Description

“Millennials as a generation are movers, shakers and change makers, and that same sentiment stands true when we think of Black Millennials. Many elements of their identity are attached to Black culture and society, but Black Millennials are working endlessly to transform the narrative for the Black community and also create a pathway for themselves as the “new adults.” Their lifestyles are different, their incomes and education levels have increased and their desire for strong community is ever present. Members of this dynamic group give brands great opportunity to connect and innovate as they span multiple lifestages, which calls for different approaches.”

– Courtney Rominiyi, Multicultural Consumers and Culture Analyst

This Report will look at the following areas:

  • Financial goals and priorities
  • Sentiments toward social media
  • Mental health concerns and managing stress
  • Attitudes towards luxury

Table of Contents

  1. Overview

    • What you need to know
    • This Report looks at the following areas
    • Definitions
    • Market context
  2. Executive Summary

    • Top takeaways 
    • Market overview 
    • Opportunities and challenges
    • Create mechanism to help facilitate financial conversations with children
      • Figure 1: Most important financial goal – Build generational wealth for the family (any rank), parents with children under 18 at home vs nonparents, 2022
    • Help Black Millennial men use gaming to improve mental health and build community
      • Figure 2: Methods for stress management – Video games, men vs women, 2022
    • Dynamic family structures can have an inverse impact on marketing approaches
      • Figure 3: Most important financial goals (any rank), by marital and parental status, 2022
    • Key consumer insights
    • No two Millennials are the same
    • Financial success is the key to long-term impact for Black Millennials
    • Focus on mental wellness is helping Black Millennials explore new brands and activities
  3. Black Millennials by the Numbers

    • Millennial demographics
    • Millennials are large in number and diversity
      • Figure 4: Population by generation, 2016-26
      • Figure 5: Distribution of generations, by race, 2021
    • Black Millennials represent 3% of the entire population
      • Figure 6: Estimated US resident population, 2022
  4. Market Factors

    • Black Millennials are living the single life
      • Figure 7: Marital status by generation among Black adults, 2022
    • There’s an earning deficit for Black Millennials
      • Figure 8: Median household income, by age of householder, 2022
    • Inflation is likely to have a drastic impact on Black Millennials due to their current financial standing
    • Stigma and accessibility within the Black community may interfere with their mental healthcare
      • Figure 9: Annual prevalence of mental illness among US adults, by demographic group, 2022
  5. Future Opportunities and Strategies

    • Meeting consumer needs through the lens of the Identity Trend Driver
    • Create exclusive virtual communities that capture Black cultural experiences: spotlight on Traveling While Black VR experience
    • Meeting consumer needs through the lens of the Value Trend Driver
    • Rollout limited edition items to create a new, premium experience for loyal customers
      • Figure 10: Beatsbydre Instagram post, 2022
    • Meeting consumer needs through the lens of the Technology Trend Driver
    • Introduce lending options to FinTech apps that include home mortgages, car loans, etc
  6. Marketing to Black Millennials: Fast Facts

  7. Finessin’ Finances – Financial Goals and Building Wealth

    • Debt free and large savings accounts spell out financial freedom for Black Millennials
      • Figure 11: Most important financial goals (any rank), 2022
    • Create mechanism to help facilitate financial conversations with children
      • Figure 12: Build generational wealth for the family, parents with children under 18 at home vs nonparents, 2022
      • Figure 13: Ally Instagram post, 2022
    • Multiple streams of income are important to building wealth to Black Millennials
      • Figure 14: Top wealth building methods, 2022
    • Social media platforms and post-secondary institutions as well-positioned to lean into this desire
    • Black Millennials’ focus on multiple income streams may have implications on how they look at retirement
      • Figure 15: Quontic Instagram page, 2022
  8. Brand Involvement in Achieving Financial Goals

    • Black Millennials are transforming the narrative around the Black community
    • Impact is important for Black Millennials and is tied in with success
      • Figure 16: Views on success and impact, 2022
    • Affluent Black Millennials are interested in brands that help them achieve financial goals – Particularly the more affluent
      • Figure 17: Interest in brands that help achieve their goals, those with a household income of $75,000 or higher vs overall, 2022
    • Views on family and marriage are shifting and shaping financial goals
      • Figure 18: Marital status, by generation, 2022
      • Figure 19: Parental status, by generation, 2022
    • Single Black Millennials need consideration
      • Figure 20: Financial goals, by marital and parental status, 2022
      • Figure 21: Single-line unlimited wireless plan | Visible – Single for the Win :30, 2022
  9. The Social Media Era

    • Social media has many functions for Black Millennials, but entertainment is number one
      • Figure 22: Social media use, 2022
    • Black Millennials are not giving into the social media facades, focus on authenticity instead
      • Figure 23: Attitudes toward social media posts (agree), 2022
    • Consider leveraging two-way communications
      • Figure 24: Salary Transparent Street Instagram page, 2022
    • Social media presents opportunities for brands to build brand loyalty with Black Millennials
    • Help Black Millennials fulfill their wants and needs through intentional social media marketing
      • Figure 25: Good Ideas Deserve to be Found: A (Slightly) Life-Changing Story, 2022
  10. Mental Health Matters

    • Stress, anxiety and depression are the top mental health concerns for Black Millennials
      • Figure 26: Top mental health concerns, 2022
    • Black Millennials have diverse views on what is important to stress management
      • Figure 27: Methods for stress management, 2022
    • Help Black Millennial men use gaming to improve mental health and build community
      • Figure 28: Methods for stress management – Playing video games, men vs women, 2022
    • Strong, safe community can help sustain Black Millennial parents’ mental health
      • Figure 29: Methods for stress management – Talking to friends/family, Millennial moms and dads vs non-parents, 2022
    • Lean into virtual interactions to provide support to parents
  11. First Class – Black Millennials and Luxury

    • Black Millennials are redefining luxury and see the how the value of “luxury” can influence consumers
      • Figure 30: Millennial attitudes toward luxury, 2022
    • Affordability doesn’t necessarily mean interest for Black Millennials
      • Figure 31: Attitudes toward affordability and value of luxury, 2022
    • Foodie culture is ever present amongst Black Millennials
    • Black Millennial parents have a special interest in affordable luxury
      • Figure 32: Select attitudes toward luxury (agree), parents with children under 18 at home vs nonparents, 2022
    • Showcase the right compromise between value and experience through consumer testimonials
      • Figure 33: The Millennial Parenting Club Instagram page, 2022
  12. Appendix – Data Sources and Abbreviations

    • Consumer survey data
    • Abbreviations and terms
    • Abbreviations
    • Terms

About the report

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