Over the last decade, companies have heavily targeted millennials across the globe. Millennial parents are changing the way they raise their children compared to previous generations. These changes, whether they are career-driven, health-conscious or equality-focused, are affecting how they spend their money and make purchasing decisions, as well as influencing the opinions and environment in which future generations grow up.
The changing family structure
The average age of women at first childbirth has been steadily increasing around the world. This is influencing family structure, as more women seek higher education, career and more life experiences, pushing their first pregnancy to later in their lives.
Although they are delaying having children, they are still heavily invested in starting a family. Around 72% of millennials feel that having children is an important factor for a happy life. Being such a large cohort, their influence on business is growing.
On the other hand, more men globally are taking on the responsibility of the caregiver. As more women continue to focus on their careers, men are taking a break from their professional lives or taking advantage of flexible working schedules to be more involved in the day to day raising of their children.
Millennial dads are taking over many household chores that were predominantly completed by women in the past, such as grocery shopping, preparing meals, laundry and bathing and dressing children, as well as being more involved in their children’s activities.
Millennials are spending more time with their children than in previous generations. They are invested in building close relationships with them and keeping up-to-date on the latest trends that are happening in their children’s lives. They are more involved in many aspects of their children’s lives; enabled by shifting workplace environments and greater flexibility. Companies that offer flexible work patterns are more appealing to this generation.
Millennial parents value spending time with their family. However, they are not neglecting themselves. Time for themselves is still considered an important priority for overall happiness, and many millennial parents do not believe they should be sacrificing this for their children.
Changes in spending
The access economy has evolved alongside millennials, who due to student debt, low starting incomes and the rising cost of living have pushed back materialistic purchases such as homes and cars compared with previous generations. Instead, they are taking advantage of ride-sharing and online reselling, saving their money to spend on experiences and daily goods and services rather than luxury possessions.
The convenience of online shopping has drastically changed the retail landscape. This does not mean that in-store shopping has completely vanished. Although they are moving away from brick-and-mortar department stores, millennial parents still seek brand-specific stores, which often carry a status that relates to their lifestyle choices. Retailers that have limited-edition products that are only available in-store are likely to resonate with millennial parents who want to maintain their distinct and exclusive image.
Online community and collaboration
Most millennial parents are happy to share information about their children online via social media platforms, there is a growing group of them who are becoming more cautious about what they share online.
These internet-wary consumers understand the permanence of online information and are concerned about what this type of information may be used for in the future. Instead, such millennial parents may strategically hide their children’s faces on any social media posts or have privacy settings on their social media accounts.
This parents’ generation is not afraid to ask for advice. Instead, they are open, collaborative and seek guidance from various sources. Their dependence on technology has led to the rise of various mum and dad groups online, as well as a community of social media influencers and bloggers who constantly share their opinions about new parenting trends and products.
To learn more about the lifestyles of global millennial parents and how brands should adapt, download “Millennial Parents: Transforming Family Life”