There’s often debate around the exact definition of what a millennial is – for the record, generally – born between 1980 and 1996. The next discussion comes around the value of the term itself. As BBH Labs has pointed out, there are around 80 thousand millennials in the UK whose children are also millennials. On the other hand, the same source finds more group cohesion among this bracket than either Gen Z, Gen X or Boomers.
Despite all of this, our obsession with targeting by demographic or generational group shows little sign of going away. Even if the ways we measure and reach such groups are completely transformed in time, they endure as an important rule of thumb for audience.
To go beyond generalisations about UK millennials, Nano ran a survey of 500 respondents in June 2023 with our partner Peekator – these are our findings:
Financial Concerns Impacting Parenthood: One of the most intriguing insights about millennials is the significant percentage (44%) who are childless, with financial worries and fear of restricted freedom being key factors behind their decision.
Pets as Family Members: The survey also revealed that 66% of millennials with children have pets too, compared with 46% of childless millennials. It has often been observed in the past that pets can be considered as substitutes for children. The counterpoint to that here is obviously that even more parents also have ‘fur babies’ too.
Financial Struggles and Coping Mechanisms: The fact that 87% of millennials said they have been negatively affected by the cost-of-living crisis and 66% have resorted to cutting back on spending underscore the financial challenges this generation faces. The data suggests that millennials are actively seeking new ways to manage their finances and navigate economic uncertainties.
Work and Lifestyle Shifts Post-Covid: The pandemic has had a profound impact on millennials’ professional lives, with 27% stating that work is now less of a priority, and 26% valuing work with purpose more than before. Additionally, 23% of millennials now have the option to work from home, showcasing a significant change in work-life dynamics after the pandemic.
Travel Preferences and Priorities: Millennials’ travel habits reveal interesting patterns, with 62% preferring to drive and 39% using public transport. Moreover, London-based millennials exhibit distinct travel behaviour, using cars less frequently but relying more on Uber. The data also indicates that affordability ranks highest among travel priorities for this generation.
Cookie Cutters: 72% of millenials surveyed said they had taken active steps to hide their personal data online, or otherwise evade tracking: methods including clearing cookies, browsing in incognito mode or using a VPN – all in the past month. This was a similar number to a similar question posed to a representative sample of UK consumers in our earlier Tipping Point research.
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With Intent Personas, Nano offers demographic targeting without using personal data – millennials included.
Intent Personas offers accurate audience segments delivered via machine learning and verified by always up-to-date panel data. These are robust, trustworthy personas ready for targeting without the guesswork and stereotypes of the past, combining billions of data signals with verification from ‘real world’ consumer panel data
