From Hipster to Hip Pain: Millennials Are Officially Getting Old

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It seems like only yesterday millennials were stressing about “adulting” – trying on the identity of a grown person with responsibilities like a costume, while still feeling like kid at the core. Now, those same millennials are buying wrinkle cream in bulk and lamenting newly-present back pain. There’s no denying it, millennials are getting old.

To some, this probably isn’t a surprise: the elder half of the generation has been labeled “geriatric” for example, not exactly a term that evokes youth and vibrance. But for others, who still use the word millennial as a generic substitute for “young person,” it’s time to accept the fact that this generation is entering middle age. And while 40 is the new 30 and 30 is the new 20, aging is impacting how millennials think, feel, and — most importantly for brands — shop. 

As millennials age, they’re increasingly driven by routine and convenience

There comes a time in everyone’s life where they start to realize they’re turning into their parents. And while for some it may come in the form of a new penchant for dad jokes or an appreciation for high-waisted jeans, for many, the moment hits when they realize they’ve become “set in their ways.” While youth may be all about growing and changing, aging often involves settling into a routine, and shifts in data show that millennials are doing just that.

The share of millennials who agree with a number of phrases related to habit and certainty have grown over the past few years. For example, the share who say they prefer a set routine in their daily life has increased by 10 percentage points and the share who refer to themself as a “creature of habit” is up 8 points. 

The good news for brands? This translates directly to brand loyalty. In March of 2021, 63% of millennials said they preferred classic and timeless as opposed to trendy; that number is now 72%. And most importantly, the share who say they’re loyal to a product or service they like has grown from 82% to 89%. Shunning trends in favor of tried-and-true products and services means that, as long as companies can provide a quality product and positive customer experience, millennials will be more likely to stick around than to move on to the newest fad.

Millennials are caught between digital native Gen Z and analog-forward Gen X

If you ask a Gen Xer, their generation is unique because they can clearly remember a childhood before the internet. Gen Zers have never known anything but a digitally-enabled life. Millennials, however, are oddly stuck in the middle of these two worlds, with the oldest going through high school and even college without social media, and the youngest picking their Top 8 on Myspace in elementary school. No matter where a millennial lands on the age spectrum, he or she came of age during a time that technology was rapidly shifting, which influences the way they engage with it as adults.

Millennials are far more likely than adults in general to say they’ll pay a premium for a product or service if it’s easier and faster. And for most millennials, tech is a tool to do just that. Especially as they have been catapulted into a busy life stage — reaching the prime of their careers, many with caregiving responsibilities for children and/or aging parents, and financial pressures related to housing costs, student loans and saving for the future — the tools they value most are those that can make life more convenient for them. 

As a result, they’re more likely than others to do things like buy groceries online and use meal delivery services, which come at a premium price but help cut down on the time and effort it takes to put food on the table. They’re also more likely than other generations to use Amazon Prime, the service that has set the standard for convenience in online retail. Some of these differences from the general population are due to millennials’ engagement with tech — in other words, they’re more digitally connected than Gen Xers or baby boomers. But even when compared to terminally online Gen Zers, millennials over-index in online grocery purchase and Amazon Prime usage, suggesting that digital savvy isn’t the only factor at play.  

Brands must understand this nuance when developing products or services targeted towards millennials: it’s not enough to be tech-forward, it must be tech-forward in the name of making life easier.

Despite financial headwinds, millennials are optimistic

Millennials have famously been dealt many financial blows in their lifetime: the Great Recession hit just as they were reaching adulthood, stymying careers and earnings before they could start in earnest, they’ve taken on more student debt than any previous generation, and, as any internet meme will tell you, housing and childcare costs make affording the trappings of adulthood far more difficult for them than it was for their parents.

At the same time, they’re actually relatively optimistic about their financial situation. When it comes to current conditions, more say they’re worse off than better off compared with last year, but they’re 7 points more likely to say they’re better off than adults in general. And in terms of expectations for the future, the optimism far outweighs pessimism: 44% say they’ll be better off next year, 10 points higher than adults in general and 31 points higher than the number who believe they’ll be worse off.

The same relative optimism rings true when it comes to millennials’ health. They may be less likely to have health insurance than other generations (83% do, compared to 88% of adults in general), but they’re feeling good about their own status. About than 1 in 5 millennials say they’re in “excellent” health (compared to 14% of all adults) and a further 30% say their health is “very good” (28% of all adults say the same).

No matter the reason for their optimism, it’s notable for a generation that has withstood major events like 9/11, the Great Recession, and the COVID-19 pandemic at pivotal (and less than ideal) points in life. Millennials stand to bring this optimism forward as they continue to age, and brands that hope to connect with them should do the same.