IRI market research into Millennials suggests they should not be viewed simplistically. That being said, the generation can be categorized for marketers who need to analyze and direct their consumer initiatives, the market research firm stated.
According to IRI, Millennials, ages 18 to 34, fall into six distinct segments:
Free Spirits. Young, single, college-educated trendsetters who are impulsive and social constitute 13% of Millennials.
Struggling Wanderers. Struggling financially, 21% of Millennials are not highly educated or strongly connected digitally.
New Traditionalists. Educated, affluent millennials who are married, values-driven and financially adept represent 22% of Millennials.
Concerned Aspirationalists. Cash- and time-strapped Millennial moms constitute 13% of the generation, a group that tends to be devoted to social media and driven, at the same time, by convenience and price when shopping.
Conscious Naturalists. About 15% of Millennials are eco-conscious moms who are less digitally driven, more financially cautious and desire minimally processed and locally grown foods.
Confident Connectors. Ethnically diverse, socially conscious leaders represent 17% of Millennials, a market segment that is digitally savvy and shops in specialty stores.