Lifestyles of Young Families - US - March 2015
"Young families in America are facing a slew of challenges, from the rising cost of childcare to the increasing necessity of two incomes to support a family comfortably. Despite these challenges, young parents seem motivated and optimistic. They are focused on saving for the future and even hope to purchase big-ticket items in the next five years."
- Lauren Bonetto, Lifestyles & Leisure Analyst
This report looks at the following areas:
- Young families' living situations
- Young families' concerns and goals
- Purchasing behavior
- How Millennials' approach to parenting and family life is surprisingly traditional
Despite facing many challenges (eg the rising cost of childcare), young families are optimistic. Young parents are extremely price sensitive and focused on saving money. They are looking for ways to save without feeling like they are depriving their families. Though Millennial parents are surprisingly traditional, Millennials who have yet to settle down are likely less attached to traditional values than their peers who have already started their families. As these Millennials (and future generations) have children, they may continue to resist tradition and be on the lookout for progressive products and brands.
Young families in America are facing a slew of challenges, from a lack of government policies that support new parents to the rising cost of childcare and the increasing necessity of two incomes to support a family comfortably.
Despite these challenges, young families seem to be motivated and optimistic. They are focused on saving for the future and even hope to purchase big-ticket items (eg car, home) in the next five years.
In addition to making ends meet, young families are concerned about their children’s education and the family leading a healthy lifestyle. With this in mind, educational toys and games, healthy meals designed for young families (eg those that are convenient to make and appealing to children), and activities that keep family members moving should resonate with these consumers.
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