Millennial Buying Trends
Posted On July 18, 2012
We may think of Millennials as impulse buyers looking for instant gratification and the latest “in” thing, but they are turning into careful shoppers who compare prices and hunt for bargains, according to an AdAge analysis of SymphonyIRI surveys. In truth, Millennials have always gravitated to offerings that were free or cheap (think: Napster and iTunes) and that turns out to be the main driver behind their buying habits.
Nearly 9 in 10 Millennials ticked “has lowest prices” as a key retailer attribute when choosing where to shop. About the same number, 87%, listed an item’s price as a key factor when deciding what to buy. In selecting retailers, Millennials also value selection (82.5%). High-ranking factors in choosing products included brand loyalty (68%), coupons (68%), and discounts (53%), making 3 of the top 4 factors price-related.
In other trends, Millennials gravitate to drug store chains more than other generations, perhaps reflecting their well-known preference for convenience. Along the same lines, they favor convenience products when food shopping like frozen pizza, Lunchables, and Pop-Tarts. Finally, Millennial purchasing decisions are much more likely to be driven by smartphone apps than other digital advertising and they are much more influenced by apps than any other generation.