It wasn’t too long ago that Millennials were young adults and the main focus of the market – a role now filled by Gen Zs. With age, Millennials’ lives have become more stable (eg homes, partners, kids, careers) but also much busier. Millennials now need a balanced approach that juggles both the present and the future, tackling the day-to-day while putting themselves in a position to succeed in the years and decades ahead. The result is that their attention is fragmented, making them open to solutions that help simplify those responsibilities.
Those Millennials will continue to be a key target going forward, if for nothing else but their population size; they’re the largest generation in the market. Their finances are tight as a result of all their responsibilities and commitments – and could get tighter as their mortgages renew at higher rates – but their overall purchasing power is strong and will grow with their incomes.
So while Millennials may not have the financial flexibility of Gen X (or even some Baby Boomers) today, they’re a cohort to invest in because they’re moving in the right direction. Specifically, Canadian brands have a unique opportunity to build a bond with these consumers today amid a groundswell of ‘Buy Canadian’ support – and because of Millennials’ young age, that bond could pay off for years down the road.
This report looks at the following areas:
- Millennials are the largest generation in the market and – now into their 30s and 40s – have established stable lifestyles of full-time jobs, marriage, kids and home ownership
- Millennials wear a lot of hats. They’re stressing about both the present and the future and are prioritizing their finances, their health and the households they need to run
- There are some key differentiators within this consumer group – parental status and financial situations correlate with meaningful differences among Millennials
- Because of Millennials’ collective purchasing power, this cohort will be central to consumer trends that emerge from the Canada-US trade situation
- To connect with Millennials, brands are focusing on small, incremental ways to improve those consumers’ day-to-day lives
Millennials have settled into stable lifestyles, but now hold a range of responsibilities and priorities in their busy day-to-day lives.
Scott Stewart, Associate Director, Lifestyles & Retail
Market Definitions
Millennials are defined as the generation born between 1980 and 1996 (aged 29-45 in 2025). Where mentioned, older Millennials refers to those born between 1980-1988 and younger Millennials were born between 1989-1996.
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EXECUTIVE SUMMARY
- What you need to know
- What consumers want & why
- Market predictions
- Opportunities
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TARGET MARKET OVERVIEW
- Millennials by the numbers
- Millennials are the largest generation in Canada
- Graph 1: population by generation, 2024
- Millennial growth has been driven by immigration
- Millennials have built stable lifestyles
- Graph 2: proportion of Millennials who work full-time, are married, are parents, own a home, 2025
- Market context
- Millennials like YouTube, and still use Facebook more than Instagram
- Graph 3: sites/apps used daily, by generation, 2025
- Today’s parents of young children are Millennials
- Millennials are politically balanced without one clear, common philosophy
- Graph 4: political beliefs, by generation, 2024
- Millennials and the economy
- Millennials’ finances have gotten tighter in recent years
- Graph 5: current financial situation, Millennials, 2022-2025
- Certain Millennial subgroups face more challenging financial situations
- Graph 6: current financial situation – struggling or in trouble, Millennials by parental, marital and home ownership status, 2025
- Millennials are optimistic about their finances
- Graph 7: current and future financial situation, overall vs Millennials, 2025
- Most Millennials bought real estate before the prices spiked
- Graph 8: housing affordability index, 2015-24
- Some Millennial homeowners are still vulnerable
- Graph 9: percentage of net income spent on mortgage, Millennial homeowners, 2024
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CONSUMER INSIGHTS
- Consumer fast facts
- Consumer fast facts (continued)
- Millennials’ top priorities
- Millennials have a range of priorities
- Graph 10: top priorities for the next five years (respondents could select up to three), Millennials vs overall, 2025
- Millennials’ balanced priorities are illustrated by their views on work and retirement
- Graph 11: top priorities for the next five years (respondents could select up to three) – career and retirement, by generation, 2025
- Retirement planning picks up steam in their 30s
- Graph 12: top priorities for the next five years (respondents could select up to three) – planning/saving for retirement, older vs younger Millennials, 2025
- Personal finances impact Millennials top priorities
- Graph 13: top priorities for the next five years (respondents could select up to three), Millennials by financial situation, 2025
- Retirement and long-term savings solutions need to talk to a target audience
- Millennials have a balanced perspective on health
- Graph 14: top priorities for the next five years (respondents could select up to three) – health, by generation, 2025
- Most Millennials feel physically healthy, yet more than a quarter do not
- Graph 15: current physical health, Millennials, 2024
- Millennials have settled into stable lifestyles, but wear a lot of hats
- Stress levels and causes of stress
- Millennials’ stress levels are in line with other generations
- Graph 16: current stress level, by generation, 2025
- Millennials who are in a tough financial spot are the most stressed
- Graph 17: very stressed, Millennials by household income and financial situation, 2025
- Parents are no more stressed than non-parents
- Graph 18: current stress level, Millennials by parental status, 2025
- Millennials are stressed by the present and the future
- Graph 19: biggest contributors to stress (respondents could select up to three), Millennials, 2025
- Unlike other generations, Millennials don’t have singular stressors
- Graph 20: biggest contributors to stress (respondents could select up to three), by generation, 2025
- Stressors vary depending on financial situations
- Graph 21: biggest contributors to stress (respondents could select up to three), Millennials by household income, 2025
- Single Millennials are the most stressed
- Graph 22: very stressed, Millennials by marital status, 2025
- Kids don’t increase stress, but they create a different kind of stress
- Graph 23: biggest contributors to stress (respondents could select up to three), Millennials by parental status, 2025
- Women are the most stressed by the household
- Graph 24: biggest contributors to stress (respondents could select up to three) – keeping my household running, Millennials by gender and parental status, 2025
- Millennials are reaching the ‘sandwich generation’ stage
- How to talk to Millennials about stress
- How parental status is a key differentiator among Millennials
- A little more than half of Millennials are parents
- Graph 25: future plans to have kids, Millennials who are not parents, 2025
- Graph 26: parents of children under 18 in household, by generation, 2025
- Millennial parents have young kids at home
- Graph 27: parental status – parent of children under 12 in household, by generation , 2025
- Most Millennials are already into their 30s and 40s
- Younger Millennials are more likely to plan to have kids
- Graph 28: yes, I plan to have kids, older vs younger Millennials, 2025
- Why Millennials’ age and future family plans matter
- Parents and non-parents have different opinions about raising kids
- Graph 29: biggest life changes that result from becoming a parent, Millennials by parental status, 2025
- Parents see the balance that comes with raising kids
- Graph 30: biggest life changes that result from becoming a parent, Millennial parents, 2025
- Great Wolf Lodge demonstrates the pros and cons of parenting
- Disney Store offers nostalgia and joy
- Millennial parents have happy homes
- Non-parents should be encouraged to celebrate their freedom
- Graph 31: biggest life changes that result from becoming a parent, Millennial non-parents, 2025
- Brands can highlight nights out and needed vacations for non-parents
- Parents and non-parents are distinct subgroups of Millennials who require unique strategies
- How Millennials perceive themselves
- Millennials have a positive opinion of their generation
- Graph 32: compared to Gen Zs, Millennials are more…, Millennials, 2025
- Careers are an important part of who Millennials are
- Graph 33: elements that are part of one’s personal identity – my career, by generation, 2024
- Most of these characteristics are age-related, but could become generational
- Millennials believe it was effort, not luck, that got them here
- Millennials’ perceptions vary depending on their current situation
- Graph 34: compared to Gen Zs, Millennials are more…, Millennials by household income, 2025
- One brand, two Millennial targets
- Gen Zs think Millennials are out of touch
- Find ways to make Millennials feel cool and relevant
- Reflect Millennials back to themselves
- Millennials’ response to US-Canada trade relations
- Most Millennials believe the Trump administration is hurting Canada’s relationship with the US
- Graph 35: impact of the Trump administration on the relationship between the US and Canada, by generation, 2025
- Millennials are patriotic, but not as patriotic as Gen X and Baby Boomers
- Graph 36: feelings of patriotism towards Canada, by generation, 2025
- Millennials intend to make more Canadian purchases
- Graph 37: expected changes over the next 12 months, Millennials, 2025
- Millennials align with the average, but are less extreme
- Graph 38: expected changes over the next 12 months – more (NET), overall vs Millennials, 2025
- The priority is to buy Canadian products and avoid American ones
- Graph 39: expected changes over the next 12 months – purchase behaviours, Millennials, 2025
- American-owned retailers have more leeway than producers
- Consumers are putting more thought into produce growing seasons
- Graph 40: expected changes over the next 12 months – fruits/vegetables, Millennials, 2025
- Even if demand for local produce increases, value will remain vital
- Graph 41: factors most important when shopping for food/drink at grocery stores (respondents could select up to three), Millennials, 2024
- Help consumers keep track of what’s in season
- Canadians want to spend more time in Canada
- Graph 42: expected changes over the next 12 months – travel, Millennials, 2025
- Destination Ontario is asking Ontarians for support
- Some brands are helping Canadians discover unknown parts of the country
- There’s growing interest in Canadian content
- Graph 43: expected changes over the next 12 months – content consumption, Millennials, 2025
- Calling out Canadian content will get noticed
- Millennial behaviors are poised to change, brands need to adapt
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COMPETITIVE STRATEGIES
- Launch activity and innovation
- Camera innovation makes it easier to keep memories
- Brands are taking a number of approaches to supporting health
- Household automation can incrementally reduce Millennials’ stress
- Marketing and advertising
- Sonnett uses “Adulting made simple” to connect with Millennials
- RBC wants to help Millennials renew their mortgages amid higher rates
- LG gives Millennials a pat on the back for a job well done
- Opportunities
- Millennials’ lives are stable, so brands are finding small ways to make them better
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APPENDIX
- Consumer research methodology
- Consumer research questions
- Curated questions
- Curated questions (continued)
- Generations
- Abbreviations and terms
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