2023
9
UK Lifestyles of Millennials Market Report 2023
2024-01-08T12:01:35+00:00
REP13F19229_DD8B_4EA1_8C60_3BE272CEDEF9
2195
169409
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Report
en_GB
Millennials need help addressing their anxieties. Support to build financial security, a better work/life balance and improve their health will be appreciated. Francesca Smith, Senior Research Analyst - Consumer…

UK Lifestyles of Millennials Market Report 2023

£ 2,195 (Excl.Tax)

Description

This report explores the lifestyles of UK Millennials. Use Mintel’s raw consumer statistics to gain fresh insight into what this demographic segment looks like, what they’re doing, what they want, and more. 

Who Are Millennials?

Millennials are the largest generation in the UK today. Born between 1981 and 1996, Millennials are aged 27-42 in 2023 and make up 22% of the UK population. They are more diverse and embracing of diversity than older generations.

UK Millennial Lifestyle Insights

Millennials are concerned about a lot of things

Millennials, as all Brits, have been living through a state of recurring crises over the last few years. On top of this, Millennials have faced a number of financial challenges which has led to high levels of concern about current and future financial situations. One of the most effective ways to help Millennials feel more optimistic about the future will be to support them to achieve financial security.

Millennials define themselves in a number of ways

Family, health and friendships are the most influential on Millennial’s personal identity, whilst their nationality and political views have a much smaller influence. Family is most important to Millennials. Brands that want to reach Millennials should use imagery and messaging in campaigns that represents diverse and extended family dynamics.

Find a complete analysis of UK Millennials in the full report. Readers of this report may also be interested in Mintel’s extensive consumer lifestyles research.

Expert Insights into UK Millennial Statistics

This report, written by Francesca Smith, Senior Consumer & Lifestyles Analyst, delivers in-depth commentary and analysis about UK Millennials data to highlight current trends.

Millennials need help addressing their anxieties. Support to build financial security, a better work/life balance and improve their health will be appreciated.

Francesca Smith
Senior Research Analyst – Consumer Lifestyles

Table of Contents

  1. Executive Summary

    • Key Issues Covered in this Report
    • Overview
    • Opportunities for engaging with Millennials
    • Addressing financial precarity will be key
    • Millennials need help finding balance
    • Show support to Millennial men
    • Market dynamics and outlook
    • Millennials are the largest generation today
    • Graph 1: ethnicity of population, by age, England and Wales, 2021
    • Graph 2: population estimates, by generation, 2021
    • Parenthood is being reconsidered by some Millennials
    • Graph 3: age-specific fertility rates, England and Wales, 1981-2021
    • Inflation and interest rate rises have hit Millennials hard
    • What consumers want and why
    • Millennials have a lot of expectations for the next five years…
    • … and a long list of concerns to address
    • Graph 4: Millennial concerns, 2023
    • Family is the most important influence on Millennials' identity
    • Friendships become trickier to navigate with age
    • Graph 5: Millennials' attitudes towards friendship, 2023
    • Future health concerns weigh on the minds of Millennials
  2. Market Dynamics

    • Macro-economic factors
    • Inflation is still the key factor affecting consumers' finances
    • Graph 6: CPI inflation rate, 2021-23
    • Interest rates will continue rise in importance for Millennials in 2024
    • Millennials are starting to feel more positive about their finances
    • Graph 7: consumer financial wellbeing, by generation, 2023
    • Millennials expect to continue to cut back
    • Graph 8: Millennials expected behaviour changes as a result of rising prices, 2023
    • Social, environmental and legal factors
    • Millennials account for 22% of the UK population
    • Graph 9: UK population estimates, by generation, 2021
    • Millennials are embracing of diversity
    • Graph 10: ethnicity of population, by age, England and Wales, 2021
    • Young Millennial men delay flying the nest
    • Graph 11: adults aged 27-34 living with their parents, by gender, 2022
    • More Millennials put the brake on having children…
    • Graph 12: age-specific fertility rates, England and Wales, 1981-21
    • …as many have concerns over starting a family
  3. What Consumers Want and Why

    • The five-year plan
    • Millennials have varying plans for the next five years
    • Graph 13: Millennials' planned life events in the next five years, 2023
    • Career focus can come at the detriment of Millennials' wellbeing
    • Millennials have strong home ownership ambitions
    • Support Millennials to fulfil travel aspirations
    • Young Millennials are open to big moves
    • Graph 14: Millennials expecting to move to a new town/city or start their own/another business in the next five years, by age, 2023
    • The Millennial Entrepreneur pushes forward
    • Brands can be instrumental in supporting young entrepreneurs
    • Kids and marriage fall lower down the list for Millennials
    • Millennial concerns
    • Millennials are concerned about a lot of things
    • Graph 15: Millennial concerns, 2023
    • Stress is piling up on Millennials
    • Support Millennials to build a positive future
    • A need for balance
    • Both single and coupled-up Millennials have concerns about their love life
    • Empower single Millennial men
    • Millennials are feeling left behind
    • Millennials' approach to finances
    • Millennials are mostly optimistic for the future
    • Graph 16: Millennials' financial behaviours, 2023
    • Money-management skills needs to be accessible
    • Graph 17: agreement with "I enjoy managing my money", by financial situation, 2023
    • Millennial women are more cautious with their approach
    • Graph 18: agreement with "I prefer to live in the moment than plan for the future", by gender, 2023
    • Personal identity
    • Millennials define themselves in a number of ways
    • Graph 19: influences on Millennials' personal identity, 2023
    • Family is most important to Millennials
    • Millennial's put a lot of value on health and wellness
    • Graph 20: the amount of effort Millennials put into being healthy, 2023
    • Work is a defining factor for many Millennials
    • Millennial friendships
    • Most Millennials are satisfied with their friendships
    • Graph 21: Millennials' attitudes towards friendship, 2023
    • Help keep the friendship spark alive
    • Half of Millennials struggle to keep up with friends
    • Young Millennial men feel the most social pressure
    • Graph 22: agreement with "I feel a pressure to keep up with my friends financially", by gender and age, 2023
    • Ageing and the future
    • The majority are optimistic about their own future
    • Graph 23: Millennials' outlook on the future, 2023
    • Financial security plays significant role in optimisim
    • Graph 24: optimism about own and world's future, by financial situation, 2023
    • Future health concerns weigh on the minds of Millennials…
    • … and they will be looking towards brands to support their health
    • Brands can encourage acceptance of ageing
    • The male body positive movement needs to catch up
  4. Appendix

    • Abbreviations and Terms
    • Methodology
    • Consumer Research Methodology

About the report

This market report provides in-depth analysis and insight supported by a range of data. At the same time, introductory and top-level content is provided to give you an overview of the issues covered.

Market

Mintel provides a range of market information, frequently through the category level, including market size and forecasting, complete with market drivers that illustrate the forces that shape a category or market.

Consumer

Mintel’s proprietary consumer research provides our analysts with the attitudinal and behavioral data used to provide valuable insight to topical issues.

Brand/Company

Mintel provides overviews of the top brands and manufacturers, and uses consumer research to explore attitudes and reactions to brands, as well as insight into what will resonate with consumers.

Data

Market reports provide appendices of data to support the research and insight produced. Our databooks* are easily manipulated and downloadable to support your research needs and covers factors from consumer attitudes to market forecasts.

*databooks not available with UK B2B Industry reports.

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