Trying to figure out the spending habits of millennials can be tricky for some marketers. However a new report from Pinpoint Market Research has provided a new study that provides a better idea of where millennial priorities lie, especially when it comes to spending habits and preferences.
AdWeek posted the results from said report, which indicates some interesting statistics when it comes to millennial spending. For one thing, they tend to show caution on more than one occasion. “In fact, their view on personal finances sounds more like the Boomer generation emerging from the Great Depression than the ‘entitlement’ label they keep hearing,” according to the study.
That doesn’t mean they’re too cautious, however. “Despite their frugality, millennials are expected to spend money on lifestyle and entertainment more than prior generations.”
Brand engagement also plays a big part, as the report shows that they become comfortable using a variety of channels for interaction.
A secondary study by Trendera shows that brand interaction is one thing, but the companies interacting with their fans and creating good content for them is another. “Brands need to be able to engage and respond in a matter of minutes, not hours,” says that particular study.
Meanwhile, leading back to the Pinpoint report, millennials using the power of their dollars to convince companies to advance social causes also plays a big part. 43 percent of those surveyed said they had petitioned certain brands to cease certain campaigns, or tie-ins with certain celebrities or shows. “Twenty-somethings understand their power as consumers, as workers and as future leaders,” said the report.
The two combined reports also came together for a large infographic, shown below, that breaks down what devices millennials own, as well as how often they use them. Smartphones and TV’s show popularity, but within different areas. Smartphones, for instance, have high numbers with YouTube video viewership, as well as music and Facebook videos. Over on TV, however, full shows, movies and news coverage have big percentages.
There’s also a breakdown of how many hours millennials spend doing things, including using desktop computers (2.5 hours), watching TV (just over four hours) and using iPhones (2.6 hours). However, the leader here is using a laptop computer, which clocks in at 4.2 hours.