Say Hello to The Millennial Parent
A generation that endured one of the worst economies in recent history is finally growing up and having children. Millennials have been called many things – entitled, misunderstood, special, and now… Parents.
A recent study from Goldman Sachs shared some of these facts:
- The average age of a first time mother is 26 years old. The average age of a millennial is 25.
- Last year, 90% of all new mothers were millennials – up from 50% a decade ago.
- Parents spend $1 trillion dollars on their children each year (and you thought $1 billion was cool). This number is expected to grow due to the sheer size of the millennial generation.
Raising a child from birth through college now costs parents more than half a million dollars according to the report. While baby boomers have been gold mines for marketers, they must now react in order to reach this coveted throng of new parents who carry even more economic influence. As the largest generation in U.S. history, millennials are shaking up both the retail and consumer markets.
The question everyone’s asking is, “What do they want?”
First, let’s start off with what we currently know about millennial parents. Goldman’s research does a good job providing a few widely accepted generalizations to dig into:
- They are digital natives and expect technology to work
- They are extremely social, inundating Facebook news feeds with baby pictures
- They are passionate about their values, primarily buying from companies they believe in
- They are flipping some industries upside down as they become parents
We know millennials see parenting through a different lens than the generations before them. They believe parenting is a team sport and that responsibilities should be shared. Dads are spending more and more time helping out around the house, a fact that cannot be ignored. Millennials are not buying the same brands as their parents. They prioritize safety and are more informed, knowing where products are made, where they come from, and even how they impact the environment. This has fueled the rise of companies such as Jessica Alba’s startup The Honest Company.
So, “What Do Millennial Parents Want?”
As millennials are an often-discussed topic, we know they want many things when interacting with brands. They want convenience and they want it now, thank you Amazon. Millennials appreciate authenticity and seek brands that align closely with their value system and worldview. Socially conscious companies such as TOMS and Warby Parker are two good examples. They love brands that “just get” technology, and prefer smaller brands that they can relate with. The reality is that the list can go on. We recognize that there are people doing a fantastic job answering this question for us, but let’s change directions.
Can You Think Differently When Tackling This Question?
Your customer is a parent first and a millennial second. While there’s value in understanding generalizations, especially when it comes to generational differences, you cannot lose sight of your customer as an individual. Instead of acting on macro level trends that are constantly changing, look specifically at the customer in front of you and ask: what kind of job is this customer trying to get done?
Peter Drucker once said, “The customer rarely buys what the business thinks it sells him.” One way to know what you’re truly selling is to get ahold of that job list.
At Wipro Digital we believe you can achieve that – not only by following that customer’s journey, but by stepping outside the building and talking to that customer. Keep the focus on your customer’s objective and you won’t be asking what millennial parents want any longer. You’ll know.