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US Marketing to Millennials: Incl Impact of COVID-19 Market Report

Everything you need to make the right decisions

Providing the most comprehensive and up-to-date information and analysis of the Marketing to Millennials: Incl Impact of COVID-19 - US market, and the behaviours, preferences and habits of the consumer.

Mintel has the answers you’re looking for

What are the key challenges facing the industry? Who is the consumer and what do they want? Where are the opportunities, where are the risks and what lies ahead?

Covered in this report

There are more than 80 million Americans between the ages of 26 and 43 living in the US. Even before the COVID-19 pandemic they were behind previous generations in terms of earning income and acquiring wealth, and as a result, got married and started families later in life. The current economic downturn threatens the progress Older Millennials have made since the Great Recession and pushes milestones like homeownership farther down the road for Younger Millennials. As a result, these consumers will look for value as they provide for their families and try to save for the future.

All reports purchased from the Mintel Store now come with free access to our COVID-19 Global Insights Hub, allowing you to understand how industries and consumer behaviour is changing worldwide.


What does the COVID-19 Global Insights Hub give you access to?

  • Over 450 pieces of research (with more published each week) addressing markets across the globe.
  • Discover how people in countries at different stages of the crisis are adjusting to the 'new normal'.
  • Trending industries which have seen growth due to the changes in circumstance.
  • Our latest consumer research surveys, allowing you to see customers views right now.

Expert analysis from a specialist in the field

Written by Kristen Boesel, a leading analyst in the Lifestyles sector, her extensive knowledge delivers in-depth commentary and analysis to highlight current trends and add expert context to the numbers.

Fate has not favored Millennials – hitting them first with the Great Recession as the oldest were starting careers and again with a pandemic just as some were finding stability. Most want the consistency of homeownership and employment benefits, but those goals are out of reach for some. Nevertheless, many are becoming parents and moving into a new lifestage with new sets of challenges. Brands have opportunities to support them on their journey through adulthood Kristen Boesel
Senior Lifestyles and Leisure Analyst

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What's included

What's included

Table of contents

Table of contents

  1. Overview

    • What you need to know
      • Key issues covered in this Report
        • Definition
          • Millennial generation
            • COVID context
            • Executive Summary

                • Market overview
                  • Two in five Millennials say they are disappointed with their careers
                    • Opportunities
                      • Millennials are grateful, but only a third feel stable or content
                        • Opportunities
                          • Homeownership means success
                            • Opportunities
                              • Impact of COVID-19 on Millennials
                                • Figure 1: Short-, medium- and longer-term impact of COVID-19 on Millennials, June 2020
                              • What it means
                              • Impact of COVID-19 on Millennials

                                • What you need to know
                                    • Figure 2: Short-, medium- and longer-term impact of COVID-19 on Millennials, June 2020
                                  • Threats and Opportunities
                                    • Financial setbacks challenge Millennials
                                      • Figure 3: Share of Millennials who have six months’ worth of emergency savings, February 2020
                                    • Lean in to working from home
                                        • Figure 4: Higher spending priorities since COVID-19 outbreak, June 11-24, 2020
                                      • Millennials drive a return to travel
                                        • Figure 5: Percentage for whom going on vacation or going to the movies are among the three things they look forward to most, by generation, June 2020
                                      • Mintel’s Global Consumer Trend Drivers
                                        • Figure 6: Mintel Global Trend Drivers
                                      • Resurgence of Black Lives Matter protests draw attention to Rights
                                        • Coronavirus triggers greater interest in Wellbeing
                                          • Figure 7: Millennials’ exercise locations, by generation, January 2020
                                        • Pandemic makes Younger Millennials more engaged with their Surroundings
                                          • Figure 8: Higher personal priorities since COVID-19 outbreak, June 11- 24, 2020
                                        • How the COVID-19 crisis will affect Millennials
                                          • A recession depression is coming
                                            • COVID-19 stalls Millennial plans to get pregnant
                                              • Distance learning will take a toll on parents
                                                • How a COVID-19 recession will reshape Millennials
                                                    • Figure 9: Experienced and expected loss of employment income, by age, May 28-June 2, 2020
                                                  • COVID-19: US context
                                                  • The Market – What You Need to Know

                                                    • One in four Americans is a Millennial
                                                      • Inequalities in education and earnings along racial lines
                                                        • 30 is still the new 20
                                                          • Two different worlds
                                                          • Millennials by the Numbers

                                                            • Millennials are not homogenous
                                                              • Figure 10: US population by generation, 2020
                                                            • Don’t overlook the multicultural Millennial market
                                                              • Hispanic Millennials
                                                                • Black Millennials
                                                                  • Figure 11: US civilian noninstitutionalized population aged 25-44, by race and Hispanic origin, 2019
                                                              • Education, Employment and Earnings

                                                                • Higher education gives some Millennials a slight financial edge
                                                                  • Stuck with debt
                                                                    • Advantages for accumulating wealth
                                                                      • Figure 12: Percentage with bachelor’s or graduate degree, by age, 2019
                                                                      • Figure 13: Median wealth among families with heads of household born between 1981 and 1996, 2016
                                                                    • Educational attainment is one factor in income disparity
                                                                      • Figure 14: Educational attainment, among adults aged 25-44, by race and Hispanic origin, 2019
                                                                      • Figure 15: Median total household income in 2018 among householders aged 25-44, by race and Hispanic origin
                                                                    • Millennials represent largest generation in the workforce
                                                                      • Figure 16: Employed persons by age and employment sector, annual average, 2019
                                                                  • Families and Households

                                                                    • Adults continue to delay marriage
                                                                      • Figure 17: Living arrangements of adults aged 25-34, living with spouse, 1970-2019
                                                                    • Millennials still rely on Baby Boomer-aged parents
                                                                      • Figure 18: Age of Millennials’ parents, February 2020
                                                                    • More are living with their parents into their 30s
                                                                      • Figure 19: Living arrangements of adults aged 25-34, living with parents, 1970-2019
                                                                    • Household income gets a boost after mid-thirties
                                                                      • Figure 20: Median total household income in 2018, by age of householder
                                                                    • Age 35 represents a significant threshold
                                                                      • Figure 21: Marital status by age, 2019
                                                                      • Figure 22: Parents with co-resident children under 18, by parent age, 2019
                                                                    • Boomer grandparents offer time and funding
                                                                      • Figure 23: Involvement of Baby Boomer grandparents, February 2020
                                                                    • Homeownership is happening later
                                                                      • Figure 24: Homeownership rates for the US, by age of householder, 1982-2019
                                                                      • Figure 25: Homeownership rates for the US, by type of household, among householders aged 25-44, 2019
                                                                  • Key Trends – What You Need to Know

                                                                    • Millennials could use some guidance with domesticity
                                                                      • Homeownership may still be out of reach for some
                                                                        • Benefits are great if you can get them
                                                                        • What’s Working

                                                                          • Whirlpool helps give moms a break
                                                                            • Business on top, party on the bottom
                                                                              • Most Millennials agree they’re becoming more like their own parents
                                                                                • Figure 26: Millennials’ attitudes toward their parents, among homeowners and non-homeowners, February 2020
                                                                                • Figure 27: Dr. Rick | Group Outing | Progressive Insurance Commercial, April 2020
                                                                            • What’s Struggling

                                                                              • Millennials’ health is declining faster than Gen Xers
                                                                                • Cities see an exodus
                                                                                  • Homeownership gets tougher for Younger Millennials
                                                                                  • What’s Next

                                                                                    • The disruption of dentistry
                                                                                      • Employer-sponsored activism
                                                                                        • Legacy brands are breaking through
                                                                                        • The Consumer – What You Need to Know

                                                                                          • Younger Millennials feel life has improved
                                                                                            • Success is a job with benefits and owning a home
                                                                                              • Optimized Millennials build sense of self around skills and talents
                                                                                                • Millennial parents seem to have it all
                                                                                                  • For many, youthful career ambitions did not see fruition
                                                                                                    • Black Millennials face more challenges
                                                                                                    • Outlook on Life

                                                                                                      • Financial security not as certain as emotional support
                                                                                                        • Figure 28: Millennials’ feelings about emotional support and financial resources, February 2020
                                                                                                      • Millennials feel their lives have improved
                                                                                                          • Figure 29: Millennials’ perspective on their lives vs 10 years ago, February 2020
                                                                                                          • Figure 30: Improvement compared to 10 years ago, Younger vs Older Millennials, February 2020
                                                                                                        • Feelings of gratitude are strong, but fewer feel stable or content
                                                                                                          • Figure 31: Millennials’ feelings about life, indexed against total adults, February 2020
                                                                                                        • Black Millennials more frustrated and disappointed than others
                                                                                                          • Figure 32: Millennials’ feelings about life, by race and Hispanic origin, February 2020
                                                                                                      • Signs of Success

                                                                                                        • Homeownership, a good job and savings define success
                                                                                                          • Figure 33: Signs of success in America, February 2020
                                                                                                        • Younger Millennials still reach for the stars
                                                                                                          • Figure 34: Signs of success in America, Younger vs Older Millennials, February 2020
                                                                                                        • Women’s needs and motivations inform their concept of success
                                                                                                          • Figure 35: Signs of success in America, men vs women, February 2020
                                                                                                        • Black Millennials face greater challenges to achieving success
                                                                                                          • Figure 36: Signs of success in America, men vs women, February 2020
                                                                                                      • Millennial Identity

                                                                                                        • Millennials were raised to optimize their skills and talents
                                                                                                          • Figure 37: Elements that influence Millennials’ personal identity, February 2020
                                                                                                        • Becoming a parent dramatically changes one’s sense of self
                                                                                                            • Figure 38: Influence of skills and talents on Millennials’ personal identity, February 2020
                                                                                                            • Figure 39: Influence of role in family on Millennials’ personal identity, February 2020
                                                                                                          • Brand Spotlight: Facebook Portal
                                                                                                            • Figure 40: “Thank-You” Portal advertisement, April 2020
                                                                                                          • Racial/cultural background is important for multicultural Millennials
                                                                                                            • Figure 41: Influence of role in family on Millennials’ personal identity, February 2020
                                                                                                        • Parenting

                                                                                                          • Marriage and kids more likely to mean success for younger generations
                                                                                                            • Figure 42: Signs of success in America, marriage and parenthood, by generation, February 2020
                                                                                                          • Parents have a more positive outlook than Millennials without kids
                                                                                                            • Figure 43: Millennials’ feelings about life, by presence of children in household, February 2020
                                                                                                          • Dads think they’re killing it
                                                                                                            • Figure 44: Millennial attitudes toward success and expectations, February 2020
                                                                                                          • Brand Spotlight: Clorox
                                                                                                            • Figure 45: Fight Back with Clorox - Basketball TV, September 2020
                                                                                                          • Teaching hard work and respect are top parenting goals for Millennials
                                                                                                            • Modeling religious devotion is more important to Black Millennials
                                                                                                              • Figure 46: Manners Millennial parents would want to teach their own kids, February 2020
                                                                                                          • Career

                                                                                                            • Career hopes were high
                                                                                                              • Figure 47: Millennial attitudes toward success and expectations, February 2020
                                                                                                            • One third say they did not get a job they were qualified for
                                                                                                              • Figure 48: Percentage did not get a job they were qualified for, by gender, race, Hispanic origin, February 2020
                                                                                                            • The higher the hopes, the greater the potential for disappointment
                                                                                                              • Figure 49: Agreement that career has been disappointing, February 2020
                                                                                                            • Black and Hispanic Millennials are especially disappointed
                                                                                                              • Figure 50: Agreement that their career has been disappointing, by race and Hispanic origin, February 2020
                                                                                                          • Appendix – Data Sources and Abbreviations

                                                                                                            • Data sources
                                                                                                              • Consumer survey data
                                                                                                                • Abbreviations and terms
                                                                                                                  • Abbreviations
                                                                                                                    • Terms
                                                                                                                    • Data Appendix – The Consumer

                                                                                                                        • Figure 51: Share of Millennials looking forward to returning to their exercise routine, April-June 2020
                                                                                                                        • Figure 52: Educational attainment, among adults aged 25+, 2019
                                                                                                                        • Figure 53: Higher priorities since COVID-19 outbreak, June 11-24, 2020
                                                                                                                        • Figure 54: Anticipating future activities, June 11-24, 2020
                                                                                                                      • TURF Analysis Methodology
                                                                                                                          • Figure 55: Table - TURF analysis – Success in America, February 2020
                                                                                                                          • Figure 56: TURF analysis – indicators of success in America, among Millennials, February 2020

                                                                                                                      About the report

                                                                                                                      This report will give you a complete 360-degree view of your market. Not only is it rooted in robust proprietary and high-quality third-party data, but our industry experts put that data into context and you’ll quickly understand:

                                                                                                                      • The Consumer

                                                                                                                        What They Want. Why They Want It.

                                                                                                                      • The Competitors

                                                                                                                        Who’s Winning. How To Stay Ahead.

                                                                                                                      • The Market

                                                                                                                        Size, Segments, Shares And Forecasts: How It All Adds Up.

                                                                                                                      • The Innovations

                                                                                                                        New Ideas. New Products. New Potential.

                                                                                                                      • The Opportunities

                                                                                                                        Where The White Space Is. How To Make It Yours.

                                                                                                                      • The Trends

                                                                                                                        What’s Shaping Demand – Today And Tomorrow.

                                                                                                                      Please Note: This is a sample report. All of the figures, graphs, and tables have been redacted.

                                                                                                                      Description