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Lifestyles of Millennials - UK - October 2014

Published By :

Mintel

Published Date : Oct 2014

Category :

Lifestyle

No. of Pages : 74 Pages

Traditional advertising has largely failed to capture imaginations of younger audiences, and advertisers need to step up creativity to sustain their appeal to Millennials. Funny and creative campaigns have the most potential for capturing the attention of younger consumers and winning their longer-term loyalty.
Table of Content

Introduction

Methodology
Definitions
Abbreviations

Executive Summary

Savings are a top priority for Millennials
Figure 1: Current financial priorities, July 2014
High quality at the right price
Figure 2: Factors important when shopping, July 2014
Personal influence in a social media world
Figure 3: Attitudes towards advertising and shopping, July 2014
Digital natives prefer reading hard copies of books
Figure 4: Attitudes towards digital and physical formats of media, July 2014
What we think

Issues and Insights

Appealing to the ethnic and racial diversity amongst Millennials
The facts
The implications
How to market effectively to Millennials
The facts
The implications

Trend Application

Trend: Entrepreneurial Spirit
Trend: Help Me Help Myself
Trend: Play Ethic

Market Drivers

Key points
Demographic trends
Figure 5: Trends in the age structure of the UK population, 2009-19
Employment status
Figure 6: Employment status, by gender and age, July 2014
Financial health
Figure 7: Highest educational attainment, by current financial situation, July 2014
Living situation
Figure 8: Living situation, by age, July 2014
Race and ethnic background
Figure 9: Race and ethnic background, July 2014
Nationality
Figure 10: Nationality, July 2014
Millennial families
Figure 11: Marital status, by presence of children in the household, for Millennials and all adults, April 2014 and July 2014

The Consumer – Personal Financial Priorities

Key points
Reliance on credit cards as a last resort…
Figure 12: Current financial priorities, July 2014
…but credit remains a lifeline for Older Millennial females
Figure 13: Current financial priorities, by gender and age, July 2014
Fewer financial worries for Millennials living at home with parents
Figure 14: Current financial priorities, by current living situation, July 2014

The Consumer – Factors Influencing Purchase Decisions

Key points
High quality at the right price
Figure 15: Factors important when shopping, July 2014
Figure 16: A board in front of Not a Burger Stand restaurant, September 2013
The appeal of disposable fashion
Brand loyalty highest in beauty and personal care
Buying practical things takes over trendy and prestigious products
Figure 17: Factors important when shopping, July 2014 (continued)
Figure 18: Screenshot of Think Dirty mobile app, June 2014
Millennial parents keener on environmental factors
Figure 19: Factors important when shopping (any responses are shown), by gender and age, July 2014
Desire to fit in motivates Millennials living in house shares
Figure 20: Factors important when shopping (any responses are shown), by current living situation, July 2014

The Consumer – Short- and Long-term Life Goals

Key points
Home ownership is the top aspiration amongst Millennials
Figure 21: Future goals, by age, July 2014
Figure 22: Career Sushi homepage, September 2014
Figure 23: The Kitchen Library website, September 2014
Younger Millennial females are the most aspirational
Figure 24: Number of future goals, by gender and age, July 2014
Travelling is the most immediate priority for Millennials
Figure 25: Planned time for achieving goals, July 2014

The Consumer – Factors Important for Being Successful in Life

Key points
Being healthy is the top way towards accomplishing more in life
Figure 26: Factors considered important for a successful life, July 2014
Fewer than a fifth of Millennials think it’s important to be a good citizen
Younger Millennials idealistic about their future career
Figure 27: Factors considered important for a successful life, by gender and age, July 2014
Foreign-born Millennials are career-driven
Figure 28: Factors considered important for a successful life, by nationality, July 2014
Figure 29: Plucked Homepage, September 2014

The Consumer – Attitudes towards Advertising and Shopping

Key points
Bright future for social media commerce
Figure 30: Attitudes towards advertising and shopping, July 2014
Asserting personal influence in a social media world
Figure 31: Attitudes towards advertising and shopping, by gender and age, July 2014
Figure 32: Selfie-shopping campaign by French Connection, April 2014
Advertising tactics with appeal to Millennials
Figure 33: Still from ‘Experience the power of a BookBook’ advert by IKEA, September 2014

The Consumer – Millennials and Traditional Values

Key points
Four in 10 Millennials are happy with their lives
Figure 34: Attitudes towards work and satisfaction with life, by gender and age, July 2014
Marriage becomes less important when Millennials grow older
Figure 35: Selected traditional and non-traditional values, July 2014
Minority Millennials are more adventurous with their eating habits
Figure 36: Attitudes towards eating different types of foods, by ethnicity and nationality, July 2014
Living the ‘perfect’ life online
Digital natives still read hard copies of books
Figure 37: Attitudes towards digital and physical formats of media, July 2014
Broadband affordability as a barrier to higher interest in digital music/movies
Promoting greater responsibility for the environment amongst urban Millennials
Figure 38: Selected traditional and non-traditional values, by living area, July 2014
Figure 39: BIOMAT Restaurant at Vienna Design Week 2013

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