Table of Contents
Scope and Themes
-
- What you need to know
- Definition
- Data sources
- Consumer survey data
- Abbreviations and terms
- Abbreviations
- Terms
Executive Summary
-
- Snapshot of Millennials
-
- Figure 1: US population, by generation share, 2014
- Income and expenditures
- Finances are a significant source of stress for Millennials.
-
- Figure 2: Median household income and average annual expenditures, by all versus Millennials, 2012
- Marketing to Millennials
-
- Figure 3: Behaviors related to companies/brands, by all and Millennials, November 2013
- The Millennial consumer
- Value and positive experience are “very important” purchase decision factors
-
- Figure 4: Top five “very important” factors to purchase decision, by all and Millennials, November 2013
- Many Millennials reward corporate altruism
-
- Figure 5: Share of Millennials who make an effort to buy from “good” companies, by gender and parental status, November 2013
- Millennials more likely than other adults to share personal information
-
- Figure 6: Type of personal information would provide, by all, Millennials, and Baby Boomers, November 2013
- Millennials are generally responsible with money, but some find it hard to say no
-
- Figure 7: Millennials’ personal finances—concerns and habits, November 2013
- Millennials are sour on voice calls, but love screens
-
- Figure 8: Millennials’ technology use, November 2013
- Good health and financial security are keys to success
-
- Figure 9: Top five achievements critical to success, by all and Millennials, November 2013
- What we think
Issues and Insights
-
- Why is it important to understand Millennials?
- The issues:
- The implications:
- How does one reach a moving target?
- The issues:
- The implications:
- How important are emotions or making an emotional connection?
- The issues:
- The implications:
Trend Applications
-
- Trend: Mood to Order
- Trend: Locavore
- Mintel Futures: East Meets West
Millennials by the Numbers
-
- Key points
- Millennials account for nearly one quarter of the US population
-
- Figure 10: US population, by generation share, 2014
- Millennial population is growing
-
- Figure 11: US population, by generation, 2009-19
Demographic Characteristics of Millennials
-
- Key points
- Race/Hispanic origin
-
- Figure 12: Share of US population by generation, by race/Hispanic origin, 2012
- Living with parents
-
- Figure 13: Millennials living at home with parents, by age, gender, education, employment status, 2012
- Marital status
-
- Figure 14: Marital status, by age/generation, 2012
- Among Millennials, women are more likely than men to be married
-
- Figure 15: Marital status of Millennials, by gender, 2012
- Four in 10 households headed by Millennials contain children younger than 18
-
- Figure 16: Households with own children, by generation of householder, 2013
- Median household income
-
- Figure 17: Median household income, by age/generation of householder, 2012
- Unemployment
-
- Figure 18: Employment status of civilian non-institutional population by age (not seasonally adjusted), December 2013
- Educational attainment
-
- Figure 19: Educational attainment, by age/generation among those aged 25+, 2012
Millennial Economy
-
- Key points
- Median income in 2012 lower than it was in 2007
-
- Figure 20: Median household income in 2012 dollars, by all and Millennials, 2007-12
- Millennials have little money to spare or save
-
- Figure 21: Median household income and average annual expenditures, by age/generation of householder, 2012
- Expenditures are increasing
-
- Figure 22: Percent change in average annual expenditures for leading categories, 2007 versus 2012
- How Millennials spend their money
-
- Figure 23: Average annual expenditures and characteristics, by all and <25s, and 25-34s, 2012
Innovations and Innovators
-
- Case Foundation/The Millennial Impact Project
- Doorsteps.com (acquired by Move, Inc.)
- Simple
-
- Figure 24: Simple mobile banking service introduction video
- Retail Me Not (retailmenot.com)
Marketing Strategies
-
- Overview
- Make online and mobile marketing count
-
- Figure 25: Behaviors related to companies/brands, by all and Millennials, November 2013
- Brick-and-mortar retailers still matter
- Marketers try to find the sweet spot
- Scandal
- Honda Civic “Best Yourself”
-
- Figure 26: Honda Civic “Best Yourself” Video, August 2013
- Macy’s
Factors Influencing Purchase Decisions
-
- Key points
- Millennials seek value and positive purchase experiences
-
- Figure 27: Importance of select factors to Millennials' purchase decisions, November 2013
- Compared to all adults, Millennials are considerably more influenced by most factors
-
- Figure 28: Factors “very important” to purchase decision, by all and Millennials, November 2013
- Millennial women are influenced by many factors
-
- Figure 29: Factors “very important” to Millennials’ purchase decision, by gender, November 2013
- Go daddies
-
- Figure 30: Factors “very important” to Millennials’ purchase decision, by gender and parental status, November 2013
Attitudes toward Corporate Altruism
-
- Key points
- Millennials more likely to buy from altruistic companies
-
- Figure 31: Attitudes toward corporate altruism, by all, Millennials, and Baby Boomers, November 2013
- High-earning Millennials support “good” companies
-
- Figure 32: Millennials’ attitude toward corporate altruism, by gender and household income, November 2013
- Most Millennial dads go out of their way to buy from “good” companies
-
- Figure 33: Millennials’ attitude toward corporate altruism, by gender and parental status, November 2013
Sharing of Personal Information
-
- Key points
- Millennials likely to share habits, preferences, age, and email address…
- … but more protective of mobile phone number and social media profile
-
- Figure 34: Type of personal information Millennials would/would not be willing to share, November 2013
- Compared to other adults, Millennials are open with their personal data
-
- Figure 35: Type of personal information would provide, by all, Millennials, and Baby Boomers, November 2013
- Incentives are moderately effective for obtaining personal information
-
- Figure 36: Incentives that would prompt Millennials to share personal information, November 2013
Personal Finance and Spending Habits
-
- Key points
- Millennials more likely to adhere to a strict budget
-
- Figure 37: Personal finances—concerns and habits, by all and Millennials, November 2013
- Millennial women are most concerned about finances
-
- Figure 38: Millennials’ personal finances—concerns and habits, by gender, November 2013
- Older Millennials are beginning to contemplate (and worry about) the future
-
- Figure 39: Millennials’ personal finances—concerns and habits, by age, November 2013
- One in 10 Millennials often spend beyond their means
-
- Figure 40: Frequency of overspending, by all and Millennials, November 2013
- Reasons for overspending are far ranging
-
- Figure 41: Reasons for overspending, by all and Millennials, November 2013
- Need versus want
-
- Figure 42: Reasons Millennials overspend, by gender, November 2013
Attitudes toward Personal Health and Health Reform
-
- Key points
- Health concerns of Millennials are no different than that of all adults
-
- Figure 43: Personal health concerns, by all and Millennials, November 2013
- Millennials more likely to go it alone
- Millennials are more tolerant of unhealthy habits in others
- Millennials, like most adults, are unmoved by the ACA
-
- Figure 44: Attitudes about personal health and healthcare reform, by all and Millennials, November 2013
Technology Use and Opinions
-
- Key points
- About half of Millennials use their smartphone to go online daily
-
- Figure 45: Technology use, by all and Millennials, November 2013
- Women are more likely to use multiple screens, stream and use their smartphone daily
-
- Figure 46: Millennials’ technology use, by gender, November 2013
- Younger Millennials more likely than Older Millennials to stream/use multiple screens
-
- Figure 47: Millennials’ technology use and opinions, by age, November 2013
- Three in 10 Millennials would rather give up broadcast TV than their mobile phone
- Few Millennials prefer to phone home
-
- Figure 48: Technology use and opinions, by all and Millennials, November 2013
- Millennial men less likely to give up broadcast television
-
- Figure 49: Millennials’ technology use and opinions, by gender, November 2013
- Mobile marketing making headway with Millennials
-
- Figure 50: Technology use and opinions, by all and Millennials, November 2013
- Higher-income Millennial women most likely to leverage online/mobile retail channel
-
- Figure 51: Millennials’ technology use and opinions, by gender and household income, November 2013
Most Important Social Issues
-
- Key points
- Education, poverty, public safety most important issues to Millennials
-
- Figure 52: Most important social issues, by all and Millennials, November 2013
- Age and gender impact top social issues
-
- Figure 53: Social issues most important to Millennials, by gender and age, November 2013
- Millennials who make caused-based purchases include the environment among their top three social issues
-
- Figure 54: Social issues most important to Millennials, among those who buy from companies that support causes, November 2013
Opinions about Work and Career
-
- Key points
- Health benefits, job security, and passion about their job lead the way
-
- Figure 55: Millennials’ opinions about work and career, by all adults and Millennials, November 2013
- Health benefits remain a priority even with the ACA
-
- Figure 56: Good health benefits should be a priority—agree/disagree, by Millennials, November 2013
- Millennials desire job security but also want to feel passionate about their jobs
-
- Figure 57: Millennials’ opinions about passion for work and job security, by gender, November 2013
- Contingent workforce sees the world a bit differently
-
- Figure 58: Millennials’ opinions about work and career, by employment status, November 2013
Achievements Critical to Success
-
- Key points
- Truism: good health, financial security are critical for a successful life
-
- Figure 59: Achievements critical to success, by all and Millennials, November 2013
- Younger Millennials place less importance on marriage and family
-
- Figure 60: Achievements critical to Millennials’ success, by gender and age, November 2013
- Being a mother changes things dramatically for Millennial women
-
- Figure 61: Achievements critical to Millennials’ success, by gender and parental status, November 2013
Impact of Race and Hispanic Origin
-
- Key points
- Value is very important, but so is feeling good
-
- Figure 62: Factors “very important” to Millennials’ purchase decision, by race/Hispanic origin, November 2013
- About half of White Millennials have cut spending
-
- Figure 63: Millennials’ personal finances—concerns and habits, by race/Hispanic origin, November 2013
- Black and Hispanic Millennials are less judgmental about unhealthy behaviors
-
- Figure 64: Millennials’ attitudes about personal health and healthcare reform, by race/Hispanic origin, November 2013
- Opinions about the ACA are consistent across racial groups
-
- Figure 65: Millennials’ attitudes about personal health and healthcare reform, by race/Hispanic origin, November 2013
- Current health concerns not differentiated based on race/Hispanic origin
-
- Figure 66: Millennials’ personal health concerns, by race/Hispanic origin, November 2013
- Black Millennials less dependent on technology
-
- Figure 67: Millennials’ technology use and opinions, by race/Hispanic origin, November 2013
- Most important social issues vary based on race
-
- Figure 68: Social issues most important to Millennials, by race/Hispanic origin, November 2013
- Health benefits, advancement, and passion for work are priorities
-
- Figure 69: Millennials’ opinions about work and career, by race/Hispanic origin, November 2013
- Financial security and good health critical to success
-
- Figure 70: Achievements critical to Millennials’ success, by race/Hispanic origin, November 2013
Appendix – Other Useful Consumer Tables
-
- Factors influencing purchase decisions
-
- Figure 71: Factors “very important” to Millennials’ purchase decision, by household income, November 2013
-
- Figure 72: Factors “very important” to Millennials’ purchase decision, by employment status, November 2013
-
- Figure 73: Factors “very important” to Millennials’ purchase decision, by gender and household income, November 2013
- Attitudes toward corporate altruism
-
- Figure 74: Millennials’ attitudes toward corporate altruism, by gender, November 2013
-
- Figure 75: Millennials’ attitudes toward corporate altruism, by household income, November 2013
-
- Figure 76: Millennials’ attitudes toward corporate altruism, by employment status, November 2013
-
- Figure 77: Millennials’ attitudes toward corporate altruism, by race/Hispanic origin, November 2013
- Attitudes toward company business practices
-
- Figure 78: Millennials’ attitudes toward company business practices, by gender, November 2013
-
- Figure 79: Millennials’ attitudes toward company business practices, by household income, November 2013
-
- Figure 80: Millennials’ attitudes toward company business practices, by employment status, November 2013
-
- Figure 81: Millennials’ attitudes toward company business practices, by gender and household income, November 2013
-
- Figure 82: Millennials’ attitudes toward company business practices, by race/Hispanic origin, November 2013
- Sharing of personal information
-
- Figure 83: Type of personal information Millennials would be willing to share, by those who are positive to personalized advertising, November 2013
- Personal finances – concerns and habits
-
- Figure 84: Millennials’ personal finances—concerns and habits, by household income, November 2013
-
- Figure 85: Millennials’ personal finances—concerns and habits, by employment status, November 2013
-
- Figure 86: Millennials’ personal finances—concerns and habits, by gender and household income, November 2013
-
- Figure 87: Millennials’ personal finances—concerns and habits, by gender and parental status, November 2013
-
- Figure 88: Millennials’ personal finances—concerns and habits, by those who stick to a strict budget, November 2013
- Frequency of overspending
-
- Figure 89: Millennials’ frequency of overspending, by household income, November 2013
-
- Figure 90: Millennials’ frequency of overspending, by gender, November 2013
-
- Figure 91: Millennials’ frequency of overspending, by employment status, November 2013
-
- Figure 92: Millennials’ frequency of overspending, by gender and household income, November 2013
-
- Figure 93: Millennials’ frequency of overspending, by gender and parental status, November 2013
-
- Figure 94: Millennials’ frequency of overspending, by race/Hispanic origin, November 2013
- Attitudes about personal health and healthcare reform
-
- Figure 95: Millennials’ attitudes about personal health and healthcare reform, by employment status, November 2013
-
- Figure 96: Millennials’ attitudes about personal health and healthcare reform, by gender and parental status, November 2013
-
- Figure 97: Millennials’ attitudes about personal health and healthcare reform, by household income, November 2013
-
- Figure 98: Millennials’ attitudes about personal health and healthcare reform, by employment status, November 2013
-
- Figure 99: Attitudes about personal health and healthcare reform, by all and Millennials, November 2013
-
- Figure 100: Millennials’ attitudes about personal health and healthcare reform, by those who think they are healthier than most others their age, November 2013
- Personal health concerns
-
- Figure 101: Millennials’ personal health concerns, by gender, November 2013
-
- Figure 102: Millennials’ personal health concerns, by household income, November 2013
-
- Figure 103: Millennials’ personal health concerns, by employment status, November 2013
-
- Figure 104: Millennials’ personal health concerns, by gender and household income, November 2013
-
- Figure 105: Millennials’ personal health concerns, by gender and parental status, November 2013
- Technology use and opinions
-
- Figure 106: Technology use, by all and Millennials, November 2013
-
- Figure 107: Millennials’ technology use and opinions, by household income, November 2013
-
- Figure 108: Millennials’ technology use and opinions, by employment, November 2013
-
- Figure 109: Millennials’ technology use and opinions, by gender and household income, November 2013
-
- Figure 110: Millennials’ technology use and opinions, by gender and parental status, November 2013
-
- Figure 111: Millennials’ technology use and opinions, by household income, November 2013
-
- Figure 112: Millennials’ technology use and opinions, by employment status, November 2013
-
- Figure 113: Millennials’ technology use and opinions, by gender and household income, November 2013
-
- Figure 114: Millennials’ technology use and opinions, by gender and parental status, November 2013
-
- Figure 115: Millennials’ technology use and opinions, by age, November 2013
-
- Figure 116: Millennials’ technology use and opinions, by gender, November 2013
-
- Figure 117: Millennials’ technology use and opinions, by age, November 2013
-
- Figure 118: Millennials’ technology use and opinions, by household income, November 2013
-
- Figure 119: Millennials’ technology use and opinions, by employment status, November 2013
-
- Figure 120: Millennials’ technology use and opinions, by gender and parental status, November 2013
- Most important social issues
-
- Figure 121: Social issues most important to Millennials, by gender, November 2013
-
- Figure 122: Social issues most important to Millennials, by employment status, November 2013
-
- Figure 123: Social issues most important to Millennials, by gender and household income, November 2013
-
- Figure 124: Social issues most important to Millennials, by gender and parental status, November 2013
- Opinions about work and career
-
- Figure 125: Millennials’ opinions about work and career, by level of agree/disagree, November 2013
-
- Figure 126: Millennials’ opinions about work and career, by gender, November 2013
-
- Figure 127: Millennials’ opinions about work and career, by household income, November 2013
-
- Figure 128: Millennials’ opinions about work and career, by gender and household income, November 2013
-
- Figure 129: Millennials’ opinions about work and career, by gender and parental status, November 2013
- Achievements critical to success
-
- Figure 130: Achievements critical to Millennials’ success, by gender, November 2013
-
- Figure 131: Achievements critical to Millennials’ success, by age, November 2013
-
- Figure 132: Achievements critical to Millennials’ success, by household income, November 2013
-
- Figure 133: Achievements critical to Millennials’ success, by employment status, November 2013
- Behaviors related to companies/brands
-
- Figure 134: Millennials’ behaviors related to companies/brands, by gender, November 2013
Appendix – Trade Associations
Back to top