Millennial parents: more experience and rent, but loyal to retail
When forming a family, Millennial consumers reproduce their consumption habits also when buying for their children, according to the Millennial Parents report, prepared by Euromonitor.
Millennials have become the consumer most persecuted by brands. Although they still do not have the purchasing power of their parents, this generation is set to become one of the most attractive targets for the future, but they have their own way of buying and interacting with the firms. But what happens when millennials are parents? How do millennial families behave?
According to the Millennial Parents study, prepared by the consultancy Euromonitor, this generation reproduces a large part of their consumption habits when forming a family. In this sense, parents born between the end of the eighties and the beginning of the nineties value experience more than possession, and prioritize experiences over objects.
In this sense, online second-hand sales platforms have greater penetration among families of millennial parents than among previous generations, especially regarding items for children, as accessories or clothing.
The economic circumstances of young millennials have affected their lifestyle
The report explains that these young people have seen their lifestyle conditioned by the economic circumstances in which they have grown, as well as by an increase in the cost of living and university studies.
Millennials living in India and China, who have increased their disposable income compared to previous generations, take advantage of their resources buying luxury goods such as automobiles and designer clothes, something that in these markets is indicative of the social level.
In parallel, although they are the first digitized generation, the report also indicates that millennial parents have not left aside purchases in physical stores, since they are still interested in acquiring products of specific brands in their establishments.
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