New Report Provides Insights Into Millennial Shopping Behavior and Financial Future
MOUNTAIN VIEW, Calif., October 14, 2015 – The generation buried in student debt expects savings on-demand across all digital channels, is happy to share personal information in order to get more relevant savings offers, and prefers browsing store shelves to shopping online.
These are just some of the findings from the “Uncovering Truths Of Millennial Spending,” a new report by Coupons.com Incorporated (NYSE: COUP) and research firm Bovitz, Inc. The report, which surveyed 2,000 people in Millennial, Gen X and Boomer generations, also explores several topics related to money management, including financial outlook and budgeting.
“Millennials are educated and realistic about their finances, ” said Seth Marlatt, Vice President of Analytics and Research at Coupons.com. “Almost 70 percent closely monitor their budgets. Millennials embrace the idea of frugality, considering themselves smart shoppers, and take pride in educating themselves how to get the best deals when they want them.”
That often means heading to the store instead of online. While Millennials often use technology to conduct research before shopping, when it comes to buying groceries, 81 percent said they prefer shopping in store. More than 70 percent said they prefer in store for household goods, beauty and personal care items.
Social media still isn’t an important channel that Millennials turn to for finding offers. Fewer than one in five Millennials say they discovered deals via Facebook or other social media channels in the past six months. Instead, Millennial deal hunters largely rely on email offers (42%) and mobile apps of retailers or companies that provide discounts (36%). When shopping online, 39 percent said they rely on coupon code sites.
The majority of Millennials – some 80 percent – are always searching for the best price, with 37 percent of respondents saying they would go to a store that they wouldn’t normally go to get better deals for groceries. When it comes to apparel shopping, almost half said they’d choose the store based on the savings they can get.
Other findings in the study include:
• Financial wellness is top of mind: Over 78 percent of respondents said that they try hard to keep good credit scores, including paying their credit card bills on time. When Millennials use credit cards, more than 80 percent pay more than the minimum due, and with almost 50 percent paying in full each month. By contrast, only about one third of Boomers pay their credit cards in full each month.
• Make it all about me: Over 70 percent of Millennials said they are very or somewhat interested in personalized offers. To get that, they are happy to provide information about themselves.
• Most are fully financially independent: Twenty-seven percent of Millennials still rely on their parents or other family for some sort of financial assistance, with about four percent receiving an allowance or stipend from their parents.
• Millennial parents are coupon users: Two-thirds use coupons for baby/toddler products, which was the highest category for coupon usage. Other categories include grocery (60%), household goods (55%) and beauty (49%).
• Beauty and personal care extras: Millennials often splurge on small extras in the beauty and personal care category. Twenty percent of respondents said they go over budget in this category, versus five percent of Boomers.
• Millennial = Mobile: Seventy-seven percent mainly look for digital coupons using their mobile phones. As for Boomers, 73 percent said their device of choice for coupon hunting is a desktop computer.
About the Coupons.com “Uncovering Truths of Millennial Spending” report
The “Uncovering Truths Of Millennial Spending” report surveyed 2,000 respondents from June 3 to June 12, 2015. The Attitudes & Usage (A&U) survey explored topics related to money management including, financial outlook, spending, budgeting; shopping; couponing and brand evaluation.
For a copy of the report, please contact [email protected].
About Coupons.com Incorporated
Coupons.com Incorporated (NYSE: COUP), which is becoming Quotient Technology Inc. and will trade on the NYSE under the symbol QUOT, is a leading digital promotion and media platform that connects brands, retailers and consumers. We distribute digital offers and media through a variety of products, including: digital printable coupons, digital paperless coupons, coupon codes, and card linked offers. We operate Retailer iQ, a real-time digital coupon platform that connects directly into a retailer’s point-of-sale system and provides targeting and analytics for manufacturers and retailers. We also power digital coupon initiatives in online marketing campaigns, including display and video advertising. Our distribution network includes our flagship site, Coupons.com, approximately 30,000 third-party publishers, as well as our mobile applications, Coupons.com, the Coupons.com App for the Apple Watch, Grocery iQ®, and those of our many partners. Clients include hundreds of consumer packaged goods companies, such as Clorox, Procter & Gamble, General Mills and Kellogg’s, as well as top retailers like Albertsons-Safeway, CVS, Dollar General, Kroger, and Walgreens. Founded in 1998, the company is based in Mountain View, Calif., and is bringing the multi-billion dollar offline promotions industry into the digital world. Investors interested in learning more about the Company can visit https://www.quotient.com and follow us on Twitter at @couponsinc.
About Bovitz Inc.
Established in 2003, Bovitz is a Design-Driven Research and Strategy firm that seeks to go beyond answering business questions to drive innovation. Bovitz works with brands to find new ways to connect to customers, not just with incremental improvements but with innovative products, services, packaging and promotions that create demand, encourage trial, drive repeat business and generate fierce loyalty. Bovitz’s Design-Driven approach reveals the full context of the consumer experience and produces innovative ways to improve it and profit from it.
Coupons.com Communications Manager