Ypulse Mashup: How Millennial Parents Will Change Families

On June 27th, we’re dedicating our Ypulse Mashup event to Reassessing Millennials. It’s time to stop looking at Millennials as one massive group and pre-prescribing characteristics and misconceptions to all 80 million members. We’re digging into who they really are and the different personalities that exist within the generation by unveiling our first-ever segmentation of the generation. We’re also examining not only how they are changing as they begin to tackle adult milestones, but how they are changing the definition of the milestones themselves.

 The oldest edge of Millennials have entered their 30s, and 4% of Millennials are already parents. That’s over 3 million Millennial parents in the U.S. and growing. Though the generation as a whole has delayed parenthood, 70% of Millennials who aren’t yet parents say that they want kids, and 26% of them want kids within the next five years. That’s a huge wave of Millennials who are going to become parents in the relatively near future, and they’re approaching parenthood with their own expectations. Just as they have begun navigating adulthood by picking and choosing the things that work for them, we’re seeing that these influential and unique consumers are already attempting to tackle parenthood in their own way, and negotiate traditional parenting structures on their own terms. Here are just a few of the ways Millennials could reassess parenthood, and shift family culture:

 

1. Bringing Baby to the Biergarten

Many Millennials are children of helicopter parents who know what it’s like to be doted on from birth. Boomers tended to structure their own families so that their Millennial children were the focus, and gained a reputation for letting their lives and decisions revolve around the kids. And though they appreciate the attention…

 
 

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Millennial News Feed

Quote of the Day: “Whenever I'm bored, I can always find something to do on my phone.”

—Male, 17, GA

Have teens have killed another retailer? Aeropostale has filed for bankruptcy, and plans to immediately close 154 of its over 800 stores. Young consumers’ preference for fast fashion and real-time access to trends has left “mall retailers” like Delia’s, Wet Seal, and Aeropostale in the dust. Last year the struggling clothing brand announced they were attempting to revive sales by “exploring strategic alternatives,” and focusing on a “flirty tomboy girl” consumer. However, it missed the mark, and “[t]he majority of the blame for poor performance lies squarely with [Aeropostale’s] failure to realign itself to the changing fashion demands of younger shoppers.” (Washington Post)  

These days, Osh-Kosh-B’Gosh just won’t do for well-to-do kids growing up in a market that might just make them the best-dressed generation. The luxury childrenswear market continues to boom, with a forecasted reach of $291.5 billion by the end of 2018. Since we first wrote about the trend, more designer brands have launched lines exclusively for “pint-sized clientele,” and online stores focusing on upscale fashion for babies and kids have grown. Although considered a small revenue driver for companies, brands hope that childrenswear will inspire brand loyalty from a young age, and remind adults of their own “coming-of-age moments.” (Digiday

Social network meets “college newspaper on steroids” Odyssey is racking up 30 million uniques a month, with a simple but challenging business model. The site lets any young writer contribute content, as long as they have a unique perspective and publish an article a week. The model results in about 10,000 articles each week from writers aged 18-28, who then share their posts through their own personal social networks. Although they are unpaid, the writers gain exposure from posting to the platform—two to 4.5 times more than if they self-published. (Business Insider)  

Snapchat’s CEO Evan Spiegel’s ability to “speak Millennial” has been key to the app’s success. The platform’s appeal lies in the “less demanding” content it encourages. As the Columbia student who interviewed Spiegel put it, “If you want to take a photo of the beautiful day outside…you can put it on Instagram, but what about that huge space of photos that aren’t 10 out of 10 perfection.” Recently Spiegel declared that Snapchat is a “camera company.” Though messaging and content are part of the app, the camera is the focus because “[t]he thing that feeds a social network is content.” (International Business Times)

We recently broke down all the ways Millennials are updating and redefining workplace standards—and it looks like Millennials in the U.K. may also prioritize meaning over a big paycheck. A U.K. survey of 13-25-year-olds revealed that “44% equate happiness with success and 32% said that for them prosperity is more about achieving their personal goals.” The things that might have motivated previous generations were lower priorities: only 11% of U.K. Millennials said they are motivated by the prospect of owning a house, and 29% said they are motivated by being paid more for their work. (Elite Business

Quote of the Day: “The type of commercials that stick in my memory are the ones that make me evaluate my life.”—Female, 28, SD

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