Millennials are a crucial part of the U.S. consumer base, and earning their loyalty is critical.
Millennials represent 25% of the U.S. population and more than $200 billion in annual spending.
The “What Drives Millennial Loyalty” report by Excentus has revealed that this 18-34 year old demographic is willing to join rewards programs to save money any way they can.
An Excentus sponsored survey of American consumers, which highlights Millennial behaviors with loyalty programs reveals how brands can enhance their loyalty programs to attract the Millennial consumer:
- Millennials are more than willing to switch to a different retailer, brand or grocery store for a better deal.
- Millennials are influenced by peers; 19% join a fuel savings program based on a friend’s/family member’s recommendation.
- Millennials prefer a variety of rewards activities to save money, including retailer/brand coupons (26%), fuel savings rewards (25%) and instant cash-register discounts (23%).