Deals and Digital Rule the World, According to Millennial Shopping Report
The ever-analyzed millennial generation — currently the largest in history — is expected to spend $1.4 trillion annually by 2020. Their ballooning spending power is matched only by their love of all things digital. Shopping is no exception. Seventy-nine percent of millennials browse the internet before making retail purchases, whether in-store or online, and that includes more time than ever spent deal-hunting.
A new survey and report from CouponFollow finds that speed, convenience and savings are top of mind for millennials, who currently fall between the ages of 22–37. The 2019 Millennial Shopping Report explores shopping, spending and saving habits of this digitally savvy generation, and paints a telling picture for today’s retailers. Over 1,000 millennial men and women from around the U.S. were surveyed, all with a wide range of economic backgrounds. Here's what their responses made evident:
Online Shopping Has Officially Bested Brick-and-Mortar
A gradual transition to online shopping has been clear for years, so it’s no wonder that retailers are putting more and more effort into improving e-commerce and the digital experience. Many have even gone so far as to jump on the artificial intelligence (AI) bandwagon. In fact, the retail industry is second only to financial services when it comes to AI investment. And as it turns out, their efforts are well-placed. A solid 60 percent of millennial purchasing is now happening from behind a screen.
Mobile Purchases Continue to Soar
Did you know that one in four Americans begin scrolling away on their phones within a minute of waking up every morning? And they’re not just staring at their social media feeds — they’re shopping, too. Mobile shopping by millennials has seen a 20 percent increase over the last two years, and is now more popular than shopping via a computer. For retailers looking to reach millennials, easy-to-use mobile interfaces are key.
Amazon is by Far the Biggest Kid on the Block
Amazon.com does everything — from TV and movies to groceries delivered to your door. The company has an online retail platform that’s dominating the digital space. A whopping 97 percent of millennials report using Amazon for at least some portion of their online shopping. But beyond that, a recent study found that consumers are also using Amazon for product research, scouring reviews and comparing price options. There's no denying that the “Amazon effect” is stronger than ever.
Deals and Discounts Are Driving Purchase Decisions
Millennial consumers aren’t just tech-savvy, they’re price-conscious, too. This comes as no surprise for a group that's saddled with more student loan debt than most of their parents’ generation could imagine. Discounts are even turning brand loyalty into a thing of the past. Seventy-three percent of millennials say they would try a product from a competitor of their favorite brand for a 20-percent- to 40-percent-off discount.
The 2019 Millennial Shopping Report has one clear message: the digital shopping transformation that’s been speeding around the corner is here, and it’s here to stay. A huge part of that online experience can be summed up in three words: deals, deals and more deals. Today, millennials expect a coupon or discount as part of their everyday offering when making a purchase. Therefore, retailers get ready. In the era of big millennial spending, these shoppers know exactly what they want.
Marc Mezzacca is the CEO and founder of CouponFollow, a social-media based coupon code search engine and directory.
