In good times and bad, younger American adults are more optimistic than more mature counterparts, according to a recent report by market research publisher Packaged Facts. For the past decade highly confident consumers have been much more likely to be found among 18- to 34-year-olds, no matter what the overall economic climate and despite the fact that Millennials have experienced more economic turmoil and financial hardship than their Gen-X predecessors.
Their fundamental faith in their economic future becomes even firmer when Millennials become parents. Millennial dads are more likely than other 18- to 34-year-old men to agree that they are better off financially than they were 12 months ago (46 percent vs. 31 percent). Both moms and dads in the 18- to 34-year-old age group are much more likely than others their age to expect to be better off 12 months from now and to feel financially secure.
The positivity of Millennial moms in particular has the potential to trickle down to impact the behaviors of those around them—a factor Packaged Facts recommends marketers must remain aware of. For instance, Millennial mom have an impact on the consumer decisions made by friends and family. Although Millennial moms are less likely than other women their age to be asked about health and nutrition matters, their friends are more likely to seek them out for advice about financial matters and the purchase of electronic equipment.
The good news for advertisers is that Millennials are largely open to becoming marketed to. Millennial moms, for example, are more open to advertisements than older moms. Moms in the 18- to 34-year-old age group are significantly more likely than their Gen-X counterparts to agree that, “advertising helps me choose products for my kids.” Likewise, these younger moms are especially receptive to product placement strategies, and are more likely than other women their age and older to purchase a brand-name product they recognize from a TV show. The same is true of the willingness by Millennial moms to receive advertising on their smartphones and to subsequently purchase the advertised products.
Millennial Parents in the U.S. analyzes the complex world of Millennial parents and highlights the implications for marketers. One consideration is that the demographic and social profile of Millennial parents differs radically from that of their peers without children.