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Marketing to Millennials - US - June 2018

Millennials are the largest generational group in the US and as they age they are only becoming a more important part of the consumer economy. Millennials are growing their incomes and entering new markets as they buy homes and start families. Marketers interested in reaching this group will need to go beyond expectations and create products and services that have both purpose and value.

This report examines the following issues:

  • Millennials exceeding their expectations for family life
  • Family is a top priority for 2018
  • Personal experiences and passions set Millennials apart
  • Millennials want to stand out in a crowd
  • Kids are seen as a big responsibility and expense
  • Brands are clued in to the Millennial experience

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Table of contents

  1. Overview

    • What you need to know
      • Definition
      • Executive Summary

        • Overview
          • Figure 1: Number of births (in millions) by year
        • Millennials exceeding their expectations for family life
          • Highlights
            • Considerations
              • Figure 2: Millennials’ life expectations, March 2018
            • Family is a top priority for 2018
              • Highlights
                • Considerations
                  • Figure 3: Millennial priorities, March 2018
                • Personal experiences and passions set Millennials apart
                  • Highlights
                    • Considerations
                      • Figure 4: Millennials’ unique qualities, March 2018
                    • Millennials want to stand out in a crowd
                      • Highlights
                        • Considerations
                          • Figure 5: Self-perceptions, March 2018
                        • Kids are seen as a big responsibility and expense
                          • Highlights
                            • Considerations
                              • Figure 6: Attitudes toward parenting, March 2018
                            • Brands are clued in to the Millennial experience
                              • Highlights
                                • Considerations
                                  • Figure 7: Millennial purchase priorities, March 2018
                                • What it means
                                • The Market – What You Need to Know

                                  • Millennials are the largest generational group
                                    • This group is aging up, and catching up
                                      • Working their way up
                                        • Managing their money
                                        • Millennial Demographics

                                          • Millennials are a large, influential generation
                                            • Figure 8: Population by generation, 2018
                                          • Demographic profile of Millennials
                                            • Figure 9: Millennial consumer, by key demographics, March 2018
                                          • Inclusion an important consideration for Millennials
                                            • Figure 10: Generations, by race and Hispanic origin, 2018
                                        • Millennials at Home

                                          • Millennials fall below average for homeownership
                                            • Figure 11: Homeownership rate, by age of householder, 2000-17
                                            • Figure 12: Median US home values, 1963-2017
                                          • Young Millennials still living with friends
                                            • Figure 13: Households, by age of householder and type of household, 2017
                                        • The Millennial Marriage

                                          • Millennials get together, but keep finances apart
                                            • 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
                                                • Figure 15: Households with own children under age 18, by age of householder, 2017
                                              • Millennial families are smaller, and come later in life
                                                • Figure 16: Annual births and general fertility rate, 2006-16
                                            • Millennials at Work

                                              • Millennials are a critical part of the work force
                                                • Figure 17: Labor-force status of people aged 16 or older, annual averages, by age, 2016
                                              • Women work to close the wage gap
                                                • 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

                                              • Household income will likely grow
                                                • Figure 19: Median household income, by age of householder, 2016
                                              • Millennials make room in their budgets for fun
                                                • Figure 20: Geico print ad, July 2017
                                                • Figure 21: Where extra money is spent, November 2017
                                              • Young Millennials have stretched budgets
                                                • Figure 22: Current financial situation, February 2018
                                              • Student debt may be subsiding
                                                • Figure 23: Unsecured debt ownership – Student loan and credit card debt, by age, August 2017
                                              • Young Millennials are optimistic about the future
                                                • Figure 24: Financial outlook, February 2018
                                            • Key Trends – What You Need to Know

                                              • Looking forward means looking back
                                                • Millennials stand out at work
                                                  • Purpose is key
                                                    • The clean-eating Millennial
                                                      • Everything on demand
                                                      • What’s Working?

                                                        • Nostalgia
                                                          • Who’s doing this well?
                                                            • Figure 25: Pepsi Generations "This is the Pepsi" | Super Bowl LII Commercial | Pepsi | :30, February 2018
                                                            • Figure 26: Freshly Picked Disney Styles, December 2017
                                                          • Astrology
                                                            • Who’s doing this well?
                                                              • Figure 27: Bite Beauty Astrology by Bite - Amuse Bouche Lipstick, February 2018
                                                            • Easy Investing
                                                              • Who’s doing this well?
                                                                • Figure 28: Betterment Mobile Advertisement, April 2018
                                                                • Figure 29: What is Betterment? January, 2018
                                                                • 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?
                                                                      • Figure 31: SmashMallow – Strawberries & Cream Snackable Marshmallows
                                                                  • What’s Struggling?

                                                                    • 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?

                                                                                • Door to door
                                                                                  • What to watch
                                                                                    • Anti-aging for the young
                                                                                      • What to watch
                                                                                        • 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

                                                                                          • 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

                                                                                                      • Millennials take stock
                                                                                                        • Family life brings joy
                                                                                                          • Careers don’t seem to be the primary focus
                                                                                                            • Health is meeting expectations – for now
                                                                                                              • Figure 33: Millennials’ life expectations, March 2018
                                                                                                            • All generations are feeling the love of family
                                                                                                              • Figure 34: Life expectations – family life, by generation, March 2018
                                                                                                            • Young generations need to save or be saved
                                                                                                              • Figure 35: Life expectations – financial life, by generation, March 2018
                                                                                                            • Millennial men are exceeding their expectations
                                                                                                              • Figure 36: You’ve Got This, Mom On! June, 2017
                                                                                                              • Figure 37: Millennials’ life expectations – by gender, March 2018
                                                                                                          • Current Priorities

                                                                                                            • Millennial goals mirror areas of satisfaction
                                                                                                              • Figure 38: Millennial priorities, March 2018
                                                                                                            • In their own words: What are your priorities this year?
                                                                                                              • Married couples interested in an upgrade
                                                                                                                • Figure 39: HomePod — Welcome Home by Spike Jonze — Apple, March 2018
                                                                                                                • Figure 40: Amazon Alexa Moments: Story Time (Amazon Echo Commercial), April 2018
                                                                                                                • Figure 41: Millennial priorities – home upgrades, by key demographics, March 2018
                                                                                                              • Millennial women are challenged with opposing priorities
                                                                                                                • Figure 42: Millennial priorities, by gender, March 2018
                                                                                                              • Millennials of all income levels may look to simplify
                                                                                                                • Figure 43: Millennial priorities, by household income, March 2018
                                                                                                              • Millennials without kids show broader range of interests
                                                                                                                • Figure 44: Millennial priorities, by parental status, March 2018
                                                                                                            • Unique Qualities

                                                                                                              • Millennials focus on the individual
                                                                                                                • 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
                                                                                                                  • Figure 47: TURF Analysis – What makes you different, March 2018
                                                                                                                • Women focus on family, but may find less meaning in tradition
                                                                                                                  • Figure 48: Millennials’ unique qualities, by gender, March 2018
                                                                                                                • Personal experiences transition to family plans for parents
                                                                                                                  • Figure 49: School Pickup ft. Kathryn Hahn | Chrysler Pacifica S, March 2018
                                                                                                                  • Figure 50: Millennials’ unique qualities, by parental status, March 2018
                                                                                                              • Self-Perceptions

                                                                                                                • Standing out beats fitting in
                                                                                                                  • Figure 51: Self-perceptions – standing out, March 2018
                                                                                                                • Standing out is for the young
                                                                                                                  • Figure 52: Standing out vs fitting in, by generation, March 2018
                                                                                                                • Young generations prepared to take risks
                                                                                                                  • Figure 53: New Obstacles Revealed: Tough Mudder 2018 | Tough Mudder, January 2018
                                                                                                                  • Figure 54: Risk vs caution, by generation, March 2018
                                                                                                                • Millennials see less negativity
                                                                                                                  • Figure 55: Perceptions of negativity, by generation, March 2018
                                                                                                                • Is Millennial optimism fading?
                                                                                                                  • Figure 56: Perceptions of negativity, by generation, March 2018
                                                                                                              • Millennials as Parents

                                                                                                                • Children are more work than fun
                                                                                                                  • Figure 57: Attitudes toward parenting, March 2018
                                                                                                                • In their own words: How old do you feel?
                                                                                                                  • Younger generations share more reservations about parenting
                                                                                                                    • Figure 58: Attitudes toward parenting – select items, by generation, March 2018
                                                                                                                  • Even older Millennials may not feel ready to be parents
                                                                                                                    • 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
                                                                                                                    • Figure 60: Attitudes toward parenting – desire to have children, by young generations, March 2018
                                                                                                                  • Parents feel the extension of their families
                                                                                                                    • Figure 61: Bring Merry Back - House of Fraser Christmas Advert, November 2017
                                                                                                                    • Figure 62: Family traditions, by parental status, March 2018
                                                                                                                • Purchase Priorities

                                                                                                                  • Millennials have a plan, but give in to impulse
                                                                                                                    • Millennials feel the brand focus
                                                                                                                      • Social media encourages browsing
                                                                                                                        • 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
                                                                                                                        • Figure 66: Millennials and brands, by gender, March 2018
                                                                                                                      • Parents are a brand focus
                                                                                                                        • Figure 67: Millennials and brands, by gender, March 2018
                                                                                                                    • Millennial Shopping Segments

                                                                                                                        • Factors
                                                                                                                          • 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

                                                                                                                                                • Data sources
                                                                                                                                                  • Consumer survey data
                                                                                                                                                    • Methodology
                                                                                                                                                      • Consumer qualitative research
                                                                                                                                                        • Direct marketing creative
                                                                                                                                                          • Abbreviations and terms
                                                                                                                                                            • Abbreviations
                                                                                                                                                              • Terms
                                                                                                                                                              • Appendix – Millennial Demographics

                                                                                                                                                                  • 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
                                                                                                                                                                  • 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
                                                                                                                                                                  • 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

                                                                                                                                                              Marketing to Millennials - US - June 2018

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