested in our Marketing to Gen Z 2023 Report, or you can browse our Marketing and Promotion Market Research.
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Our analyst Caleb Bryant delivers in-depth commentary and analysis to highlight Millennial consumer trends and relevant marketing opportunities, adding expert context to the numbers.
Millennials are in a state of flux and uncertainty as they enter new life stages and contend with financial uncertainty following high inflation. Brands must tailor their marketing messages to reflect Millennials’ current challenges and future aspirations for stability and financial independence. While Millennials are highly focused on value, their desire in travel remains steadfast reflecting their strong interest in products/services that provide unique memorable experiences.
Caleb Bryant
Associate Director of Food and Drink Reports
Mintel provides a range of market information, frequently through the category level, including market size and forecasting, complete with market drivers that illustrate the forces that shape a category or market.
Mintel’s proprietary consumer research provides our analysts with the attitudinal and behavioral data used to provide valuable insight to topical issues.
Mintel provides overviews of the top brands and manufacturers, and uses consumer research to explore attitudes and reactions to brands, as well as insight into what will resonate with consumers.
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*databooks not available with UK B2B Industry reports.
Please Note: This is a sample report. All of the figures, graphs, and tables have been redacted. Our reports are available to download in PDF and PPT formats.