How Brands From Amex To Target Are Driving Sales By Catering To Millennial Parents

How Brands From Amex To Target Are Driving Sales By Catering To Millennial Parents
Banks, Insurance & Financial Services

Considering the immense purchasing power of this now parenting demographic, brands ranging industries from banking to skincare are augmenting their business by incorporating the specific values and needs of millennials into their offers

PSFK
  • 1 october 2018

Now the largest parenting demographic in America, millennial parents are applying their digital inclinations, convenience standards and progressive, altruistic nature to their parenting behaviors. As a result, they expect brands to accommodate their particular lifestyle preferences with inclusive, transparent messaging.

PSFK’s research finds that while this demographic values experiences over things—78% of millennials said they’d like to increase spending on experiences over material objects in the coming year—they are also increasingly bridging the gap between shopping online and offline, prioritizing convenience, immediacy and valuable assistance. Accordingly, this is how major brands are responding to their demands, driving sales by paying attention to this influential group of consumers and catering to their values through a parenting lens:

American Express
Millennials highly value work-life balance, prioritizing time to recharge—yet only 29% of them say they are doing an excellent or good job or managing their stress, and only 29% say they’re getting enough sleep. Accordingly, the financial services company released a brand platform that focuses around modern lifestyles and work/life balance. The “Powerful Backing: Don’t Do Business/Don’t Live Life Without It” campaign includes different narrative vignettes, along with a key focus around parenting in the modern age. The campaign and platform TV and digital video spots, along with mobile, social media, podcasts, connected TV and outdoor media buys.

Bloomingdale’s x Peanut
71% of millennials value the advice and insights they receive from parenting blogs, parenting websites, forums and other networks. Capitalizing on this interest, Bloomingdale’s collaborated with Peanut, a social network platform for moms, and designer Rebecca Minkoff for a series of panel talks on modern female empowerment. The “In Her Shoes” series, which took place at the New York Bloomingdale’s flagship location, covered a variety of topics affecting modern women, starting with motherhood.

Target
Millennials are more likely than any other generation to say their loyalty to a brand has influenced their most recent purchase (70%). Attempting to up its appeal, Target hosts a yearly car seat trade-in event for parents who are looking to get rid of a used car seat. Participants can exchange it for a discount on an updated model. Target sends the used seats to waste management, where they are repurposed into buckets, shopping carts and construction materials.

Fidelity
More than a quarter of millennials say financial stress affects their job performance, over twice the rate of the general population. Accordingly, financial services company Fidelity launched a program to ease one of the major sources of millennial financial woes, letting employers help pay off employees’ student debts by enabling them to make after-tax contributions to employees’ student loans. Fidelity also implemented a program to help its own workers pay down their scholastic debt, offering employees at the manage level or below up to $2,000 per year (up to $10,000 total) towards their loans.

Pampers
A digital campaign from the legacy diaper brand highlights how babies with leaky diapers can interrupt their sleep cycle. The campaign includes a digital quiz for parents to identify their child’s sleep style and includes parenting resources from family therapist Kim West.

Dove Men+Care
Coinciding with Father’s Day 2018, the personal care brand launched a global campaign that challenges stereotypes of male caregivers, promotes paid paternity leave and provides a digital resource hub for tips and advice geared towards dads.

63% of Gen Z and Millennials agree they have many choices of where to shop, so a brand must show them loyalty to earn their business. Retailers are taking note, curating tailored experiences, activations, products and services that appeal to this unique and high purchase-power demographic. For more statistics, insights and examples of millennial needs and inclinations as well as how brands are responding to them, see PSFK’s report Examining Millennial Parenting Attitudes & Behaviors.

Now the largest parenting demographic in America, millennial parents are applying their digital inclinations, convenience standards and progressive, altruistic nature to their parenting behaviors. As a result, they expect brands to accommodate their particular lifestyle preferences with inclusive, transparent messaging.

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