Doling out $600 billion annually and poised to inherit $30 trillion from their Baby Boomer parents, Millennials are quickly gaining massive purchase power and influence, according the newly released Millennial Shopping Report from coupon code destination CouponFollow, which takes a closer look at the purchasing decisions of Americans between the ages of 20-35, and the implications for retailers, both online and offline.
“At the intersection of retailers and consumers, [we’re] in a unique position to look across shopping trends,” said Michael Parrish DuDell, chief strategy officer at CouponFollow, in a news release. “By understanding why, when, and how this savvy generation of empowered consumers choose to spend, retailers and brands will be able to better position themselves for success, despite recent industry struggles their peers have been facing.”
Key survey findings include:
- 79 percent of Millennials say that finding the best deals will impact their purchasing decision when shopping online
- When shopping online, 69 percent of Millennials search for coupon codes and the majority of Millennials will spend at least 3 minutes searching for coupon codes
- 60 percent of Millennials search for coupon codes before shopping – younger consumers are feeling the challenges of adulthood and are actively looking for ways to preserve resources
- The future of retail requires a hybrid approach—in order to make a tangible impact, retailers must bridge the gap between online and offline experience
- 56 percent of Millennials follow brands on social media to gain early access to deals and savings
CouponFollow surveyed 1,000 Millennial-aged (20–35 years old) Americans from all 50 states, across a broad economic scope, on their shopping habits. Survey findings confirmed that Millennials are more willing than ever to spend time searching for the best deals and coupon codes before purchasing.
Personal consumption continues to be the largest contributor to the nation’s GDP—accounting for nearly 70% of the U.S. economy. As Millennials advance in age and spending power, it’s evident that brands must adjust their strategies to keep up with the rapidly evolving suite of channels and platforms where Millennials want to be reached.