New Millennial Insights to Grow Market Share in 2023

Millennials have long been a prized target for marketers, and for good reason. Not only are Millennials now the largest generation in America, they are finally hitting some major milestones, like becoming homeowners and parents. As they move into these peak earning – and spending – years, Millennials will look to brands to understand the complexities of Millennial identity and help them maintain that identity while navigating mid-life.

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The Big Picture:

• Millennials have aged up,  from “adulting is hard” to “adulting is here”. Brands need to speak to Millennials with mid-life concerns in mind.
• But hitting mid-life hasn’t changed their dreams for meaningful experiences and tech-fueled flexibility.

This powerful study explores three areas of our consumer fundamentals research: demographics, identity, and Group Traits to help your brand authentically connect with Millennial Americans.

Key Insight #1: Demographics

Millennials are the single largest American generation and are poised to be for decades to come. As they have achieved demographic dominance, some major shifts have been at play – today, Millennials make up the majority of parents to kids under 18.

Do This

Make Millennials the focal point of your marketing, but be sure to make the portrayal authentic – this means evolving your portrait of Millennials from “young and single” to “grown up with families”.

Key Insight #2: Evolving Identity

Millennial identity is rapidly shifting in many ways – two of the biggest shifts for marketers to be aware of are the increased emphasis on racial identity, and the decision to become a parent (or not).

Do This

Don’t shy away from addressing race and ethnicity in communications aimed at engaging Millennials – they are looking for it, and will embrace it. And while parenthood is now a huge aspect of many Millennials’ identities, keep in mind that a sizeable portion of the segment in delaying or opting out of parenthood. Broaden your appeal to Millennials by leaning into stories that resonate for both parents and non-parents.

Key Insight #3: Worldly

Millennials have an intense desire to learn about and experience other cultures, as well as the world around them. In addition to being very welcoming of diversity, they prioritize new experiences, and pride themselves on being knowledgeable about many cultures.

Do This

Play into Millennials’ gravitation towards cultural knowledge by pairing it with an experience – Millennials want to both learn and do. Feature cultural elements in your advertising to capture Millennial’s interest.

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