Description

“Millennials are at a lifestage where they are in distinct subsegments – some becoming newly independent while others are comfortably settling into parenthood. Because Millennials are at such different stages, each with their own unique set of needs, they must be marketed to accordingly. For example, Younger Millennials aspire to own a living space, while Older Millennials are more likely to have already accomplished this goal. Although Millennials’ large age range means they are at different points in their lives, they do have the shared experience of living through, and being disproportionately impacted by, major economic events such as the 2008 recession and the drastic increase of inflation brought about by the COVID-19 pandemic. Because these events happened at foundational moments for Millennials, they have shaped their attitudes and priorities. The COVID-19 pandemic in particular has caused Millennials to be more likely than the overall population to say that concerns including saving money, learning new skills and self-care have all become more important to them since the start of the pandemic.”

– Klaudia Kondakciu, Consumers and Cultures Analyst

This report covers the following issues:

  • Personal goals for the next five years
  • Millennial outlook and perceived sense of control over their personal futures
  • Shifts in Millennials’ general and self-care related priorities since the COVID-19 pandemic
  • Shopping preferences of Millennials, including online vs in-store and legacy brands vs newer brands

Table of Contents

  1. Overview

    • What you need to know
      • Key issues covered in this Report
        • Definitions
          • Market context:
            • Economic and other assumptions
            • Executive Summary

                • Top takeaways
                  • Market overview
                    • Opportunities
                      • Financial brands can help support Millennial’s mental health by addressing their financial health
                        • Figure 1: Priority changes since the COVID-19 pandemic, Millennials vs overall, 2022
                      • Millennials strongly value self-care
                        • Figure 2: Changes in self-care priorities since before the COVID-19 pandemic, Millennials vs overall, 2022
                      • Legacy brands can shine in an age of uncertainty
                        • Figure 3: Preferences for older, bigger brands vs newer, smaller brands, Millennials vs overall, 2022
                      • Challenges
                        • Due to economic challenges, Millennials are financially focused
                          • Figure 4: Aspirations for the next five years, Millennials vs overall, 2022
                        • More control is a major desire
                          • Figure 5: Attitudes toward their future and desire for control over life circumstances (any agree), Millennials vs overall, 2022
                        • Key consumer insights
                          • Millennials aspire to own their place of residence
                            • Millennials are the most optimistic generation
                              • Omnichannel offerings are a must
                                • There’s still work to do in terms of gender equality
                                • Millennial Demographics

                                  • Millennials are a large and diverse demographic
                                    • Figure 6: Population by generation, 2021
                                  • Millennials are more racially and ethnically diverse than their older counterparts
                                    • Figure 7: Distribution of generations, by race, 2021
                                    • Figure 8: Distribution of generations, by Hispanic origin, 2021
                                  • Millennial’s current lifestyle drastically impacts their priorities
                                    • Millennials are evenly divided in marital and parental status
                                      • Figure 9: Marital and parental status, by generation, 2022
                                  • Market Factors and Current Opportunities

                                    • Millennials are no strangers to recession
                                      • Partnering with financial brands can help Millennials catch up and build wealth
                                        • Consumer confidence decreases while goods prices continue to increase
                                          • Figure 10: Consumer Sentiment Index, 2007-22
                                        • Brands must emphasize broader aspects of value to counteract reduced spending habits
                                          • Figure 11: Perceived financial health, by generation, 2022
                                          • Figure 12: A #HeyPC Story, 2022
                                          • Figure 13: Preschoice Instagram post, 2022
                                        • COVID-19 setbacks are still impacting women
                                          • The pandemic disproportionately impacts moms, highlighting that they need more help
                                              • Figure 14: Downey Philippines Facebook post, 2021
                                          • Marketing to Millennials: Fast Facts

                                            • Millennial Goals

                                              • For Millennials, financial goals take precedent over familial ones
                                                • Figure 15: Aspirations for the next five years, Millennials vs overall, 2022
                                                • Figure 16: Playbook Instagram post, 2022
                                              • Help Younger Millennials toward home ownership by boosting their confidence
                                                • Figure 17: Aspirations for the next five years – Buy a house/apartment/condo, younger and older Millennials vs Gen X or older, 2022
                                              • In the meantime, help younger Millennials appreciate their current space
                                                • Figure 18: The Sill Instagram post, 2022
                                              • Millennial parents are keen to purchase new appliances
                                                • Figure 19: Aspirations for the next five years – Buy a major appliance, Millennial parents with under-18s at home vs Millennial non-parents, 2022
                                              • Prioritizing performance and style: spotlight on LG
                                                • Figure 20: LG Home Appliances Instagram post, 2021
                                            • Millennial Outlook

                                              • Despite their challenges, Millennials have a bright outlook on the future
                                                • Figure 21: Attitudes toward their future and desire for control over life circumstances (any agree), Millennials vs overall, 2022
                                              • Millennial optimism is high, but so is their desire for more control
                                                • Figure 22: Acorns Instagram post, 2022
                                              • Millennial dads are the most optimistic and seek the most control
                                                • Figure 23: Outlook toward the future (any agree), Millennial dads vs Millennial moms vs overall, 2022
                                                • Figure 24: Purex Dirt Lift Action™: Horse Play with How to Dad, 2020
                                                • Figure 25: Purex Instagram post, 2022
                                              • Single Millennials, especially women, need more support
                                                • Figure 26: Outlook toward the future, single vs married Millennial men and women, 2022
                                                • Figure 27: Billy Porter Instagram post, 2021
                                                • Figure 28: YAAAAAAAAAAAS Clean! #YASClean | Clorox Scentiva, 2021
                                            • Priority Changes since the COVID-19 Pandemic

                                              • The pandemic has had a noticeably large impact on Millennial’s priorities
                                                • Figure 29: Priority changes since the COVID-19 pandemic, Millennials vs overall, 2022
                                              • What does this mean for brands? Be a helping hand
                                                • Saving money and mental health are top priorities
                                                  • Figure 30: Top priority changes since the COVID-19 pandemic – Saving money and taking care of my mental health, by generation 2022
                                                • Financial institutions can help Millennials manage monetary stress
                                                    • Figure 31: SoFi Instagram post, 2020
                                                  • Encourage Millennial moms to prioritize their own desires by eliminating the need to be perfect
                                                    • Figure 32: Prioritizing “Doing things I’ve always wanted to do” and “treating myself to purchases I enjoy” more since the COVID-19 pandemic, Millennial moms vs Millennial dads vs Millennials overall, 2022
                                                    • Figure 33: Option B Instagram post, 2022
                                                    • Figure 34: Carhartt Mother’s Day 2021 | The Shift That Never Ends | :60, 2021
                                                  • Black Millennials are focused on their health
                                                    • Figure 35: Prioritizing mental and physical health more since the COVID-19 pandemic, Black Millennials vs Millennials vs overall, 2022
                                                    • Figure 36: Ritual Instagram post, 2021/2022
                                                • Prioritizing Self-care

                                                  • Self-care matters more to Millennials
                                                    • Figure 37: Changes in self-care priorities since before the COVID-19 pandemic, Millennials vs overall, 2022
                                                  • Food and drink brands are especially well positioned to be self-care enhancers
                                                    • Figure 38: Recess Instagram post, 2022
                                                  • For Millennials, self-care is not always self-focused
                                                    • Figure 39: Walmart Instagram post, 2021
                                                  • Help Millennial Moms fit self-care into their daily routines
                                                    • Figure 40: Changes in self-care priorities since before the COVID-19 pandemic – Celebrating self, Millennial moms vs Millennial dads, 2022
                                                  • Seamlessly creating mindful routines: spotlight on Headspace
                                                    • Figure 41: Whole Foods Instagram post, 2021
                                                    • Figure 42: Colgate Instagram post, 2021
                                                  • Millennial fathers are looking for ways to celebrate themselves and others
                                                    • Figure 43: Changes in self-care priorities since before the COVID-19 pandemic, Millennial fathers vs Millennial mothers, 2022
                                                  • Cooking brands can offer Millennial dads several self-care benefits
                                                    • Reminding fathers that self-care translates to family care: Spotlight on DoveMen+Care
                                                      • Figure 44: Dove Men+Care Global Channel Instagram posts, 2021
                                                  • Shopping Preferences

                                                    • An omnichannel shopping experience is expected
                                                      • Figure 45: Online vs in-store shopping preferences, Millennials vs overall, 2022
                                                    • Bring digital elements in-store to attract higher income Millennials
                                                      • Figure 46: Preference for shopping online vs in-store, by household income, 2022
                                                      • Figure 47: Browns Fashion Instagram post, 2021
                                                    • Now is the time for legacy brands to shine
                                                      • Figure 48: Preferences for older, bigger brands vs newer, smaller brands, Millennials vs overall, 2022
                                                    • Tap into nostalgia to provide comfort during uncertain times
                                                      • Figure 49: Pizza Hut Instagram posts, 2021
                                                    • Millennial preferences in brand scale varies by location
                                                      • Figure 50: Millennial references for older, bigger brands vs newer, smaller brands by census region, 2022
                                                    • Build trust by backing local businesses
                                                        • Figure 51: American Express Facebook Ad, 2021
                                                      • Loyalty programs can appeal in an era of inflation and supply chain issues
                                                        • Figure 52: Preferences for bigger rewards over time vs a smaller discount today, Millennials vs overall, 2022
                                                      • Loyalty programs can be especially attractive to Millennial men
                                                        • Figure 53: Preferences for bigger rewards over time vs a smaller discount today, Millennial men vs women, 2022
                                                        • Figure 54: Chipotle Instagram post, 2021
                                                    • Future Opportunities and Strategies

                                                        • Meeting the needs of Millennials through the lens of the Identity Trend Driver
                                                          • Building positive communities can help forge consumer connections
                                                              • Figure 55: Longwalks Instagram post, 2022
                                                            • Meeting the needs of Millennials through the lens of the Wellbeing Trend Driver
                                                              • Millennials will be keeping a closer eye on their overall wellness
                                                                  • Figure 56: Apothekary Instagram post, 2021
                                                              • Appendix – Data Sources and Abbreviations

                                                                • Data sources
                                                                  • Consumer survey data
                                                                    • Consumer qualitative research
                                                                      • Abbreviations and terms

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