CouponFollow, an online couponing platform, surveyed more than 1,000 millennials between the ages of 22-37 about their shopping, spending and saving habits for the company’s Millennial Shopping Report.
Millennials, born between 1982 and 1996, consist of 80 million people in the U.S. and spend nearly $600 billion annually. The generation now accounts for 28% of all daily per-person consumer spending.
CouponFollow’s Millennial Shopping Report analyzes current trends, attitudes and behaviors affecting purchasing decisions and identifies ways for retailers to increase consumer engagement and loyalty.
The survey findings show that:
- Online shopping surpassed brick-and-mortar in popularity; 79% of millennials say they browse online before making any purchase, whether in-store or online.
- Mobile transactions increased 20% in 18 months, replacing desktop as the preferred method of online shopping for the generation.
- 97% of millennials say they use Amazon for some portion of their online shopping.
- 70% of millennials follow their favorite retailers on social media; Social presence is more important than ever before.
“Millennials have officially grown up, and so have their shopping and spending habits,” said Marc Mezzacca, CEO of CouponFollow. “As Millennials move towards a fully digital shopping experience, online retailers — like Amazon — have a tremendous opportunity to further increase their market share by prioritizing speed, convenience and savings across each touchpoint of the consumer journey.”