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- US Marketing to Millennials Market Report 2023
With this report, you’ll understand how to market to Millennials in the US across industries. While Gen Z may be on trend, Millennials hold a lot of power in the marketplace in 2023. Discover more below, as we break down the key topics analyzed in this report and offer handpicked insights.
Key Topics Analyzed
- Millennial health concerns, and the role mental health plays in their overall approach to health management.
- The financial dichotomy of Millennials, prioritizing their budgets yet struggling within a financially challenging time.
- Millennial tech attitudes, use and interest, including social media use and perceptions.
- Market opportunities for travel providers with the Millennial consumer.
Who Are Millennials?
Mintel defines Millennials as the generation born between 1980 and 1996. In 2023, members of the Millennial generation are between the ages of 27 and 43. For the purposes of this Report, Mintel has further defined Millennial consumer segments as the following:
Younger Millennials: those born between 1989 and 1996, who are aged 27-34.
Older Millennials: those born between 1980 and 1988, who are aged 35-43.
The Millennial Consumer: Overview
Millennials have been and will continue to be the largest segment of the US population. And while they’re less wealthy than other previous generations, they still hold a notable share of wealth. Affluent Millennials in particular are becoming the target consumer group for brands marketing to high net worth individuals.
However, high inflation has left many Millennials in a stressed financial situation. As a result, there is financial disparity within this generation, and this should be considered in marketing efforts. Affluent and childless Millennials are for example exploring luxury travel. Meanwhile, those on tighter budgets are looking for services to help them manage their finances.
Marketing to Millennials: Action Points
Millennials are a generation receptive to technology, and perhaps the most important to consider in this respect. While Gen Z may also be at the cutting edge of tech trends, Millennials have more spending power to act on this. For example, this report finds that Millennials tend to follow a budget. Combined with tech savviness, this makes them key customers for financial tracking/budgeting apps.
Besides financial service offerings, health-based products and services are likely to resonate with Millennials. 62% of Older Millennials say that their body does not work as well as it used to. This makes them a key demographic for the vitamin, minerals, and supplements (VMS) market. Within this market, Millennials will be looking for products with convincing long-term health benefits, such as eye health, heart health, and joint health. Millennials are willing to spend when it comes to health, and marketing efforts should respond accordingly.
In this report, our analyst covers Millennial consumer trends extensively and details relevant marketing strategies to respond to these. You may also be interested in our Marketing to Gen Z 2023 Report, or you can browse our Marketing and Promotion Market Research.
Additional Features Included in Your Report
Different Digital Formats: PDF for conveniently sharing with your team, PowerPoint for quickly including in your presentation, as well as an Infographic and an Excel Databook.
Mintel’s Clients Portal: Our portal offers instant access to actionable analysis and trends pieces relevant to your industry that are published almost daily. You can also browse for more market research reports.
Expert Analysis
Our analyst Caleb Bryant delivers in-depth commentary and analysis to highlight Millennial consumer trends and relevant marketing opportunities, adding expert context to the numbers.
Millennials are in a state of flux and uncertainty as they enter new life stages and contend with financial uncertainty following high inflation. Brands must tailor their marketing messages to reflect Millennials’ current challenges and future aspirations for stability and financial independence. While Millennials are highly focused on value, their desire in travel remains steadfast reflecting their strong interest in products/services that provide unique memorable experiences.
Caleb Bryant
Associate Director of Food and Drink Reports
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Overview
- What you need to know
- This Report looks at the following areas
- Definition
- Market context
- What you need to know
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Executive Summary
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- Top Takeaways
- Consumer trends
- Financial stress weighs on Millennials
- Figure 1: Millennial savings cushion, any agree, 2019-23
- Older Millennials have concrete health goals while Younger Millennials are focused on mental wellbeing
- Figure 2: Health priorities, any rank, 2023
- Competitive strategies
- Financial service companies tackle Millennials’ economic anxiety through tech
- Figure 3: Financial service product examples
- Data allows for personalized health solutions
- Figure 4: Wearables usage, 2023
- Millennials are ready for a vacation despite increased economic anxieties
- Figure 5: Luxury travel experiences in the past five years, 2022
- Millennials want food and drinks that blend fun with functional
- Figure 6: BFY food and drink product examples
- Opportunities
- Millennials are open to new tech solutions
- Figure 7: Millennial attitudes, technology, any agree, 2023
- Quality builds lasting brand loyalty
- Figure 8: Perceptions of value, 2023
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Target Audience by the Numbers
- Gen Z is trendy but Millennials hold the power
- Figure 9: US population by generation, 2018-28
- Figure 10: US population share by generation, 2018-28
- Gen Z is trendy but Millennials hold the power
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Market Drivers
- Millennials’ are less financially comfortable than previous generations
- Figure 11: Average HH wealth at age 33 or 34 in 2021 dollars, by generation
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- Figure 12: Financial situation, by generation, May 4 – May 18 2023
- Figure 13: Homeownership rate, by age of householder, Q4 2022
- Childless Millennials are a growing consumer group
- Figure 14: US annual births, 2010-21
- Figure 15: Average age of mother at first birth, 1990-2020
- Millennials’ are less financially comfortable than previous generations
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Competitive Strategies and Market Opportunities
- Tech increases Millennials’ financial confidence
- Figure 16: Financial service product examples
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- Figure 17: Credit card reward benefit usage
- Millennials take charge of their health now to prepare for the future
- Figure 18: Interest in health management services, would use this service and pay out-of-pocket for it, 2021
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- Figure 19: Reasons for using technology to manage/monitor health, 2022
- Figure 20: Health tracking device examples
- Millennials are traveling with convenience and luxury in mind
- Figure 21: Vacation destinations, by Millennials and parental status, 2022
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- Figure 22: Luxury travel experiences in the past five months, 2022
- Disruptive food and drink brands connect with Millennials through fun, nostalgia, and BFY claims
- Figure 23: BFY food and drink product examples
- Tech increases Millennials’ financial confidence
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The Consumer – Fast Facts
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Millennial Personality Descriptors
- Older Millennials think practically, are target group for premium-tier brands
- Figure 24: Personality descriptors, 2023
- Luxury items help Black Millennials stand out from the crowd
- Figure 25: Personality descriptors, by race/ethnicity, 2023
- Older Millennials think practically, are target group for premium-tier brands
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Trended Millennial Attitudes
- Older Millennials feel financially stretched and unable to unplug from work
- Figure 26: Trended millennial attitudes, any agree, 2019-23
- Older Millennials feel financially stretched and unable to unplug from work
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Millennial Financial Circumstances
- Millennials question their long-term financial outlook after years of uncertainty
- Figure 27: Millennial attitudes, finance and careers, 2023
- Retirement feels elusive for many Millennials
- Figure 28: Consumer financial attitudes, 2023
- Saving/investing apps can assuage Hispanic Millennials’ financial concerns
- Figure 29: Consumer financial attitudes, by race/ethnicity, 2023
- Millennials question their long-term financial outlook after years of uncertainty
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Millennial Budgeting and Financial Response to Inflation
- Tech solutions can streamline Millennials’ budget planning
- Figure 30: Budget monitoring, 2023
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- Figure 31: Budgeting in response to inflation, 2023
- Tech solutions can streamline Millennials’ budget planning
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Millennial Value Perceptions
- Millennials value quality over pure price
- Figure 32: Perceptions of value, 2023
- Private label/value-tier brands hit the mark among Hispanic Millennials
- Figure 33: Perceptions of value, by race/ethnicity, 2023
- Millennials value quality over pure price
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Millennial Budgeting Sacrifices: Food & Drink
- Provide Millennials Unguilty food and drink experiences
- Figure 34: Budgeting sacrifices: food and drink, 2023
- Provide Millennials Unguilty food and drink experiences
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Millennials and Tech
- Millennials have a rosy outlook on AI; less knowledge of metaverse
- Figure 35: Millennial attitudes, technology, any agree, 2023
- Younger Millennials are quick to adopt cutting edge tech
- Figure 36: Use and interest in tech, 2023
- Millennials have a rosy outlook on AI; less knowledge of metaverse
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Perceptions of Social Media Platforms
- TikTok is for fun, Instagram is for connection, YouTube is for education, and Twitter is whatever
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- Figure 37: Perceptions of social media platforms, Gen Z and Millennials, 2023
- Figure 38: Perceptions of social media platforms, Gen Z and Millennials, 2023
- TikTok is an emerging information source among Millennial parents
- Figure 39: Perceptions of social media platforms, “a good resource when I want to learn something”, Millennial parents, 2023
- TikTok is for fun, Instagram is for connection, YouTube is for education, and Twitter is whatever
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Millennial Health Priorities
- Young Millennials face mental health concerns, Older Millennials are looking to age healthfully
- Figure 40: Health priorities, any rank, 2023
- Millennial parents require energy, looking for additional “me” time
- Figure 41: Health priorities, any rank, among parents, 2023
- Rural Millennials are target for weight-reduction products
- Figure 42: Health priorities, any rank, by area, 2023
- Young Millennials face mental health concerns, Older Millennials are looking to age healthfully
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Appendix – Data Sources and Abbreviations
- Data sources
- Consumer survey data
- Abbreviations and terms
- Abbreviations
- Data sources
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