Millennial affluence in the U.S. is becoming a major topic in the marketing and business world. According to the 2014 Ipsos Affluent Survey USA, affluent adults (defined as someone over the age of 18 making at least $100,000 annually) now account for 23 percent of all U.S. households. While Boomers still make up the majority of the country’s affluent population, as their earning power diminishes over time, the earning power of Millennials continues to grow.
These affluents represent the Millennials that are commonly displayed in the media. For example, while the majority of Millennials would like to eat organic, fresh foods, the reality is that this lifestyle is cost prohibitive to many, creating a gap in how they eat and how they aspire to eat. However, affluent Millennials have the means to make these desires actionable – after all, someone’s buying those all natural, organic, cage-free, apples. (That’s a thing, right?)
Considering our Millennial parent orbits, the Style and Substance orbit is the most affluent among our five groups. However, they still embrace the pragmatism that defines the Millennial parent population and will not spend their hard earned dollars unless it is warranted.
Style and Substance
The Style and Substance orbit makes up 22 percent of the Millennial parent population. These parents are self-assured, confident, and well-informed. They are the most ethically diverse group of parents with the highest levels of education and the highest income, making more than $75k annually. With affluence comes a more adventurous, curious, and hyper-connected way of life. Like many affluent Millennials, they have the educational background and income that has already allowed them to live a comfortable life so they have the opportunities to indulge in the little extras.
Like the Family First orbit, these parents believe that family is most important and will often indulge their children when given the opportunity. Unlike Family First parents, however, these parents tend to run a looser ship. They value self-expression and want their children to learn from their own experiences rather than guiding them too harshly in a certain direction.
Like most Millennial parents, Style and Substance parents are highly pragmatic and shop based on convenience and function. But that does not mean these parents are willing to forego good fashion. Thirty eight percent of Millennials in this orbit show a high interest in style and fashion and are loyal to brands that reward them with benefits and specials.
Style and Substance parents are most likely to connect with brands via their laptops and smartphones. They often look online to research new products and share their opinions about their experiences with a brand. When it comes to social media, these parents use their social profiles to connect with family and friends but also to expand their social networks. This is a very media-immersed group but they do not only rely on the Internet. These parents are more likely that other orbits to value advertising on TV and the radio.
Kidmondo connects with Style and Substance
In our digital age, traditional baby books are quickly becoming a thing of the past. With smartphones and tablets, parents are able to capture their little one’s precious moments at any time and any place. There are many online platforms that now create a place to store all those moments digitally and instantly share them with friends and family.
Kidmondo, a comprehensive personalized online baby journal, lets parents create a place to store all their pictures and videos and creates templates to track growth and remember special moments. The sharing feature of the site also lets parents share their memories with loved ones through their social networks or via email. This platform for capturing their children’s special moments and sharing them with others appeals to Style and Substance parents.
Brands aiming to connect with Millennial parents must keep two very important things in mind:
1) They are parents so they are more pragmatic
2) They are still digitally native, adventurous Millennials
Seem contradictory? A little. The key to find the balance between aligning with the new role that many Millennials have taken on but still aligning with the overall Millennial mindset that values authenticity, adventure, and self-expression. Nail this and you have mom and dad on your side.
(For a more in-depth discussion of these five orbits, check out the book Millennial with Kids: Marketing to This Powerful and Surprisingly Different Generation of Parents.)