Millennial Savings Trends: Coupon-Saving No Longer a Granny’s Game
Coupon cutting used to be a thing of stay-at-home-moms’ past or your granny’s favorite hobby to balance a tight budget, but according to a new report by CouponFollow, millennials are turning the tables on the stereotype. While shopping online, 69% of millennials search for coupon codes and 60% of them search for coupon codes even before shopping. Research also found that a majority will spend at least three minutes searching for coupon codes—practically a lifetime in the world of web browsing.
Here are a few more telling insights that might help many small business owners in their strategies to reach a consumer group that spends more than $65 billion each year and influences more than $1 trillion in total consumer spending, according to Nielsen.
In terms of online shopping, millennials are most enticed by incentives such as free shipping and real-life insights via peer reviews. On the other hand, they are least impressed by personalization and check out ease.
- 79% are “greatly impacted” by finding deals and saving money
- 67% are “greatly impacted” by the option of free shipping
- 60% are “greatly impacted” by product reviews and feedback
- 37% of millennials are “greatly impacted” by fast and simple checkout
- 11% of millennials are “greatly impacted” by product personalization
Also, millennial females are more likely than their male counterparts to search for coupons online when shopping on the web, while the opposite is the case when shopping offline:
- 74% of females search the web on their desktops for coupons when shopping online, compared with 65% of males
- 55% of females search via their phones for coupons when shopping online compared with 43% of millennial males
- 50% of females search the internet for coupons when shopping at brick and mortar stores, compared with 55% of males
When it comes to other incentives for shopping online, many millennials (83%) would be interested in a cash back program that offers savings with each online purchase, and 47% of them would prefer to earn more cash back from a small pool of their favorite retailers.
Though they are enthusiastic about saving money on purchases, many are also frustrated with what it takes to find coupons online. Sixty-five percent of millennials say expired or nonworking codes are their greatest frustration when searching for coupons online.
“By fusing together the online and offline shopping experience, brands can earn considerable market share by adopting a hybrid approach to commerce that’s rooted in value and designed to empower authentic consumer engagement across a rapidly evolving suite of channels and platforms,” CouponFollow reports.