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MARKETING TO BLACK MILLENNIALS - US - JUNE 2018

Published By :

Mintel

Published Date : Jun 2018

Category :

Lifestyle

No. of Pages : N/A

Black Millennials are a tenacious group who are grounded in their faith and belief that they will be the change they want to see – within their family, community and most importantly, themselves. This generational group looks among and within themselves to control and define their identity and image on their own terms. Brands have a role in how Black Millennials choose to shape their image, but their friends and influencers in real life and on social media drive them to consider and buy new products and services.

Table of contents
OVERVIEW
What you need to know
Definition
EXECUTIVE SUMMARY
The issues
Black Millennials’ consumerism is linked to their level of social media engagement
Figure 1: Black Millennials’ attitudinal segments, February 2018
Satisfied Black Millennials have reached their desired milestones
Figure 2: Life Progress of Black Millennials, February 2018
Black Millennials love kids, but some question if they will be a part of their lives
Figure 3: Attitudes toward parenthood, February 2018
The opportunities
Speak to Black Millennials’ unique qualities to deepen a connection
Figure 4: What makes Black Millennials unique?, total and Black, February 2018
Black Millennials more likely to show concern over their financial investments
Figure 5: Financial challenges of Black Millennials, February 2018
Social media is a required platform to engage with Black Millennials
Figure 6: Motivations behind shopping, February 2018
What it means
THE MARKET – WHAT YOU NEED TO KNOW
Black 25-39-year-olds live the single life
College enrollment is high, but completion is elusive
BLACK MILLENNIALS BY THE NUMBERS
There are 11 million Black Millennials in the US
Figure 7: Black population share, by generation, 2018
Millennials are the largest generational group within the Black population
Figure 8: Black generational split, 2018
BLACK MILLENNIALS AND FAMILY LIFE
Most Black adults aged 25-39 are single
Figure 9: Marital and partnership status, total and Black, adults aged 25-39, October 2016-November 2017
Nearly six in ten Black 25-39-year-olds have children
Figure 10: Parental status of children under 18, total and Black, adults aged 25-39, October 201-November 2017
BLACK MILLENNIALS AND EDUCATION
Black adults 25-39 likely to go to college, but not graduate
Figure 11: Educational attainment by race and Hispanic origin among adults aged 25-39, 2017
Black adults aged 25-39 earn less than the average across educational attainment
Figure 12: Average personal income among adults aged 25-39 by race and Hispanic origin, 2017
Student loan debt reaches $1.5 trillion
Black student loan borrowers are twice as likely to default on their student loan debt
BLACK MILLENNIALS AND HOME LIFE
Black homeownership falls to 1968 levels, leaving young Black Millennials without a wealth-building tool
Figure 13: Homeownership rate, by race of householder, 2006-16
Black Millennials lead re-migration back to the South
Figure 14: Migration flow to census region by Black and total US population, 2016-17
Figure 15: Mobility to a different census region, by age group, 2016-17
KEY TRENDS – WHAT YOU NEED TO KNOW
Aspirational brand messaging reflects Black Millennials’ life progress
Black Millennials snub brands over perceived insensitivity
Brands that leverage underground hip-hop culture gain credibility
WHAT’S WORKING?
Aspirational messaging based on cultural insights
Ford Fusion: Make a Statement
Figure 16: 2017 Ford Fusion: Make a Statement television commercial
Courvoisier: Honor Your Code
Figure 17: Courvoisier print and digital advertising featuring ASAP Rocky, 2017-18
WHAT’S STRUGGLING?
Company missteps can lead to consumer disengagement
Figure 18: The Weeknd’s H&M dissolved partnership tweet, January 2018
WHAT’S NEXT?
Authentic voices drive connection with Millennials
General Mills – Hamburger Helper “Watch the Stove” mixtape
Wendy’s Restaurant’s “We Beefin?” mixtape
THE CONSUMER – WHAT YOU NEED TO KNOW
Black Millennials’ perceptions on their progress depend on their accomplishments
Black Millennials’ finances are stuck between past and future life investments
Reliance on faith and personal convictions shape Black Millennials’ identity
Black Millennials expect to be the change they want to see
Kids are a blessing – But only Black Millennial women are ready to have them
Black Millennials love shopping and are willing to splurge for what they want
BLACK MILLENNIALS’ ATTITUDES TOWARD CONSUMERISM
Figure 19: Black Millennials’ attitudinal segments, February 2018
The Socialites
Figure 20: Black Millennials’ – The Socialites segment profile, February 2018
The Trend Shapers
Figure 21: Black Millennials’ – The Trend Shapers segment profile, February 2018
The Pragmatists
Figure 22: Black Millennials’ – The Pragmatists segment profile, February 2018
LIFE PROGRESS OF BLACK MILLENNIALS
Black Millennials feel better about their life experiences rather than their financial state
Figure 23: Life progress of Black Millennials, February 2018
Black Millennials believe they are doing better than the average Millennial
Figure 24: Life progress among Black Millennials indexed to total Millennials, February 2018
Black Millennials living the American dream are doing better than expected
Figure 25: Life progress of Black Millennials, over indexed to all Black Millennials, February 2018
Single Black Millennial men are pragmatic about their lives
Figure 26: Life progress of Black Millennials, over indexed to all Black Millennials, February 2018
Single Black Millennial women more likely to be unfulfilled
Figure 27: Life progress of Black Millennials, over indexed to all Black Millennials, February 2018
FINANCIAL CHALLENGES OF BLACK MILLENNIALS
Black Millennials are equally concerned in saving and paying for their financial responsibilities
Figure 28: Financial challenges of Black Millennials indexed to total Black adults, February 2018
Adult life changes and finances impact Black Millennials as they age
Figure 29: Financial challenges of Black Millennials indexed to Black iGeneration, February 2018
Black Millennial women express concern over the home finances
Figure 30: Financial challenges of Black Millennials, by gender, February 2018
Black Millennial college graduates balance their past financial obligations with their everyday expenses
Figure 31: Financial challenges of Black Millennials, by educational attainment, February 2018
Black Millennial parents’ financial concerns change as their kids age
Figure 32: Financial challenges of Black Millennials, by kids’ ages, February 2018
WHAT MAKES BLACK MILLENNIALS DIFFERENT?
Black Millennials’ identity is rooted in characteristics they believe will move them forward
Figure 33: Unique characteristics of Black Millennials indexed to all, February 2018
Black Millennials draw on inner strength and love for family as they age
Figure 34: Unique characteristics of Black Millennials indexed to Black iGeneration, February 2018
Black Millennials at a crossroad in their progress lean more on their beliefs
Figure 35: Unique characteristics of Black Millennials, by educational attainment, February 2018
Kids compel Black Millennial parents to have a strong sense of self
Figure 36: Unique characteristics of Black Millennials, by parental status, February 2018
WORLD VIEW OF BLACK MILLENNIALS
Black Millennials are making an impact in their lives despite life and societal challenges
Figure 37: Symone D. Sanders Twitter response, may 2018
Figure 38: World view of Black Millennials, February 2018
Black Millennials are willing to face challenging situations for control over their identity and surroundings
Figure 39: World view of Black Millennials indexed to all Millennials, February 2018
Black Millennials’ independence away from the familiar and expected drives their world view
Figure 40: World view of Black Millennials indexed to all Black adults, February 2018
Black Millennial women are moved to action, but mindful in their pursuit of change
Figure 41: World view of Black Millennials, by gender, February 2018
Parents of young kids are idealistic – Parents of older kids use more caution
Figure 42: World view of Black Millennials, by kids’ ages, February 2018
ATTITUDES TOWARD PARENTHOOD
Black Millennials love kids, but some love kids from afar…for now
Figure 43: Attitudes toward parenthood, February 2018
Black Millennials’ desire for kids may be dampened by access to fewer resources
Figure 44: Attitudes toward parenthood, Black Millennials indexed to all Millennials, Black adults and Black iGeneration, February 2018
Black Millennial women ready and willing to have kids, men less so
Figure 45: Attitudes toward parenthood, by gender, February 2018
Black Millennials love being parents, but don’t want to over extend themselves
Figure 46: Attitudes toward parenthood, by kids’ ages, February 2018
MOTIVATIONS BEHIND SHOPPING
Black Millennials shop for fun and to keep up with others
Figure 47: Motivations behind shopping, February 2018
Black Millennials appreciate brand communications more so than the average Millennial who may expect micro-targeted messages
Figure 48: Motivations behind shopping, Black Millennials indexed to all Millennials, February 2018
Brand communication to parents may impact their loyalty and perceptions
Figure 49: Motivations behind shopping, by kids’ ages, February 2018
Single Black Millennial women’s identity may be tied to an unlived ideal
Figure 50: Motivations behind shopping, by gender and marital status, February 2018
APPENDIX – DATA SOURCES AND ABBREVIATIONS
Data sources
Consumer survey data
Abbreviations and terms
Abbreviations
APPENDIX – THE CONSUMER
Figure 51: Marital and partnership status, total and Black, October 2016-November 2017
Figure 52: Marital and partnership status, total and Black adults aged 25-39, October 2016-November 2017
Figure 53: Parental status of children under 18, total and Black, October 2016-November 2017
Figure 54: Parental status of children under 18, total and Black, adults aged 25-39, October 2016-November 2017

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