The past 30 days have been relatively quiet in the world of data covering millennials. However, we did discover some important trends among the 18-to-34 demographic, including their home-buying preferences, their personal finances and adulation for one global retail giant. Here are the biggest statistics regarding millennials from the past 30 days.
See Also: June Millennial Data
1. Faking Birthdays For Better Deals?
Would you fake your own birthday in order to gain a better online deal? Well, a growing number of millennials are, says a new survey from Mindshare North America’s retail subsidiary Shop+.
The latest research discovered that consumers are primarily interested in marketing if this leads to lower prices. For instance, nearly half (47%) of millennial customers place products in their online shopping carts but then leave the site in the hopes of receiving a better offer through email. One-third of overall adult consumers perform the same tactic.
Another way to receive better prices is to fake a birthdate. About one-quarter (26%) of millennials have conceded to intentionally providing a retailer with a fake birthday to garner a discount. This is higher than the 17% of overall adults.
Millennials – 36% - are also handing over multiple email addresses to companies to gain additional deals. This is barely higher than the 30% of overall adult consumers.
What may start turning heads at Amazon is this finding: more than one-third (36%) of millennials share a $99 per year Amazon Prime account to receive free shipping, compared to 24% of all adults.
These practices don’t just stop with general consumption. It also transfers over to the world of travel.
Thirty-one percent of millennials erase their Internet histories as they peruse airline tickets. Ostensibly, this prevents airlines from finding out if the customer has been finding fares elsewhere. Indeed, this may provide marketers with quite a headache.
In addition, 61% of millennials book their tickets on Tuesdays when prices are lower.
Surprisingly, close to one-quarter (22%) of millennials hire a consultant to handle their frequent-flyer miles and other travel perks. This may seem like a waste considering the cost-cutting measures they have undertaken.
2. Millennials Adore Wal-Mart Despite Mockery
Despite the intense mockery that millennials regularly make of customers, the hip generation consists of avid shoppers of Wal-Mart.
According to a new poll by InfoScout, a consumer reporting organization, Wal-Mart is actually the most popular store for millennial customers under the age of 24. The survey discovered that Wal-Mart is more popular than Whole Foods, Costco, Target and Trader’s Joe. Even for millennials aged 25 to 34, Wal-Mart is more popular than every other retailer except for Target. Moreover, Wal-Mart is more popular for millennials than Baby Boomers and Generation Xers.
Many people were surprised by these results, including Wal-Mart employees. We all know millennials to be hip and fashion-forward and have a soft spot for all things organic, premium and natural. Wal-Mart, in all fairness, doesn’t represent many of these things.
Why exactly are millennials showing the love for Wal-Mart? Analysts say that it’s because they grew up at a time when Wal-Mart transformed into the largest retailer in their respective cities. In other words, on a Saturday morning, mom and dad dragged their children to Wal-Mart to buy stuff. One executive also alluded to the company’s investment in ecommerce and mobile retail.
3. Housing Market Getting a Boost From Millennials
Are millennials finally jumping into the housing pool? The Federal Reserve may be hiking interest rates and housing prices are going through the roof, but that apparently isn’t deterring millennials from purchasing a house, says many new surveys.
As rents soar and the labor market is gradually improving, millennials are deciding to apply for a mortgage and buy a home. According to a new survey by Realtor.com, close to two-thirds (65%) of millennials 25 to 34 intend to acquire a home within the next three months, up from 54% in January. According to Jonathan Smoke, realtor.com’s chief economist:
"Historically, they’re the largest demographic of home buyers and can have a dramatic impact on housing. As the economy continues to grow over the next few years, we can expect first-timers to return to a healthy level of 40% of the market. A return to that level would add approximately 15% to the number of total homes sold."
For those standing on the sidelines, a considerable sum of millennials are apprehensive because of enormous student debt and limited job prospects. Millennials under 30 have student loan debt accumulating to just under $400 billion and still have a double-digit unemployment rate. According to Dennis Carlson’s, deputy chief economist at Equifax, statement:
"Equifax data suggests that the conventional theory—millennials are the rental generation and uninterested in home ownership—is only a part of the story. Importantly, large amounts of student debt and less than stellar job prospects for recent college graduates make the dream of home ownership shine less brightly than in the past. But we also see indications that they will eventually want the family, the car, and the house that older generations desired, just with a significant delay."
4. Millennials Putting Boomers to Shame on Finance
Rowe Price made a lot of noise in the finance world when it released the results of a new study that found millennials are beginning to beat Baby Boomers when it comes to retirement. This defies the conventional logic that millennials are more concerned with buying the latest iPhone than putting money aside for their winter years. According to the data, 75% of millennials meticulously track their expenses, 67% follow a budget and 40% have raised their retirement savings contributions over the past 12 months.
Now let’s compare that to Boomers: 64% carefully track their expenses, 55% stick to a budget and just 21% have ramped up their retirement savings over the past 12 months.
However, there is quite the disparity in logic regarding emergency funds. Millennials are a lot more likely to seek the assistance of family and friends and credits cards if they experience an unforeseen monetary emergency than Baby Boomers. Nevertheless, perhaps they won’t have to find aid from friends or relatives if they have a financial crisis because of these statistics: 88% of millennials are living within their means, 67% save by any means necessary and 74% are more comfortable saving and investing additional money than spending it. According to Anne Coveney, sernior manager of Retirement Thought Leadership:
"It’s encouraging to learn that millennials are so receptive to saving for retirement and are generally practicing good financial habits."
5. Smart Gadgets Engulfing Millennial Homes
Millennials want a so-called smart home, one that has network connected security and monitoring devices in refrigerators, lamps, plugs and ovens. The NPD Group Connected Intelligence Home Automation Advisory Service reports that one-quarter of millennials today have started to construct smart homes, while 41% want one and plan on doing so.
In fact, millennials are twice as likely as the rest of the population to embrace a smart home.
Now, you may think this trend is just for homeowners, but you are mistaken. With the immense adoption of smartphones, even renters are installing smart devices in their apartments.
John Buffone, executive director, Connected Intelligence, noted in a press release that the biggest hurdle for further adoption is consumer education "on the wide array of new smart home products and services that are rapidly becoming available.”
See Also: May Millennial Data
So what do you think? Would you lie about your birthday to get a deal? Are you more interested in owning a smart home or renting a smart apartment?