Millennial shoppers are increasingly using mobile devices.
A new survey reveals the increasingly digital shopping habits of millennial consumers age 25-40.
According to the Millennial Shopping Habits Trend Report from real-time coupon code search engine and directory CouponFollow, four in five (80%) surveyed millennials now do most of their shopping online, up from 60% in 2019. More than half (56%) shop mostly on their mobile devices, up from 36% over the same period.
Saving money and finding deals is the most important factor in millennial online shopping (63%), as it was in 2019, but a smooth checkout process (42%) and product recommendations (22%) are significantly more important in 2022 than they were three years earlier.
The survey also revealed interesting findings about millennial shopping habits in several key areas:
Social media Almost eight in 10 (78%) respondents now follow brands on social media (up from 57% in 2017). More than half (54%) admit their shopping habits are most influenced by Facebook (28%) and Instagram (27%). TikTok is the main social media platform shaping the shopping habits of 12% of all millennials and 16% of younger millennials aged 25-29.
Cryptocurrency As the awareness of cryptocurrency grows (96% of respondents are aware of this virtual currency format, up from 90% in 2019), so is the inclination to spend it when shopping online. One in three (30%) respondents made at least one purchase using cryptocurrency in the past year, up 8% since 2019.
COVID-19 Almost three in four (73%) respondents have changed how they shop due to the COVID-19 pandemic. More than half (56%) have shifted their shopping online away from physical stores, especially among older members of the millennia generation (35–40 years old).
“Since our last report in 2019, events such as the COVID-19 pandemic and the increased usage of social media platforms have greatly influenced how millennials approach spending and saving. The popularity of new payment methods has also shifted their spending habits,” said Marc Mexxaca, president of CouponFollow. “As factors such as social media and other technological advancements continue to impact the lives of this technologically savvy generation, brands must pay close attention to these trends and shift their ecommerce strategies accordingly to innovate effectively."
According to a recent surveyof over 2,200 U.S. adults from Morning Consult, millennials also show interest in mobile wallet payments. While 42% of respondents to the Morning Consult survey have used mobile wallet payments, the general figures represent a wide variance in mobile wallet usage by consumers of different generations.
For example, only 21% of baby boomers and 36% of Gen Xers have used mobile wallets. These percentages rise much higher among millennials (53%), and even more so among Gen Zers (62%).
According to Coupon Follow, millennials are the most populous generation in the U.S., with 73.2 million people and an annual spending power of $2.5 trillion in 2022.
CouponFollow surveyed 1,257 millennial-aged (25–40 years old) consumers from all 50 states, across a broad economic scope, on their shopping habits.