2021
9
UK Lifestyles of Millennials Market Report 2021
2021-06-09T04:05:29+01:00
OX1042517
2195
139265
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Report
en_GB
“Millennials are the generation that came of age in a deeply troubled financial climate during the Great Recession of 2007-9, only to face a second global crisis a decade later.

UK Lifestyles of Millennials Market Report 2021

£ 2,195 (Excl.Tax)

Description

The UK Millennial Lifestyles report identifies consumer attitudes towards health, financial stability, spending habits, inclusivity and Millennial Lifestyle trends in the UK. The Millennial Lifestyles market research report covers the market size, market forecast, market segmentation, attitudes, behaviours and industry trends for the Millennial Lifestyles Market in the UK. 

 

Current Market Landscape

The 2008-09 Great Recession was a defining experience for Millennials, who came of age in a deeply troubled financial climate. While many since then have devoted a lot of time and energy into recovering from the experience and building their financial confidence, the scars of this have continued to haunt Millennials.

  • 48% of Millennials currently view money as a key factor in success.
  • 45% of Millennials say that their financial stability is one of their leading causes of anxiety.
  • During the pandemic 32% of Young Millennials were either furloughed, or someone else in their household was.

Having already entered into the job market at somewhat of a disadvantage, only to face the current pandemic a decade later, Millennials’ financial stability has been highly shaken, with many furloughed or out of a job. This could now lead to many adopting a more conservative mindset in their spending habits and re-evaluating their purchase priorities.

Future Market Trends in Millennial Lifestyles

With Millennials forced to tighten their belts, price-conscious habits are set to become a lasting trend. Money-stretched consumers are seeking out more value-oriented options and factoring essentials into their budgets. From cutting back on different luxuries to even simple things like cooking at home and not eating out, Millennials adjusting their spending values and habits could threaten profits across different categories.

As more Millennials spend time at home and make up the largest pool of current potential homeowners, there are some opportunities for brands to engage with that age group on mortgage advice, property developers, environmentally friendly homeware and furnishing products, outdoor homeware, and home office furniture.

Read on to discover more details or take a look at all of our UK Consumer Lifestyles market research.

Quickly understand

  • The impact of COVID-19 on Millennials’ behaviours and attitudes.
  • The intensified focus on health.
  • The gap of financial stability that Millennials face.
  • Changes in spending habits in different categories.
  • The importance of the diversity and inclusivity movement to Millennials.
  • The opportunities for homeware and home accessories brands.

Expert analysis from a specialist in the field

Written by Sarah Al Shaalan, a leading analyst in the Lifestyles sector, his extensive knowledge delivers in-depth commentary and analysis to highlight current trends and add expert context to the numbers.

Millennials are the generation that came of age in a deeply troubled financial climate during the Great Recession of 2007-9, only to face a second global crisis a decade later. This has left a significant mark on their financial outlook which has translated into a delay for many in their ability to achieve many of the milestones associated with growing up, such as becoming homeowners or even starting a family. With this in mind, there are opportunities for brands and corporations to engage with Millennials by generating products and services that support their current financial state, while also tailoring content and campaigns to include their shared interests and social stands.

Sarah Al Shaalan
Lifestyles Analyst

 

 

 

Table of Contents

  1. Overview

    • Key issues covered in this Report
    • COVID-19: market context
    • Economic and other assumptions
    • Generational definitions
  2. Executive Summary

    • Impact of COVID-19 on Millennial lifestyles
      • Figure 1: Short-, medium- and long term impact of COVID-19 on Millennial lifestyles, May 2021
    • The market
    • Millennials: an increasingly lucrative consumer base
      • Figure 2: Age structure of the UK population, 2019
    • The consumer
    • Sources of Millennial Anxiety
      • Figure 3: Concern levels for millennials across categories, December 2020
    • Aspirations of a Successful Life
      • Figure 4: Success factors for millennials, December 2020
    • Changes in Millennial spending habits
      • Figure 5: Consumption behaviours for millennials, December 2020
    • Diversity of Friendship Circles
      • Figure 6: Millennials emphasise on importance of having diverse group of friends , December 2020
    • Millennials in the home
      • Figure 7: Millennials add importance to homeware, February 2021
  3. Issues and Insights

    • Millennials’ financial confidence is shaken
    • COVID-19 has intensified interest in health
    • The home: a renewed focus
  4. The Market – Key Takeaways

    • The population of Millennials
    • The pandemic adds financial pressure…
    • …further delaying milestones
    • Health becomes a greater priority
    • Millennials stand for green values
  5. Demographic Overview

    • The impact of COVID-19 on Millennial lifestyles
      • Figure 8: Short-, medium- and long-term impact of COVID-19 on Millennial lifestyles, May 2021
    • The population of Millennials
      • Figure 9: Age structure of the UK population, 2019
    • Learnings from the last recession
  6. Market Drivers

    • Long-term economic concerns…
      • Figure 10: Percentage owning with a mortgage by age group, selected years, England
    • More millennials are living at home…
      • Figure 11: Young adults aged 15-34 living with their parents by age and sex, UK, 2020
      • Figure 12: Young adults aged 15-34 living with their parents by age, UK, 2018-20
    • …and delayed having children
      • Figure 13: Average age of mothers and fathers at the birth of their child, 1964 to 2017
    • Facebook remains the preferred social platform
      • Figure 14: Use of Top-5 social media networks in the last 3 months, by generation, 19-30 March 2020
    • Protecting the planet: a priority
      • Figure 15: Most important environmental issues, by generation, UK April 2018
    • COVID-19 prompts health and fitness interest…
      • Figure 16: Usage of health technology across demographics, July 2020
    • …and fuelled mental health anxiety further
  7. The Consumer – Key Takeaways

    • Lockdown raises Millennials’ lifestyle anxiety
    • Pandemic challenges financial security
    • Challenging economic climate sees Millennials become ever-more value-oriented
    • Millennials prioritising Health
    • Millennials feel strongly about Diversity
    • Millennials raising environmental awareness
    • The Home: an opportunity for spending and innovating
  8. Impact of COVID-19 on Consumer Behaviour

    • Millennial exposure anxieties rise alongside age
      • Figure 17: Anxiety about exposure to the coronavirus across generation, May 2021
    • …and lifestyle concerns
      • Figure 18: Worries around the outbreak’s impact on lifestyle across generations, May 2021
    • Booming online spending
      • Figure 19: Changes in shopping habits since the start of the outbreak
    • The pandemic triggers greater interest in wellbeing
      • Figure 20: Changes to priorities as a result of the outbreak, February 2021
    • Mental wellbeing also important
    • Millennials eager to return to travelling
      • Figure 21: Millennials booking their main holiday, May 2021
    • Millennials face financial challenges
      • Figure 22: Changes in financial situation since the start of the outbreak, March 2021
  9. Sources of Millennial Anxiety

    • Pandemic proves leading cause of concern for UK Millennials…
      • Figure 23: Concern levels for millennials across categories, December 2020
    • …making health a higher priority
    • Millennials face financial uncertainty
      • Figure 24: Proportion of Millennials citing “Financial security” as a cause for concern, December 2020
    • Women lag behind men in financial stability
    • Millennials interest in the environment impacts their purchases
      • Figure 25: Proportion of Millennials citing “the environment” as a cause for concern, December 2020
      • Figure 26: Garnier switch to solid soaps and shampoo, November 2020
    • Even as Millennials embrace self-love, image concerns remain
      • Figure 27: Appearance concerns across gender and demographics, February 2020
    • Opportunity for cosmetic procedures operators
    • Love in the time of corona
    • COVID-19 changing social circles
  10. Aspirations of a Successful Life

    • Millennials crave financial stability
      • Figure 28: Success factors for millennials, December 2020
    • Millennials seek career satisfaction beyond salary
      • Figure 29: Proportion of Millennials who consider “having a job that you enjoy” and/or “having an interesting job” as factor indicative of a successful life, Younger vs Older Millennials, December 2020
    • Health: an intensified focus
    • Millennials approach family life differently than older generations
  11. Changes in Millennial Spending Habits

    • Lockdown increases spending on everyday items
      • Figure 30: Consumption behaviours for millennials, December 2020
    • Opportunity for food and drink brands to appeal to newly engaged shoppers
    • Millennial men enjoy expanded role in-home
    • Women save less than men…
      • Figure 31: Financial savings behaviours for millennials, December 2020
    • … Paving the way for more targeted financial services advice for women
      • Figure 32: “Making Money Moves” Podcast
    • Spending on fitness gear surges during pandemic…
      • Figure 33: Consumer spending on fitness/exercise products and services, December 2020
    • …while clothing wears down
    • Millennials eager to travel
  12. Diversity of Friendship Circles

    • Diversity matters to Millennials
      • Figure 34: Diversity within Millennial’s friendship groups, December 2020
    • Improving diversity in advertising and product development…
    • …but in organisations too
  13. Millennials in the Home

    • COVID-19 makes outdoor space more important than ever
      • Figure 35: Millennial’s attitudes towards the home, December 2020
    • The multifunctional home
    • A window of opportunity for retailers on social media
      • Figure 36: Millennial’s attitudes towards the home, December 2020
    • Brands look to help out cash strapped Millennials decorate
    • Millennials looking for zero waste interiors
      • Figure 37: Millennials’ attitudes towards the home, December 2020
  14. Appendix – Data Sources, Abbreviations and Supporting Information

    • Abbreviations
    • 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

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*databooks not available with UK B2B Industry reports.

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