Essentials of Millennial Consumers
May 26, 2022
Giana Damianos – Senior Analyst, Syndicated Research
Millennials are one of America’s most diverse generations to date. Almost half of the segment is multicultural, and more than one in ten identify as LGBTQ+. Millennials today range in age from 26 to 42, placing them squarely in the midst of some transformational lifestages – including their prime career years as well as parenthood. In their lifetimes, Millennials have lived through not one, but two, major periods of change: the Great Recession, and then the COVID-19 pandemic. The Millennial worldview has been irrevocably shaped by coming of age under these circumstances.
Read on and fill out the form for an excerpt from our Essentials of Millennial Consumers presentation.
Millennials are a generation that’s taken a lot of blame and ridicule. They’re often stereotyped as “self-centered, immature, snowflakes”—yet evidence shows that they’re smart, strategic, hardworking, and compassionate. And while they may be fun-loving and experiential, “Millennial” can no longer be synonymous with “youth.”
Brands today must understand Millennials on a multitude of levels—from their demographics to how they identify and even what they value—to effectively understand and engage them.
Collage Group’s Essentials of Millennial Consumers explores three areas of our consumer fundamentals research: demographics, identity, and Group Traits to help your brand authentically connect with Millennials.
Download the attached presentation above and take a look at a few key insights and action steps:
Key Finding #1: Demographics & Segment Context
Millennials are delaying important life milestones, such as having kids and buying houses, primarily in response to challenging financial circumstances.
A Deeper Look:
Millennials have been impacted by difficult circumstances time and time again: the Great Recession, high unemployment, student debt crisis, and then the COVID-19 pandemic.
Give Millennials credit for the storms they’ve weathered. Validation goes a long way with this segment. Steer clear of stereotypes or tropes, even if intended as a lighthearted joke.
Key Takeaway #2: Identity
While parenthood is becoming an important aspect of Millennial identity given their life-stage, many are instead opting to be “child-free by choice.”
A Deeper Look:
Millennials’ financial setbacks and stunted entry into “adulthood” have caused many to feel unprepared and ill-equipped to raise children. Today’s turbulent social, political, and environmental problems further compound feelings of uncertainty around parenthood.
Normalize Millennials’ choice to not have kids by sending an empowering message that becoming parents isn’t an essential step on the road to fulfillment – and being childless by choice is equally valid.
Lean into Millennials’ “cool aunt” vibe by framing your product/service as a point of connection for them to show up in the lives of their friends or family members children.
Key Finding #3: Millennial Group Trait – Worldly
Millennials welcome diversity, prioritize new experiences, and pride themselves in being knowledgeable of many cultures.
A Deeper Look:
Millennials are an inherently diverse and highly educated generation with access to huge amounts of worldly information at their fingertips. These factors drive their intense interest in culture. Their desire for experiences is further compounded by the material things they desire feeling out of reach.
Play into Millennials’ gravitation towards cultural knowledge by pairing it with an experience. They want to both learn and do.
Feature cultural elements in your advertising to capture Millennial’s interest.
Key Finding #4: Millennial Group Trait – Connection-Seeking
Millennials are more expressive than other generations and use this as a tool to forge connections with others.
Millennials’ “pioneering” experience on social media provided them with the first opportunity to widely find and connect with those who shared their interests and experiences. They’ve carried this connection-seeking spirit with them as they’ve moved onto new life stages, such as parenting.
Provide Millennials with opportunities to engage with one another—whether online or off. This is a great opportunity to capture both their desires for experiences and connection by showing how your product/service delivers on both of those aspects.
Key Finding #5: Millennial Group Trait – Tenacious
Millennials were raised to seek achievements, a value instilled by their Boomer parents. But as fate would have it, they came of age at a less-than-optimal time to find success. The Great Recession caused them to stumble off track, but Millennials never lost ambition. Instead, they pivoted and cultivated a resilient spirit as a result.
Prove to Millennials that your brand’s products/services are worth chasing after.
Celebrate stories of resilience and tenacity in your marketing, such as a spotlight on someone who has overcome a challenge or who has created an innovate solution for their problems.
Contact us at the form below to learn more about how you can gain access to these diverse consumer insights and much more in our Cultural Intelligence Platform.
Other Recent Millenial Research Articles & Insights from Collage Group
Senior Analyst, Syndicated Research
Giana joined Collage in 2019 from Indiana University, where she studied economics, political science and psychology. In her spare time, Giana is getting to know Washington DC and its historic architecture.