The New Face of Parenthood: How Millennials are reinventing parenthood
By Ross Kimbel, co-founder Be Curious Partners
Over the next decade, the face, approach and tools of parenting will undergo a transformative renaissance. As more millennials begin and grow families, this age-old act of parenting will be unlike any previous generations’ approach.
According to Pew Research, 60% of millennials say being a parent is critical to their personal identity. Furthermore, millennial parents have more fun as parents than older generations. The impact and implications of this new generation of parents is globally-reaching and culturally defining. When you marry the uniqueness of millennials in how they live their lives, along with their tech-enabled mentality to solving problems, there will be a surge of new products, services and solutions to support this new population of moms and dad.
How will the millennial parent population differ than its generational predecessors?
The Purchasing Power of Millennial Parents:
Approximately 1 million millennial women each year become new moms which represent more than 80% of new moms, according to a study conducted by BabyCenter. Millennial women hold the key to household purchasing power with more than $1.25 trillion in annual spending and $430 billion in discretionary income as of 2014. In 2017, these figures increased to $2.4 trillion in annual spending with moms reigning in 85% of a household's purchasing power.
How Millennial Values Differ
When compared to older generations, millennials are waiting longer to get married, buy a car, buy a house and have children. The reasons behind this include reduced access to income, as millennials have had to survive in an era of financial downturn for America, and greater focus on education and experiences. About 20% of millennials are currently parents, which means the market is expecting an influx of new millennial parents in the coming decade.
What are the opportunities and spaces to create solutions to support millennial parents?
BabyCenter’s 2014 survey revealed that anywhere from 64-76% of millennial moms use their mobile devices to manage life, such as pay bills, look for parenting advice or find a recipe. millennials are also the most socially connected generation. In fact, nearly 3 in 4 millennials view technology as a way to make life easier, according to Nielsen. Technology is an area in need of innovative new services designed to simplify life for millennial parents.
Health & Wealth
Research shows millennials are worried about their health and financial future. Unlike previous generations, millennials are either bogged down with credit card or school debt, or they're determined to be debt-free. Physically, millennials are focused on eating healthy foods and staying active. When it comes to parenting, millennials want to sustain a life of fiscal and physical health while raising children. Spending habits of this age group align with these goals. More needs to be done for millennials when it comes to services and products designed to help them achieve their health and financial goals.
As previously mentioned, the experience of raising children is of the utmost importance to Millennial parents. They'd prefer to be an active participant in their child's development instead of falling into the loop of breakfast-school-dinner-sleep in which so many parents are stuck. Millennial parents – or "parennials" – are focused on developing their children’s' individuality while navigating changing familial norms. Millennial parents need brands to offer parenting solutions that are customized to their family's individual needs instead of a one-size-fits-all approach to products and services.
It's Time to Reinvent Parenting
With the expected growth in the number of millennial parents, it's the perfect time to reinvent parenting for this generation in a way that is meaningful and aligns with the values, goals and ideals of millennial parents. That's where we come in. Be Curious Partners entire investment hypothesis is to invest in and support the companies reinventing parenthood. It's a unique approach to investing, but we expect to see this space transform as much as the face of parenthood to meet the demands of this generation.