Our team has performed the most definitive study to date on the relationship of how diverse parents’ activities are, depending on the age bracket of their children.
According to our data, parents with young babies (0-6 months) are more likely to be playing with toys and reading books with their children, than watching TV – showing a preference towards offline activities at this stage.
Half of the parents of babies up to 6-months old hope to instil in their children that experiences are more valuable than products. Millennial parents are the most likely age group to be taking their new-borns on days out, but Gen Z parents (under 25) also show an increased interest, indicating a great opportunity for the experience economy with these parents.
What is the experience economy?
Parents overall value experiences over products as the most important value they want to instil in their children (47%). Parents over 35 are the most likely to believe in this value (50%), 25% above the youngest, aka, Gen Z parents. Likewise, households earning above £50K are the most likely to want to teach their children to value experience over products (52%).
Our comprehensive survey also allows us to cross – reference attitude, behaviour and consumption patterns and so we are able to identify that parents that place more value on experiences are also more likely to use out-of-home activities to unwind. 59% eat out with family and friends and 38% say they use the spa to relax. Our data also shows 41% of Millennial parents are sharing their positive experiences through their own social media, and a quarter through the brand’s social media. Over half of parents who value experiences are engaging with bloggers over social media, indicating an element of aspiration as well as a draw of influence from like-minded parents.
Brands have an opportunity to change the game for parents who aren’t as product-driven, by giving them a unique experience they could then share across social media platforms.
OPPORTUNITIES FOR THE EXPERIENCE ECONOMY
Asking parents about their values is a new addition to the Parents Insights survey, with parents being asked to choose their top three family values. Almost half of the parents want their children to value experiences above products, increasing to 53% for household incomes of £50k-£80k. These parents are 14% more likely than average to take their children on days out, indicating an opportunity for attractions that entertain children from a young age.
The age of parents influences which values they prioritise. Among Gen Z, respecting the opposite sex is the most important value (41%) – ahead of experiences and the environment – whereas only 29% of over-35s prioritise this value. Over-25s are more likely to prioritise a work/ life balance (32%) than Gen Z parents (20%), potentially reflecting the ‘gig economy’ this generation experiences, where the lines between work/ life balance become more blurred.
In a digitally fragmented world, modern parents also want to instil in their children a world of abstract concepts, a world of emotions and a world of feelings.
Brands need to understand the philosophy of young parents and help them to take care of the emotional comfort of the younger generation at all costs.
This is a brief snapshot of Parents Insights capabilities, but it’s clear the attitudes, behaviours and consumption of young parents are changing significantly.
We’re offering brands an immersive planning meeting to illustrate how data and insights into the world of parenting can help inform advertising, content, licensing, product, marketing and sales planning for 2020.