Millennial parents are raising kids and spending money differently
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MANILA, Philippines – Millennials are all grown up. They’re not the smartphone-toting youngsters anymore – millions of them are becoming moms each year.
In previous years, they’ve been pegged as the generation infamously changing industries and introducing new ways of living, all while using technology’s tools.
Now that they’ve got kids of their own, they’re not exactly following their parents’ footsteps, either. Their parenting styles and consumer behaviors differ from those of previous generations.
Forbes calls it “the new mom economy.” And it’s a pretty big one, with a market size of $46 billion in the US alone. So how are millennials shaking things up when it comes to parenting practices?
New ideologies are shaping parenting styles, such as attachment parenting. And it follows that purchasing decisions are influenced by these philosophies.
According to the National Retail Federation, millennial parents are particular about the brands they support. True to their passion for authenticity and sustainability, least 44% shop only from brands that reflect their personal values – whether that means going for organic, cruelty-free, research-backed, or local products.
Their shopping habits are also, of course, heavily influenced by technology. Millennial parents are more likely to make well-researched purchases. While shopping, 78% use their phones to check out product reviews.
Meanwhile, convenience and instant gratification are both musts for the millennial generation, which is why young parents love online shopping and same-day delivery.
Tech entrepreneurs are also investing in this new market of millennial moms. Investors have put in $500 million into this new industry. There are apps, gadgets, and other tech products and services built for new moms. It’s perfect for the digital native/young mom looking for guidance – convenient, accessible, and most importantly, online.
There’s Peanut, a mobile community for moms; Willow, a wireless breast pump; and Glow Baby, which logs your baby’s eating and sleeping activity, just to name a few.
And of course, travel-loving millennials are taking their kids along with them on their adventures. Millennials with children have taken international trips more than any other demographic group. At least 64% of millennial families go on at least one trip within the year.
Are you a millennial parent? How differently are you raising your kids compared to the way your parents raised you? – Rappler.com