ROTH MKM: 2023 Millennial Survey

ROTH MKM, a full-service investment bank focused on advising and financing growth companies, recently released its 2023 Millennial Survey, analyzing current trends, spending patterns, and favorite brands across eight consumer categories, including apparel and footwear, home goods, health supplements, beverages, healthy foods and snacks, CBD and cannabis, sexual health, and pets. The survey, conducted in partnership with MFour Mobile Research, consisted of 279 questions and was completed by 2,500 millennial women and men.

Key findings include:

In the past 12 months, 45% of millennials have started buying more private label goods.

76% of millennials have reduced their discretionary spending due to price increases on everyday and non-discretionary items.

28% of all millennials who have purchased items online have signed up for auto-replenishment or a subscription on Amazon.

53% of Millennials are more likely to buy directly from a manufacturer if a personalized service is offered.

Hello Fresh, Blue Apron, and Home Chef are the most popular food/meal kit subscription services.

Nike, Adidas, Vans and Steve Madden are the leading fashion footwear brands among millennials for the second time in a row, while Gucci is the most popular luxury brand.

40% of millennials who have purchased furniture purchased their most recent piece of furniture or home furnishings online and had it delivered.

Millennials consider Serta, Purple, Sealy, Ikea and Sleep Number as the mattress brands that best meet their needs.

64% of millennials’ purchases of health products were influenced by the COVID-19 pandemic.

Since the COVID-19 pandemic, 61% of millennials have returned to their traditional health clubs.

66% of millennials own a reusable water bottle or tumbler, with YETI, Hydro Flask and Contigo being the most popular

20% of millennials have consumed more energy drinks since the COVID-19 pandemic, with a 46% increase in the likelihood of seeking “healthier” energy drinks.

55% of millennials consume plant-based protein products at least occasionally, and 66% of them are willing to pay a premium of at least 5%.

Trojan, Playboy and Lovehoney are the preferred sexual wellness brands among millennials.

16% of millennials who own pets use Rover and Wag for transportation or boarding services for their pets.