Millennial Parents, Not an Oxymoron
Friday, February 26, 2016
Posted by: Kathleen Chaplick
Anyone with access to the Internet has heard the word Millennial. They are the coveted generation for many retailers due to the high purchasing power they hold. This generation has been characterized as free spirited and untamable, and is now entering the ranks of parenthood. According to a recent study, Millennials account for 80 percent of the 4 million births in the U.S. every year.
Just as generations before them, Millennials find themselves changing for the sake of their children. Companies cannot look at the large span of this group as homogeneous, nor can they group Millennial parents as one entity either. FutureCast conducted a study that segmented Millennial parents into five groups - Image First, Family First, Against the Grain, Under Stress and Style and Substance.
Image First parents are aptly named due to a high regard for name brands and appearance. Often this group spends more than they can afford to “keep up with the Kardashians.” Social media is an integral part of life to keep connected with friends who are often more important than family. These parents tend to splurge on children because they feel they are giving their child “more than they had.”
Family First could be designated as the antithesis to the Image First group. Family First parents are putting a modern perspective on the values their parents held close. Though this group averages a household income of $75,000, these parents will search for the best bargain and put off purchases in hopes of a sale. This group often scours the Internet to research products before a purchase.
Against the Grain parents are loyal to brands that give back. This group is focused on budgets and does not put a high value on “green” products. Price is king among this group, even if it means a longer drive for a bargain. Though this group is highly opinionated, when it comes to purchases, they are easily persuaded by peers.
Under Stress parents are categorized as the least satisfied with their lives. Their average annual household income is below $50,000. This group has the least brand awareness and product placement recognition. This group is most likely to shop at a store that carries more brands and lower prices. Just as the Against the Grain group, Under Stress parents are reliant on peer opinions about products before making a purchase.
Style and Substance parents are the most financially sound with an average annual household income of more than $75,000. This group has fewer homemakers than the Family First group and higher numbers in the workforce. This group tends to indulge their children with non-essentials. The Internet is highly utilized in this group for product research before a purchase. Unlike some of the other groups, Style and Substance parents are influenced by advertisements they find entertaining and interesting.
To reach this vast group with varying ideals, a company must go beyond advertising and social media. About 1-in-3 millennials selected blogs as a top media source before making a purchase, according to a recent survey. This is due to the authentic nature of blogs. They come from an individual and have no perceived agenda. It is not just enough to put the content out into the ether. Millennials rank trust, authenticity and philanthropy of a brand as highly important for purchasing. Forbes says, “43 percent of millennials rank authenticity over content when consuming news. They first have to trust a company or news site before they even bother reading the content that they produce.”
One of the many benefits of being a JPMA member is the ability to guest blog for the Baby Safety Zone, a resource that many parents already trust. Though these groups differ in their purchasing decisions, they all have one thing in common, love for their children. A child’s safety is always a top priority for any parent. The Baby Safety Zone blog is a great way to create trust, show authenticity and show parents that you care not only about providing a great product, but taking care of what is most precious to them.
If you are interested in being a guest blogger for the Baby Safety Zone, please contact Kasie Chaplick, JPMA MarCom Coordinator, at email@example.com.