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Lifestyles of Millennials - UK - October 2015

Published By :

Mintel

Published Date : Oct 2015

Category :

Lifestyle

No. of Pages : N/A

Because all the traditional markers of adulthood are less available to today

Table of Content

Overview

What you need to know
Report scope

Executive Summary

Social media makes shopping journey more interactive
Figure 1: Online interactions with companies and brands, by generation, July 2015
The worried-well
Figure 2: Approach to leading a healthy lifestyle, by generation, July 2015
Technology is central to lifestyles of the digital natives
Figure 3: Attitudes towards using technology, by generation, July 2015
Adjusting marketing strategies to draw in Millennials
Figure 4: Attitudes towards advertising, by generation, July 2015
What we think

Issues and Insights

Forging connections with Millennials via social media channels
The facts
The implications
Raising awareness of financial services amongst Millennials
The facts
The implications
Tapping into Millennials’ desire to stay healthy/lead a healthy lifestyle
The facts
The implications

The Market – What You Need to Know

Millennials – The biggest generation in the UK
The number of NEETs on the decline
Millennials struggling to get on the housing ladder
Millennials remain optimistic about personal finances
Millennials are the most ethnically-diverse generation

Market Drivers

Millennials are the biggest generation in the UK
Figure 5: Age structure of the UK population, 2015
The number of NEETs is on the decline
Figure 6: People aged 16-24 who were not in education, employment or training (NEET), UK, July 2014
The trend towards delayed maturity
Figure 7: Percentage of each age group that are owner occupiers, England, 1981, 1991, 2008-09 to 2013-14
Figure 8: Percentage of people aged 20-34 living with their parents, by age, UK, 1996-2013
Millennials remain optimistic about finances
Figure 9: Current financial situation, by generation, July 2015
Millennials are the most diverse generation
Figure 10: Race and ethnic background, by generation, July 2015
Figure 11: Knowledge of foreign languages besides English, July 2015
Living and shopping online
Figure 12: Purchases made over the internet, by age group, Great Britain, 2014

The Consumer – What You Need to Know

Millennials prioritise getting their finances in order
Social media is key to connecting with Millennials
Health is top of mind for British Millennials
Millennials remain tethered to their devices
Advertising speaks strongly to Millennial men, but Millennial women feel ignored

Responsibility for Household Finances

Millennials living at home for longer
Figure 13: Responsibility for living expenses and groceries, by generation, July 2015
Delayed maturity comes with opportunities
Figure 14: Responsibility for shopping for non-essentials, by generation, July 2015

Changes in Spending Habits

Millennials show a frugal streak…
Figure 15: Spending compared with a year ago, by generation, July 2015
whilst also spending more on non-essentials
Figure 16: Spending compared with a year ago, by generation, July 2015 (continued)

Online Interactions with Companies and Brands

Brands need to speak the language of Millennials
Figure 17: Online interactions with companies and brands in different sectors, by generation, July 2015
Financial services firms need to find a way to engage Millennials
Figure 18: Screenshot of ‘Capture the Cube’ competition by FirstBank Holding Company, September 2015
Social media makes shopping journey more interactive
Figure 19: Online interactions with companies and brands, by generation, July 2015
Figure 20: Screenshot of Nescafé’s Tumblr account, September 2015
Engaging young influentials

Approach to Health

Millennials are just as health-conscious as the Swing Generation
Figure 21: Approach to leading a healthy lifestyle, by generation, July 2015
The worried-well
Figure 22: Selected activities done to stay healthy in the last 12 months, by generation, August 2015
Putting a price on health
Figure 23: Agreement with the statement “It is worth paying more for products that help improve my health”, by generation, August 2015
Figure 24: Screenshot from Goodhealthbox.com, September 2015

Role of Technology

Technology is central to the lifestyle of digital natives
Figure 25: Attitudes towards using technology, by generation, July 2015

Attitudes towards Shopping and Advertising

Over a third feel guilty for buying things they don’t need
Figure 26: Attitudes towards advertising, by generation, July 2015
Discounts galore
The power of the sharing economy
Figure 27: Screenshot from the homepage of Rent the Runway site, September 2015
Need to raise appeal of adverts to Millennials
Figure 28: Millennials’ attitudes towards advertising, by age and gender, July 2015

Appendix – Data Sources, Abbreviations and Supporting Information

Data sources
Abbreviations
Definitions
Generations

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