The Mother of all Generations
Millennials now make up the largest demographic in the country, overtaking baby boomers in the US population. They are, quite literally, the mother of all generations. And millennial moms are increasingly emerging as the most important subgroup, accounting for almost 90 percent of the 1.5 million new mothers last year, up a whopping 50 percent from a decade ago. Brands would do well to pay attention, as this demo represents an estimated $2.4 trillion dollar market.
These five mega trends shed light on how to grow mindshare -and heartshare- among millennial moms:
Only about one in two American moms is impressed with her own child-rearing skills. However, Millennial moms are pretty darn confident they’ve got this parenting thing nailed, according to a survey by Pew Research. A full 57% of moms aged 18 to 30 think they are doing “a very good job” at raising their kids. Only 48% of Gen X moms and a mere 41% of Boomers say the same. This confidence comes with an insatiable need for information and education. Think about what insights your brand can offer to empower her parenting skills and keep her on her A game.
Democratization of Family
There is a fascinating intersection of KGOY (Kids Growing Older Longer) and ASYL (Adults Staying Younger Longer) happening today that has created a 4-legged, 4-eyed super consumer, with moms and kids making symbiotic joint purchase decisions. Nearly 70% of moms and dads say children have influence on family purchase decisions. With 85% of all children being born to millennial moms last year, their influence and purchase power power is only going to grow. According to a Goldman Sachs study, approximately $1 trillion is spent on children between the ages of 0 and 17 in the U.S. across housing, transportation, food, apparel, healthcare, childcare and education.
#MomBoss – The Chief Domestic Officer
More Millennials are “stay-at-home parents” than past generations (23.2%, compared to 16% of Gen-X and 22% of Baby Boomers). With the average age of motherhood now being age 26, many stay-at-home moms are educated and have chosen family over career in many cases and many moms are the primary breadwinners in their families. Their interests are as diversified as their portfolios, so be sure to connect with moms on issues that stretch beyond typical ‘mom’ topics.
Helicopter parenting is frowned upon by Millennials, with Time describing their new parenting technique as “’drone-parenting’—the parents still hover, but they’re following and responding to their kids more than directing and scheduling them. “Open-minded” “Empathetic” and “Questioning” are the qualities Millennial parents most want for their children. Brands that can empower parents down this path will reign supreme.
Jack Be Nimble
Small brands are winning. In this day of constant innovation and information, newer, more nimble brands have gotten their products into the hands of the very vocal mom community faster. The appeal of smaller brands revolves around their agile ability to deliver an experience around the product through their story and mission and appeal to a generation of ‘venture consumers’ — who don’t just buy products but invest in brands and want to have a stake in the outcome. And this is one of the reasons small brands are winning among millennial moms. Through their tailored offerings and grassroots marketing approach, smaller brands have been able to carve their niche.
Wendy Watson is President and Founder of Clearstream Agency (www.clearstreamagency.com). She has directed award-winning PR campaigns for the world top’s top family brands including Procter & Gamble, Disney and Marriott.