This week’s guest blog post is contributed by Megan Margraff, Senior Director, Analytics, Oracle Data Cloud and Angela Myers, Senior Director, Retail Strategy, Oracle Data Cloud.
The focus on millennials have reached a fever pitch in recent years – it seems that almost every brand wants to target these coveted shoppers. Others may claim to describe millennials accurately, but why guess when the proof is in the purchase?
Let’s cut through the hype and really get down to facts to discover: What matters most to millennials and how private label can deliver it? Our validated demographics and proprietary segmentation allow us to paint a clearer picture of the millennial shopper and we want to share that with you in our newest white paper.
Who are millennials?
Over half of millennials earn less than $50K per year and close to half have negative net worth, particularly when debt such as student loans are factored in. Millennials also index high on health service careers and students and surprisingly, 7% of millennials report that they are “business owners” – a higher percentage than any other generation. This is likely a result of the so-called “gig economy” that has emerged as millennials have entered the workforce.
Millennials are most likely to be unmarried, but almost half of them have children. In addition, “boomerang” millennials are here to stay, as a Pew Research Center study shows that for the first time this century, millennials are more likely to live at home with their parents than to have any other living arrangement. Also according to this study, 32.1% of millennials live at home with parents, while 31.6% live with a spouse or partner, 14% are head of household (with or without roommates) and 22% have other living arrangements (such as dorms, living with other relatives, etc.).
A combination of economic factors such as diminished job prospects for recent college graduates and social influences such as greater parental involvement for an extended time have contributed to this “boomerang” phenomenon.
Millennials are also the most ethnically diverse generation (ten percent of this generation is Hispanic compared to only five percent of boomers) as well as being the most religiously diverse with high indices of Buddhist, Hindu or Catholic religions (more than Generation X or baby boomers).
This ethnic diversity influences millennials’ cooking styles, as many shop extensively for Hispanic and Asian flavor profiles in addition to a wide array of ethnic food types. Millennials tend to be, “make it quick” style home cooks (assembly meals over “from scratch” cooking), while simultaneously indexing high for a variety of healthy lifestyles. Clearly, there are opportunities for the CPG industry to provide healthy, convenient, full-flavored meal solutions that meet millennials’ needs.
This is just the tip of the iceberg when it comes to millennial shopping trends. Download our full white paper to discover everything you need to know about this coveted shopping group and make the most of your campaign dollars.