Table of Contents
Executive Summary
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- Overview
- The insights
- Everyone has high expectations for Black Millennials’ lives, but face anxiety in achieving them
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- Figure 1: Attitudes toward life and world view, February 2019
- Black Millennials more likely to face burnout
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- Figure 2: Attitudes toward life and success in life, by generation, February 2019
- Lower earnings and greater financial obligations have an adverse impact
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- Figure 3: Average personal earnings (2017) and everyday expenses, by race and age 25-39, October 2017- November 2018
- Black Millennials gravitate to small brands to stand out
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- Figure 4: Attitudes toward life and brand perception, February 2019
- Black Millennials believe America will remain divided
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- Figure 5: World view – American society, February 2019
- The Opportunities
- Acknowledge their personal struggles and show transparency in the way forward
- Follow their lead toward discovery of brand choices
- Highlight commonalities across groups, while respecting their individuality
- What it means
The Market – What You Need to Know
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- Black Millennials comprise over one quarter of the total Black population
- Black Millennials complete college later than their general market peers
- Black Millennials’ earnings lags across educational attainment
Black Millennials by the Numbers
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- Millennials represent the greatest share of the Black population
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- Figure 6: Black population share, by generation, 2018
- Black Millennials represent 14% of all Millennials
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- Figure 7: Millennial population share by race and Hispanic origin, 2018
Black Millennial Education and Earnings
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- One third of Black Millennials have earned college credit
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- Figure 8: Educational attainment among adults aged 25-39, by race and Hispanic origin, 2018
- Independent Black Millennials return to school later in life
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- Figure 9: Life events experienced in the last 12 months, total and Black adults aged 25-39, October 2017 – November 2018
- Black Millennials’ labor force participation on par with the average
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- Figure 10: Employment status among adults aged 25-39, by race and Hispanic origin, 2018
- Black Millennial median income trails their White and Asian counterparts
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- Figure 11: Personal median income in adjusted dollars by age groups, by race and Hispanic origin, 2017
- Black Millennial graduate degree earnings similar to total bachelor’s degree earnings
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- Figure 12: Personal median earnings among adults aged 25-34, by race and Hispanic origin and educational attainment, 2017
Market Perspective
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- Shopping is a sport for Black Millennials
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- Figure 13: Attitudes toward shopping, total vs Black adults aged 25-39, October 2017 – November 2018
- Making money and independence valued over all else
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- Figure 14: Attitudes toward personal finance, total vs Black adults aged 25-39, October 2017 – November 2018
Key Trends – What You Need to Know
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- Media expansion poised to deliver unique content to reach Black Millennials
- Student loan debt contributes to strained finances
- Black Millennials’ start-ups fund their peers’ businesses
- Black social media safe spaces launch on independent platforms
What’s Working?
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- Designated media and content platforms created for Black Millennials
What’s Struggling?
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- Black Millennials in the center of the growing student loan crisis
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- Figure 15: Cumulative amount borrowed for undergrad, by race and Hispanic origin, 2012
What’s Next?
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- Black Millennials create opportunities for their peers to launch start-ups and form partnerships with established firms
- A return to “safe space” social media platforms outside the usual suspects
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- Figure 16: BlackPlanet.com user tweet, February 2016
- Figure 17: MightyNetworks announcement of Awesomely Luvvie dedicated platform, April 2019
- Student loan repayment replaces traditional work perks
The Consumer – What You Need to Know
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- Black Millennials’ finances are better than their parents’, but lag that of their general market peers
- Work is driving burnout among Black Millennials
- Black Millennials’ participation in everyday experiences contingent upon accessibility
- The American Dream is alive among Black Millennials – American society, not so much
- Big brands offer better quality, small brands cement image
- Saving more money is life’s missed opportunity
- Gap between expectations and achievements drive anxiety among Black Millennials
Current Financial Situation
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- Most Black Millennials’ finances are okay or better
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- Figure 18: Self-reported current financial situation, Black Millennials vs total Millennials and total Black consumers, February 2019
- Older Millennials’ family and job status aids financial health
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- Figure 19: Self-reported financial situation, younger and older Millennials, February 2019
- A college degree leads to a more comfortable financial situation
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- Figure 20: Self-reported financial situation, by educational attainment, February 2019
- Financial stability is a weak link to consumer confidence
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- Figure 21: Economic outlook – American economy, total and Black adults aged 25-39, October 2017 – November 2018
- Price fluctuations on everyday expenses have greater impact on Black Millennials
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- Figure 22: Economic outlook – Everyday expenses, total and Black adults aged 25-39, October 2017 – November 2018
Success in Life
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- Black Millennials are fast approaching burnout
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- Figure 23: Success in life, by generations, February 2019
- A college degree offers trade-offs for Black Millennials
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- Figure 24: Success in life, by educational attainment, February 2019
- Millennial parents feel the strain at work, but their efforts are worth the sacrifice
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- Figure 25: Success in life, by parental status, February 2019
Down-to-Earth Aspirations
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- Everyday, practical, yet fun activities drive Millennial aspirations
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- Figure 26: Down-to-earth aspirations – Everyday fun, February 2019
- Millennial families with disposable income more likely enjoy little pleasures
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- Figure 27: Down-to-earth aspirations – Everyday fun, by key demographics, February 2019
- Personal digital technology holds different value across category
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- Figure 28: Down-to-earth aspirations – Digital technology, February 2019
- Married Millennial men look to perfect their entertainment center
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- Figure 29: Down-to-earth aspirations – Digital technology, by demographics, February 2019
- Experiences close and away from home are fulfilling
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- Figure 30: Down-to-earth aspirations – Experiences, February 2019
- Experiences are universal, but more income drives greater choice
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- Figure 31: Down-to-earth aspirations – Experiences, by demographics, February 2019
- Ensuring loved ones are taken care of trumps personal responsibilities
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- Figure 32: Down-to-earth aspirations – Personal responsibilities, February 2019
- Millennial women feel the need to nurture their friends and family
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- Figure 33: Down-to-earth aspirations – Personal responsibilities, by demographics, February 2019
- In their own words…
World View
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- Black Millennials believe they can only rely on faith, family and themselves
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- Figure 34: World view – American society, total and Black Millennials, February 2019
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- Figure 35: Word cloud of American Dream responses among Black Millennials – May 2019
- Millennials’ version of the “American Dream” is a reality check
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- Figure 36: World view – American society, by generations, February 2019
- College fuels Millennials’ dreams for their lives
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- Figure 37: World view – American society, by educational attainment and household income, February 2019
- Millennial parents have greater faith in their abilities rather than society
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- Figure 38: World view – American society, by parental status, February 2019
Brand Perception
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- Bigger is better, but also basic
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- Figure 39: World view – Brand perceptions and behavior, February 2019
- Image is tied to trendiness and individuality
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- Figure 40: Attitudes and behavior toward shopping, total vs Black, October 2017 – November 2018
- Younger Millennials prefer small brands that are yet to be adopted by the mainstream
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- Figure 41: World view – Brand perceptions and behavior, by younger and older Millennials, February 2019
Life Reflections
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- More money could solve most challenges
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- Figure 42: Life reflections, February 2019
- Millennials more likely to balance career and home life
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- Figure 43: Life reflections, by generation, February 2019
- Women are more anxious and look to their faith for relief
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- Figure 44: Life reflections, by gender, February 2019
- Shifting priorities compel greater investment in family and community
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- Figure 45: Life reflections, by marital/partnered and parental status, February 2019
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- Figure 46: Life reflections, by parental status, February 2019
Attitudes toward Life
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- Living up to expectations leave Millennials anxious
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- Figure 47: Attitudes toward life, February 2019
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- Figure 48: Attitudes toward life – It’s not where I thought it would be, by key demographics, February 2019
- Black Millennials share the same attitudes as their peers
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- Figure 49: Attitudes toward life, total vs Black Millennials, February 2019
- Millennials exert control where possible – their image
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- Figure 50: Attitudes toward life, by generation, February 2019
Appendix – Data Sources and Abbreviations
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- Consumer survey data
- Consumer qualitative research
- Abbreviations and terms
- Abbreviations
- Terms
Appendix – The Consumer
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- Figure 51: Life events experienced in the last 12 months, total and Black adults aged 25-39, October 2017 – November 2018
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- Figure 52: Attitudes toward shopping, total vs Black adults aged 25-39, October 2017 – November 2018
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- Figure 53: Attitudes toward personal finance, total vs Black adults aged 25-39, October 2017 – November 2018
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- Figure 54: Economic outlook – American economy, total and Black adults aged 25-39, October 2017 – November 2018
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- Figure 55: Economic outlook – Everyday expenses, total and Black adults aged 25-39, October 2017 – November 2018
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