It’s officially 2015 and we’ve seen our news feeds littered with predictions of what the New Year will bring. Innovative brand campaigns, new social media platforms and the continual rise of mobile engagement have ranked high among these predictions. However, the question that I find myself asking is, “To whom are all these new changes directed?” We know that the millennial generation in general is taking over our market, but can we be more specific? What about the millennials who are now parents? How will they affect the market as we step into 2015?
For some time, millennials have been completely changing what it means to be a parent and brands are finally taking notice. There are 22.9 million U.S. millennials with children and that number is growing by about 10,00 each day! As our economies most powerful generation, this new life phase is affecting the way millennials are spending their precious dollars and what they are spending those dollars on. Last year, FutureCast conducted the Millennials as New Parents study and found that millennial parents are embracing a whole new model of parenting based on the idea of pragmatism. While millennial parents are still highly pragmatic and rely on brands to solve problems and make life easier, updated research shows that many specific millennial parent trends have changed.
Over the past year, millennial parents have improved their financial situations. Millennial parents are more likely than the general public to agree that they are significantly better off than they were a year ago. This optimism is reflected in their spending habits and attitudes. Young millennial dads are embracing the value of family entertainment. Bring on the water parks and roller coasters! Twenty one percent of millennial dads spend $300 a month on family entertainment versus only 11 percent of men over the age of 35. However, despite their strides towards comfortable lifestyles, millennial parents have not given up on their frugal ways. According to the updated FutureCast research, fifty nine percent of millennial parents still feel the need to be cautious with their money.
Millennial parents can be divided into five distinct orbits: Image First, Family First, Under Stress, Style and Substance and Against the Grain. Parents in these orbits display specific behaviors, attitudes and habits that affect their brand loyalties and brand awareness. Brands connecting with these consumers must recognize that millennial parents function in an entirely different way than every other generation of parents. They are digital, they are social, they are interactive and most importantly, they are pragmatic. These parents will also be the ones dictating the ways their children interact with brands in the future.
To learn more about our millennial parent orbits check out our latest report, Mr. and Mrs. Millennial Mom and Dad. Don’t wait until it’s too late to get a grasp on this extremely powerful generation.