“When discussing generations, population size is a pivotal factor that can make one cohort much more valuable than another. And today, there is no bigger generation than Millennials.
That fact, combined with their stable, established lifestyles (and employment) makes them the most influential generation in the market today – and they will be for decades more.”
– Scott Stewart, Associate Director, Lifestyles & Retail
This Report looks at the following areas
- Where and how Millennials live.
- How Millennials believe they can best build wealth.
- Millennials’ confidence in their day-to-day adult skills.
- Their personality types and preferences.
- A walkthrough of their typical daily routines.
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Overview
- What you need to know
- This Report looks at the following areas
- Definition
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Executive Summary
- Top takeaways
- Consumer trends
- Millennials are settling but still learning
- They want to get ahead financially
- Many Millennials still want to stand out
- Competitive strategies
- Digital tech meets the realities of everyday adult life
- Figure 1: Realworld Twitter post, April 2023
- Market predictions
- Millennials will be Baby Boomers 2.0
- Figure 2: Category outlook: Millennials, 2023-28
- Opportunities
- Millennials use social media all day
- Other daily habits create the opportunity for more targeted efforts
- Fragmentation creates opportunities in a cohort this large
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Target Audience – By the Numbers
- Millennials are the largest generation in Canada
- Figure 3: Population, by generation, 2021
- Millennials are optimistic about their finances
- Figure 4: Expected financial situation over the next 12 months, Millennials vs overall, 2023
- Two thirds of Millennials use Facebook every day
- Figure 5: Visit sites daily, Millennials vs overall, 2023
- YouTube is a daily visit for more than half of Millennials
- Millennials are the largest generation in Canada
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Market Factors
- Millennials have solid employment and weathered the pandemic
- Figure 6: Unemployment rate, by age, 2015-2022
- Millennials are vulnerable to interest rate hikes
- Millennials are not local consumers
- Figure 7: Categories that are important to buy local, Millennials vs overall, 2023
- Mental health is a concern for Millennials
- Figure 8: Worrying health aspects: mental health, by generation, 2023
- Millennials have solid employment and weathered the pandemic
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Competitive Strategies
- Adapting to a future of remote work
- Figure 9: Steelcase Instagram post, May 2023
- Targeting DINKs, not just parents
- Using apps to help Millennials with their ‘adulting’
- Figure 10: Realworld Twitter post, April 2023
- Figure 11: Jiffy Facebook post, June 2022
- Positioning the gig economy as a way to get ahead
- Figure 12: Your Place | Get Paid, April 2023
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- Figure 13: Earn like a boss. | Uber, April 2023
- Adapting to a future of remote work
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Marketing to Millennials – Fast Facts
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Millennials: Who they Are
- Millennials are in the core working age
- Most Millennials have full-time employment
- Figure 14: Employment status, Millennials vs overall, 2023
- Work lives are more flexible than they used to be
- Figure 15: Working location, Millennials vs overall, 2023
- Half of Millennials live in a dual-income household
- Figure 16: Household income of $100,000 or more, by generation, 2023
- Millennials have settled
- Where they live
- Figure 17: Type of home, Millennials vs overall, 2023
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- Figure 18: Living area, Millennials vs overall, 2023
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- Figure 19: Home ownership status, Millennials vs overall, 2023
- Who they live with
- Figure 20: Who they live with, Millennials vs overall, 2023
- How their living situation affects them today
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How to Build Wealth
- Millennials want to use income to ‘get ahead’
- Figure 21: Top ways to build wealth, Millennials vs overall, 2023
- Interest in increasing income is universal across the generation
- Why Millennials are overdeveloped on increasing income
- Why Millennials are underdeveloped on traditional investments
- Traditional investment tactics vary by age, lifestyle and culture
- RRSPs are more relevant for the most ‘settled’ Millennials
- Figure 22: Millennials – top ways to build wealth: contributing to an RRSP, by age, parental status, household income and home ownership status, 2023
- Home ownership as a wealth builder is more relevant to people born outside Canada
- Controlling costs is more relevant to some than others
- Living frugally is more common among older, higher earning Millennials
- Figure 23: Millennials – top ways to build wealth: living frugally, by age and household income, 2023
- Younger men are outliers
- Figure 24: Millennials – top ways to build wealth, by age and gender, 2023
- Millennials want to use income to ‘get ahead’
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‘Adulting’ Skills
- Millennials haven’t gained confidence in recent years
- Figure 25: Millennials – very/somewhat confident in ability, 2017 vs 2023
- Millennials are less confident than average across a number of skills and behaviours
- There is room to improve social skills
- Figure 26: Very/somewhat confident in ability: social skills, Millennials vs overall, 2023
- Millennials will need help with managing their finances and personal health
- Figure 27: Very/somewhat confident in ability: personal finances and health, Millennials vs overall, 2023
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- Figure 28: Fitbit Instagram post, February 2023
- A lack of gender skews is meaningful
- Figure 29: Millennials – very/somewhat confident in ability, men vs women, 2023
- Confidence in child care is the same for moms and dads
- Figure 30: Millennials – confidence in childcare duties, moms vs dads, 2023
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- Figure 31: Dove Men Care Instagram post, April 2022
- Figure 32: Thermea Whitby Instagram post, December 2022
- Millennials haven’t gained confidence in recent years
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Personal Characteristics
- Millennials’ personalities aren’t much different than everyone else
- Figure 33: Millennials – personality characteristics: I prefer to…, 2023
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- Figure 34: Personality characteristics: I prefer to…, Millennials vs overall, 2023
- Identifying outliers among Millennials
- A preference for things skews to men, lower HHIs and Millennials born in Canada
- Figure 35: Millennials – “I prefer to splurge on things”, by gender, household income and place of birth, 2023
- Planning for the future vs living for the moment differs across income, employment and education
- Figure 36: Millennials – “I prefer to live in the moment”, by employment status, household income and education level, 2023
- Young, single Millennials without kids want to stand out
- Figure 37: Millennials – “I prefer to stand out”, by age, parental and marital status, 2023
- Compared to the US, Canadian Millennials prefer to fit in
- Figure 38: Millennials – “I prefer to fit in vs stand out”, Canada vs US, 2023
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- Figure 39: Hudson’s Bay Instagram post, May 2023
- Figure 40: New Era Canada Instagram post, September 2022
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- Figure 41: New Era Canada Instagram post, September 2022
- Millennials’ personalities aren’t much different than everyone else
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A Day in the Life of Millennials
- Daily habits highlight how to reach Millennials
- Mornings are focused on the commute
- Figure 42: Millennials – behaviours on a typical weekday morning, 2023
- Millennials have other priorities during midday
- Figure 43: Millennials – behaviours on a typical weekday midday, 2023
- Activity picks up in the afternoon
- Figure 44: Millennials – behaviours on a typical weekday afternoon, 2023
- Video content gains relevance in the early evening
- Figure 45: Millennials – behaviours on a typical weekday early evening, 2023
- Late evening is a time for relaxation – and video content
- Figure 46: Millennials – behaviours on a typical weekday late evening, 2023
- For parents, time with their kids is a big part of their day
- Figure 47: Millennials – behaviours on a typical weekday: spend time with my children, among parents, 2023
- How remote work has changed weekdays
- Figure 48: Millennials – behaviours on a typical weekday morning, work remotely vs do not work remotely, 2023
- Remote workers have more flexibility during the day
- Figure 49: Millennials – behaviours on a typical weekday midday, work remotely vs do not work remotely 2023
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Appendix – Data Sources and Abbreviations
- Data sources
- Consumer survey data
- Consumer qualitative research
- Mintel Trend Drivers
- Abbreviations and terms
- Abbreviations
- Terms
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