Often when enjoying a lunch out with my children, it is a race to beat them at the cash register. While I am searching my handbag to find my wallet and credit card, I will often be too late to pay as my son has snapped his iPhone closed after paying for our meal with Apple Pay.
It seems that I am old fashioned, or is it just that my handbag is too big and my iPhone gets lost?
The buying habits for the generations have been researched over many years for various reasons. When it comes to the Marketing of anything, it is essential to market your product to the best audience in the most cost effective way.
It is therefore important to stay up to date with current payment options preferred by all generations.
Interesting facts about Millennial buyers.
Millennials are known to be entering their wealth accumulation phase later than Baby Boomers.
In reality, it is thought likely that Millennials will outspend Baby Boomers in the coming years.
Millennials, also known as Generation Y and Echo Boomers, have grown up being advertised to more than any previous generation and with more choices for products and services than ever before.
Most importantly, Millennials have come of age with more channels and ways to buy, rent, share, and pay for products and services than any previous generation.
These changes are setting new rules for sales and marketing.
It is thought that Millennials have more “Study debt” and, in many cases, the credit card debt to go with it.
But given the generation’s size and annual increase in earnings, they will navigate through their debt over time.
It is also predicted that the average age of a first-time homebuyer will be older for the Millennial generation than it has been for previous generations, but overall spending will continue to grow year after year.
Millennials are thought to have the greatest lifetime value of any customer in the marketplace , and are thought to have the least-established loyalty as customers.
They are very loyal once they select a brand, service or company and will most likely refer their friends when they have a good shopping or buying experience.
Millennials communication and purchasing styles
Millennials are thought to communicate, shop, and purchase differently than any previous generation.
This is why traditional sales and marketing tactics do not work with them. They are considered to be the most consistent generation in the world.
This is due to many factors, including inexpensive mobile technology and the fact that they are primarily visual buyers and learners.
This generation has been conditioned to make purchases while looking at a screen, skipping blocks of marketing and advertising text.
They also communicate differently than other generations in the market.
Millennials for the most part (as researched) much prefer to communicate by way of a text message or email message or other social media ways.
Millennials are paying for products and services differently than other generations.
They will more often use their phones to pay and are quick to adapt to new ways of doing things.
It has also been found that Millennials don’t just spend their own money.
It’s important to remember that their Baby Boomer parents ( the Sandwich generation) often have provided access to more money and credit.
Millennials are entering adulthood later, and as a result, many Baby Boomers are providing financial resources and a financial backstop to their grown children, sometimes well into their 30s, with their adult children often staying at home longer.
Note from recent Covid-19 survey:
With the onset of COVID-19 the life of millennials—a generation associated with spending more and saving less—has turned topsy-turvy.
The lockdown and ambiguity may have forced some of them to pause and evaluate their lifestyle and spending habits.
A generation that believed in buy-now-pay-later policy is suddenly thinking about saving for a rainy day.
Professionals who face the risks of salary cuts and layoffs are learning to adjust with less money.
The study has pointed to 34% of the Gen Zers claiming to spend up to 15% on non-essentials while 31% of the millennials did the same.
However, such patterns may see a shift, with over half of Millennials (52%) and 49% of Gen Zers have already experienced an impact on their household income—more than any other generation.
Gen Zers expect to get more for their money when it comes to spending. They are not brand-crazy, would rather own something without the logo and spend less than pay more for a branded product.
In comparison, Millennials are brand loyal and will give a retailer a second chance if they like the brand. This too could possibly see a change.
Over half (54%) of Millennials, according to a recent survey, surveyed indicated that coronavirus affected their purchase decisions—more than any other generation.
This has prompted 40% of Millennials to state that they were cutting back on spending in preparation for the financial uncertainties that may result due to the coronavirus pandemic.
I guess only time will tell as we move forward and recover from the Covid-19 Pandemic which has affected us all throughout the World.
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