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Marketing to Millennials - US - June 2019

What you need to know

Most Millennials are in their 30s now. Most of them are married, and many are homeowners. Though they have reached adulthood, the ongoing effects of the recent economy continue to put them at a financial disadvantage. Paying down debt takes priority over saving, and financial worries and thoughts of the future cause Millennials a great deal of stress. They continue to seek advancement in their careers and rely on technology to help make their lives easier.

"There are currently about 80 million Millennial consumers aged 25-42 in the US. Finances top their list of concerns and many are working to pay off student loans and credit card debt. Nevertheless, they are reaching the milestones of adulthood; most are married, the majority have children and many now own single family homes."
Kristen Boesel - Senior Lifestyles & Leisure Analyst

This report looks at the following areas:

  • Most no longer in their 20s, but many not quite adults
  • Concerned about their financial future
  • A more progressive mindset with an Entrepreneurial Spirit

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Table of contents

  1. Overview

    • What you need to know
      • Definition
      • Executive Summary

        • Overview
          • Takeaway: Most no longer in their 20s, but many not quite adults
            • Figure 1: Marital status, by age, 2018
            • Figure 2: Attitude toward life meeting expectations, by generation, March 2019
          • Opportunities
            • Takeaway: Concerned about their financial future
              • Figure 3: Millennials’ stressors, March 2019
              • Figure 4: Goals for 2019, among Millennials, February 2019
            • Opportunities
              • Takeaway: A more progressive mindset with an Entrepreneurial Spirit
                • Figure 5: Perspectives on the American Dream, by generation, March 2019
              • Make the system fair
                • Figure 6: Millennials’ self-perceptions, indexed against general adult population, February 2019
              • Create your own success
                • Figure 7: Interest in business ownership, by generation, March 2019
              • Opportunities
                • What it means
                • The Market – What You Need to Know

                  • They’re not all twentysomethings anymore
                    • They’re delaying marriage and family
                      • Most face an unpleasant financial situation
                        • Employed and hard working
                          • One-in-three feels the American Dream is a myth
                          • Millennials by the Numbers

                            • They’re thirtysomethings now
                              • Figure 8: US population by generation, 2019
                            • Most Millennials are now married
                              • Figure 9: Median age at first marriage, by gender, 2008-18
                              • Figure 10: Marital status, by age, 2018
                            • Case study: Zola Popup helps with wedding planning
                              • Figure 11: Image from website for Zola’s pop-up retail space, May 2019
                            • Parenthood happens later
                              • Millennials wait longer to start families
                                • Figure 12: Average age of mother at first birth, 1990-2017
                                • Figure 13: Expected life events, February 2019
                              • Nevertheless most births are to Millennial moms
                                • Figure 14: Households with own children under age 18, by age of householder, 2018
                                • Figure 15: Births, by age of mother, 2017
                              • Waiting for parenthood can lead to regrets
                                • Figure 16: Parenthood-related regrets, by Older and Younger Millennials, March 2019
                            • Issues Impacting Millennials

                              • Money is tight
                                • Fed study reveals financial inequity
                                  • Prioritizing debt over savings
                                    • Figure 17: Goals for 2019, by generation, February 2019
                                    • Figure 18: Median household income, by age of householder, 2017
                                  • Case study: Paid Off with Michael Torpey
                                    • Figure 19: “Paid Off with Michael Torpey” returns | truTV, April 2019
                                  • Putting life on hold
                                    • Figure 20: Millennials’ financial circumstances, indexed against general adult population, March 2019
                                  • They work hard for the money, so hard for the money
                                    • Nearly all Millennials are employed
                                      • Figure 21: Percentage of employed Millennials, annual averages, by age and gender, 2017
                                      • Figure 22: Work arrangements of employed people aged 25 to 44, 2017
                                    • Buzzfeed essay sparks conversation
                                      • Case study: Student loan assistance as an employee benefit
                                        • Figure 23: Image from Abbott’s “Tackling Student Debt For Our Employees” webpage, May 2019
                                      • For one third of Millennials, the American Dream is a myth
                                        • Figure 24: Perspectives on the American Dream, by generation, March 2019
                                      • Millennials see themselves as progressive
                                        • Figure 25: Millennials’ self-perceptions, indexed against general adult population, February 2019
                                    • Key Trends – What You Need to Know

                                      • They are Redefining Adulthood
                                        • They have an Entrepreneurial Spirit
                                          • Sneakers have become a hot commodity
                                            • Millennials are tired of being stereotyped
                                              • They’re on board with smart homes
                                              • Mintel Trends to Watch

                                                • Redefining Adulthood
                                                  • Independence, not marriage, defines an adult
                                                    • Having kids makes them feel like adults
                                                      • “And you may ask yourself, well how did I get here?”
                                                        • Figure 26: Attitude toward life meeting expectations, by generation, March 2019
                                                      • Wasted time, financial investments top their list of regrets
                                                        • Education and career choices haunt one third of Millennials
                                                          • Figure 27: Millennial regrets, March 2019
                                                        • Entrepreneurial Spirit
                                                          • Younger generations more interested in small business ownership
                                                            • Figure 28: Interest in business ownership, by generation, March 2019
                                                          • Almost one third of working younger adults have an additional job
                                                            • Figure 29: Percentage of employed adults with a “side gig,” by generation, March 2019
                                                        • What’s Working

                                                          • Sneakers
                                                            • Saucony’s Saucamole shoes
                                                              • StockX offers innovative investment opportunities
                                                                • Figure 30: StockX listing for Saucony Shadow 6000 Avocado Toast sneakers, May 2019
                                                              • Celebration proliferation
                                                                • Gender reveal parties illustrate celebratory creep
                                                                  • Figure 31: Image of Party City’s Baby Shower Gender Reveal Supplies webpage, May 2019
                                                                  • Figure 32: Instagram search results for #genderrevealparty, May 2019
                                                              • What’s Not Working

                                                                • Stereotyping
                                                                  • Figure 33: Monopoly for Millennials board game, May 2017
                                                                • Their fathers’ beer
                                                                  • Light beers are on the decline
                                                                    • Millennials seek authenticity
                                                                      • Case study: Bud Light strikes back
                                                                        • Figure 34: Bud Light – Imagine, March 2019
                                                                        • Figure 35: Bud Light – Bud Lights for Everyone, August 2018
                                                                      • Latte lectures
                                                                          • Figure 36: Suze Orman: How Your Daily Coffee Habit Is Costing You $1 Million, March 2019
                                                                          • Figure 37: Tweet from @Chase Twitter account, April 2019
                                                                          • Figure 38: Image from official The Latte Factor website, May 2019
                                                                        • Case Study: Wells Fargo’s Financial Health Conversations
                                                                          • Figure 39: This is personalized guidance. This is Financial Health Conversations from Wells Fargo, May 2019
                                                                        • Starter homes
                                                                          • Millennials spend more on rent, rent longer
                                                                            • Then they skip the starter home
                                                                              • Figure 40: Homeownership rate, by age of householder, 2018
                                                                            • But the idea of “affordable starter homes” may be an oxymoron
                                                                              • Figure 41: Millennials’ attitudes toward home buying, March 2019
                                                                          • What’s Next

                                                                            • Moving to the exurbs
                                                                              • Making homes “smarter”
                                                                                • Figure 42: Smart home interest and behavior, by generation, March 2019
                                                                              • Case study: advertisements for Kohler’s smart home products
                                                                                • Figure 43: 2019 KOHLER® Konnect™ Smart Home Bathroom Products, December 2018
                                                                                • Figure 44: KOHLER Verdera Voice Smart Mirror – “Mirror, Mirror” :45, January 2019
                                                                            • The Consumer – What You Need to Know

                                                                              • They care about their careers
                                                                                • Still having growing pains
                                                                                  • Comfortable living digitally
                                                                                    • Brands are part of their image
                                                                                      • They value fairness
                                                                                      • Millennials at Work and Play

                                                                                          • Their work defines them
                                                                                            • Figure 45: Percentage who define themselves by what they do for a living, by generation, March 2019
                                                                                            • Figure 46: Millennials’ employment plans, indexed against general adult population, March 2019
                                                                                          • Case study: WeWork and #hustle culture
                                                                                            • Figure 47: WeWork Instagram post, April 2019
                                                                                          • They want flexibility in their jobs
                                                                                              • Figure 48: Millennials’ ideal job traits, March 2019
                                                                                              • Figure 49: “Must have” Millennial job traits, indexed against all adults, March 2019
                                                                                              • Figure 50: Selected “must have” job traits, by Older and Younger Millennials, March 2019
                                                                                            • Case study: The Men’s Warehouse
                                                                                              • Figure 51: Men’s Warehouse “Good on you” commercial, April 2019
                                                                                            • Millennials’ favorite activities foreshadow Gen Z preferences
                                                                                              • The first video game generation
                                                                                                • Close parental ties
                                                                                                  • Figure 52: Millennials’ favorite activities, March 2019
                                                                                                  • Figure 53: Millennials’ favorite activities, indexed against general adult population, March 2019
                                                                                                  • Figure 54: Millennials’ favorite activities, by age and gender, March 2019
                                                                                              • Lifestyle Challenges

                                                                                                  • Adulting is hard
                                                                                                    • Isolated between the cool lifestyle of youth and financial security of the future
                                                                                                      • Figure 55: Correspondence analysis – Symmetrical map – Generational perspectives, March 2019
                                                                                                    • Effects of shifting life stages cause Millennials stress
                                                                                                      • The future and finances are frightening
                                                                                                        • Navigating changing relationships
                                                                                                          • Figure 56: Friends as family, by generation, March 2019
                                                                                                          • Figure 57: Millennials’ stressors, March 2019
                                                                                                          • Figure 58: Millennials’ stressors, indexed against general adult population, March 2019
                                                                                                        • Millennial men and women experience life’s stresses differently
                                                                                                          • More men stressed about relationships
                                                                                                            • Women keep on keeping on
                                                                                                                • Figure 59: Millennials’ stressors, by age and gender, March 2019
                                                                                                              • Case study: Beyoncé’s Homecoming
                                                                                                                • Figure 60: Homecoming: A Film By Beyoncé | Official Trailer | Netflix, April 2019
                                                                                                            • Technology and eCommerce

                                                                                                                • Millennials are comfortable with technology
                                                                                                                  • Figure 61: Millennials’ tech behaviors, indexed against general adult population, March 2019
                                                                                                                • Younger Millennials offer opportunities
                                                                                                                  • Figure 62: Millennials’ tech behaviors, by age, March 2019
                                                                                                                • Married parents embrace technology
                                                                                                                  • Figure 63: Millennials’ device use, by marriage and parental status, March 2019
                                                                                                                • Case study: Facebook Portal
                                                                                                                  • Figure 64: Facebook Portal Commercial, “Mother's Day Performance,” April 2019
                                                                                                                • Digital marketing opportunities for Millennials
                                                                                                                  • Figure 65: Percentage who consider recommended products online, by generation, March 2019
                                                                                                                • Younger consumers more receptive to digital marketing
                                                                                                                    • Figure 66: Percentage who consider recommended products, by key Millennial subgroups, March 2019
                                                                                                                  • Online marketing efforts should target Millennial parents
                                                                                                                    • Figure 67: Millennials’ digital behaviors, by marriage and parental status, March 2019
                                                                                                                • Connecting with Millennial Values

                                                                                                                    • Identity: Millennials use brands to reinforce their image
                                                                                                                      • Brands that reinforce personal values are a part of Millennials’ identity
                                                                                                                        • Figure 68: Percentage who agree brands reinforce their image, by generation, March 2019
                                                                                                                        • Figure 69: Millennials’ attitudes toward brands representing values, March 2019
                                                                                                                        • Figure 70: Millennials’ most important values, indexed against general adult population, February 2019
                                                                                                                      • Rights: Respect, protect and support
                                                                                                                        • Controversy doesn’t sell
                                                                                                                          • Figure 71: Best ways for brands to represent values, among Millennials, March 2019
                                                                                                                        • Millennials feel strongly about the right to live affordably
                                                                                                                          • Figure 72: Issues Millennials feel strongly about, indexed against general adult population, March 2019
                                                                                                                      • Appendix – Data Sources and Abbreviations

                                                                                                                        • Data sources
                                                                                                                          • Consumer survey data
                                                                                                                            • Consumer qualitative research
                                                                                                                              • Abbreviations and terms
                                                                                                                                • Abbreviations
                                                                                                                                  • Terms
                                                                                                                                    • Generation definitions
                                                                                                                                    • Appendix – The Market

                                                                                                                                        • Figure 73: Population by generation, 2014-24
                                                                                                                                        • Figure 74: Median age at first marriage, by gender, 2008-18
                                                                                                                                        • Figure 75: Marital status, by age, 2018
                                                                                                                                        • Figure 76: Average age of mother at first birth, 1990-2017
                                                                                                                                        • Figure 77: Births, by age of mother, 2017
                                                                                                                                        • Figure 78: Median household income, by age of householder, 2017
                                                                                                                                        • Figure 79: Labor-force status of people aged 16 or older, annual averages, by age, 2017
                                                                                                                                        • Figure 80: Labor-force status of men aged 16 or older, annual averages, by age, 2017
                                                                                                                                        • Figure 81: Labor-force status of women aged 16 or older, annual averages, by age, 2017
                                                                                                                                        • Figure 82: Work arrangements of employed people aged 25 to 44, May 2017
                                                                                                                                    • Appendix – The Consumer

                                                                                                                                        • Figure 83: Generational perspectives, March 2019

                                                                                                                                    Marketing to Millennials - US - June 2019

                                                                                                                                    US $4,395.00 (Excl.Tax)