Surprisingly, the sudden millennium generation not only love shopping, they do it using a variety of payment methods.
Some of the other highlights are in a new study commissioned by Snap Inc. With Cassandra, a research and consulting firm focused on the Millennium Generation and Gen Z.
The study conducted from August 29 to September 5, 2018, which included 1003 people, with 800 in the age group 18-34, looked to the millennial generation and their habits of spending.
Some points showed rising mobile wages, while others boosted age-related trends, such as what they spend on and why. For example, while the Millennium Generation has a financial awareness and 52% are committed to the budget, they spend a monthly rate of about $ 1,085 on new clothes, eating out, health and fitness and doing so over 35-65 years.
When it comes to how the millennium spends their money, 73% prefer using a debit or credit card, with the average person having three credit cards. Some of the largest purchases on credit cards include clothing (56 per cent), travel (53 per cent), technology (52 per cent) and restaurants (52 per cent). Mobile payments such as Apple Pay or Google Pay were used by the Millennium Generation, who were surveyed over the past three months, with 21% using mobile payments for coffee and tea and 8% for fast food.
"We know that the millennium generation will be a spending force over the next decade and will shape the future of many brands, so we want to better understand the unique ways in which the generation thinks and spends their money," said Amy Mousavi, consumer leader, visions at Snap. "We have learned that the future is a brick and a mobile: the millennium generation is comfortable with mobile commerce and payment, but they still love their own experiences."
The study found that 34 per cent of the generations had only $ 1 to $ 24 in cash, 63 per cent used it mostly in fast food, 53 per cent used it in restaurants and 51 per cent used it in groceries.
Although the study found that the millennia really love spending their money on junk food, shopping is on the rise. Eighty-eight per cent use their phones for shopping, 83 per cent spend a large portion of their time shopping online and 94 per cent compare prices and products before buying anything.
Some of these data support other research, such as a report from Adobe Analytics predicting that smartphones will drive 48.3 percent of retail traffic this holiday season, and mobile phone revenues will rise 11.6 percent year-on-year.
At present, brands and marketers can use the data to try to figure out what makes the millennium generation shop.
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