MARKETING TO MILLENNIALS - CANADA - JANUARY 2018

MARKETING TO MILLENNIALS - CANADA - JANUARY 2018

Jan 2018 Mintel LifestyleN/A Price :
$ 3995
As Millennials grow up, they report a good level of confidence in their ability to take care of themselves, their families and in their parenting skills. Canadian Millennials are highly optimistic about their personal opportunities, yet may lack the financial knowhow to move them forward and attain their financial goals. Their media consumption habits reflect a reliance on social media platforms and preferences for entertainment that are shifting towards on-demand subscription services. Notably, dependency on social networking is not without uncertainty. There is an expectation of increased personalization that impacts all parts of the shopping process, regardless of the category. This Report examines the attitudes and behaviours of Canadian consumers aged 23-40 in 2017.
Table of contents
OVERVIEW
What you need to know
Definitions
EXECUTIVE SUMMARY
The issues
Optimistic about personal opportunities, a lack of financial knowhow may be limiting
Figure 1: Confidence in handling personal finances (very confident), Millennials vs overall, October 2017
Dependency on social media is real, but its a love/hate relationship
Figure 2: Social media usage impact on career prospects, October 2017
Changing media consumption habits has broader implications
Figure 3: Rating video sharing and subscription streaming video or music services as must-have online services, by generation, October 2017
The opportunities
Millennial parents have high expectations of achieving satisfaction
Figure 4: Confidence in parenting skills (very confident), October 2017
Millennial fathers (sort of) exude confidence in caring for their households
Figure 5: Millennial confidence in household care and parenting skills (very confident), by gender, October 2017
Make it personal Customization is noticed and probably expected
Figure 6: Perception of personalization of social media content as having a positive impact, by generation, October 2017
What it means
THE MARKET WHAT YOU NEED TO KNOW
One in four Canadians are a Millennial
Shifting demographic trends may be hitting the Millennial generation hardest
Millennials are less likely to see their financial situation as healthy
MARKET FACTORS
Millennials make up a quarter of the Canadian population
Figure 7: Canadian population, by age group, 2017
Fewer Millennials see their financial situation as healthy
Figure 8: Perception of financial health, Millennials vs overall population, October 2017
Shifting demographic trends impacts the makeup of Millennial households
KEY PLAYERS WHAT YOU NEED TO KNOW
Millennials appreciate personalized content on social media
Usage of the internet is not all fun and games
Marketing to Millennials today means ensuring things are share-worthy
WHATS WORKING?
Personalized content is resonating with Millennials
Figure 9: Perception of personalization of social media content as having a positive impact, by generation, October 2017
Personalization is becoming the norm and will expand throughout the shopping journey
Millennials see the internet as giving them a voice
Figure 10: Perception of internet activism as having a positive impact, by generation, October 2017
Figure 11: Opinions on social media for encouraging engagement with like-minded people, by generation, October 2017
WHATS A CHALLENGE?
Changing media consumption habits has implications for more than telecom companies
Figure 12: Rating video sharing and subscription streaming video or music services as must-have online services, by generation, October 2017
This implies changes across categories, starting with the hotel industry
Participation on social media can be a win, except when it isnt
Figure 13: Social media usage impact on career prospects, October 2017
A rise in guidance of acceptable social media behaviours is seen
WHATS NEXT?
Marketing to Millennials means ensuring sharability
Restaurants are becoming more photogenic
Everyday foods get elevated to their turn in the spotlight
Pretty packaging grows sales of ice cream
Figure 14: Van Leeuwen Earl Grey Tea (US, October 2016), Candied Ginger and Strawberry (US, May 2017) Ice Creams
Even cities are being built to be Instagrammable: Jakarta
Financial help is on the way
Partnerships deliver a bigger punch
THE CONSUMER WHAT YOU NEED TO KNOW
Staying social and entertained are priorities
Millennials using social media to staying informed, brands must have a meaningful presence
Millennials are confident in their skills as adults
Youthful optimism is real, though there is a sense of uncertainty
MUST-HAVE SERVICES
Staying social is tops
Figure 15: Personal services, October 2017
Millennials are caught in the middle of a change
Figure 16: Rating social media apps and subscription streaming services as must-haves, by generation, October 2017
Marketers need to be sensitive to the dynamic
Figure 17: Tide HE Turbo Clean: Baby food, June 2015
Figure 18: Audi #DriveProgress Big Game Campaign: Daughter, February 2017
Millennial women more inclined to see social platforms a must-have
Figure 19: Personal service, by gender, October 2017
Making it a two-way conversation will likely appeal
OPINIONS ON SOCIAL MEDIA
Consumers are going social to stay informed, brands need to be present
Figure 20: Opinions on social media for staying informed and connecting with brands, October 2017
Consumers expect brands to be informative in their words
Brands need to present in a meaningful manner to engage younger Millennials
Figure 21: Opinions on social media for connecting with brands, by generation, October 2017
Its a love/hate relationship with social media
Figure 22: Sentiments towards using social media, October 2017
Millennial women are paying attention
but, with greater reliance comes greater conflict
Figure 23: Sentiments towards using social media, by gender, October 2017
Marketers: opportunity exists to up productivity elements
ADULTING
Millennials are confident in parenting and managing household chores
Figure 24: Millennial confidence in household care and parenting skills (very confident), October 2017
Millennial men could use some help at home
Figure 25: Millennial confidence in household care and parenting skills (very confident), by gender, October 2017
Figure 26: Can't Mess It Up! Maple Dijon Wild Pink Salmon (Canada, July 2017)
Millennials lack confidence in handling finances
Figure 27: Confidence in handling financial decisions (very confident), Millennials vs overall, October 2017
Millennial women need more assistance when it comes to financial literacy
Figure 28: Confidence in making major purchases (very confident), Millennial women vs Millennial men, October 2017
Preference of tech interactions over face-to-face may be exaggerated
Figure 29: Millennial confidence in interacting with others using technology and in-person (very confident), October 2017
OPTIMISM AND OUTLOOK
Youthful optimism is real
Figure 30: Optimism towards personal opportunities, October 2017
yet Millennials are uncertain of the economy
Figure 31: Optimism towards the Canadian economy, by generation, October 2017
The future may seem more daunting due to a lack of skills
Figure 32: Couples finances 79% of people dont think theyll reach their financial goals, June 2017
Modern parenting styles impact expectations of Millennial parents
Figure 33: Optimism towards having a more fulfilling life than parents, parents vs non-parents, October 2017
What success means to Millennial parents In their words
Happiness is more visible on social media and adds pressure on Millennial parents
CANADA VS US: MILLENNIALS AND ADULTING
Parenting tips may resonate more strongly with Canadian Millennials
Canadian Millennials are less confident in parenting skills
Figure 34: Millennial confidence in parenting skills (very confident), Canada vs US, October 2017 (Canada)/March 2017 (US)
Canadian Millennial parents may be more open to guidance
Figure 35: Tonight we sleep, February 2016
Resources should star Canadian Millennial fathers
Financial guidance will resonate more strongly with Canadian Millennials
Canadian Millennials are more optimistic about personal opportunities
Figure 36: Millennial confidence in parenting skills (very confident), October 2017 (Canada)/March 2017 (US)
APPENDIX DATA SOURCES AND ABBREVIATIONS
Data sources
Consumer survey data
Consumer qualitative research
Abbreviations and terms
Abbreviations

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