New Snapchat Study Looks into Shopping Habits of Millenials?

A new study commissioned by Snapchat Inc looked into the shopping methods of millennials and revealed among other things that 73{82420c97707a3781aafdf16cd101fa9ef84723d614dac73bc18e86d345751dc0} of millennials prefer to use a debit or credit card over cash.
The study which was carried out by Cassandra, a research and consulting firm focused on millennials and Gen Z, ran from Aug. 29 to Sept. 5, 2018, and observed 1,003 people majority of whom were in the age range of 18-34 and was primarily focused on millennials and their spending traits.
Some of the traits pointed out by the research is the high rise in mobile pay and the fact that although money-conscious, millennials spend a monthly average of 0ver $1000 on clothes, eating out and/or on health and fitness. They do this more than 35-65 year olds.

Some points showed mobile pay on the rise, while others reinforced trends about the age group, such as what they spend their money on and why. For example, while millennials are money-conscious and 52 percent stick to a budget, they spend a monthly average of about $1,085 on new clothes, eating out or on health and fitness and do so more than 35-65 year olds.
The study also revealed that debit/credit card payment is more popular among millennials as compared to cash purchases and the average millennial owns at least 3 credit cards. Fifty percent of these Credit card purchases are on clothes, fifty-three percent on travel, fifty-two percent on tech and fifty-two percent on restaurants. The surveyed group also used mobile payments like Apple Pay and Google Pay in the past three months and 21 percent of them used it on coffee and tea and 8 percent on fast food.

“We know that millennials will be a powerhouse in spending over the next decade and will shape the future of many brands, so we wanted to better understand the unique ways this generation thinks about and spends their money,” said Amy Moussavi, head of consumer insights at Snap. “We’ve learned that the future is brick-and-mobile: millennials are becoming comfortable with mobile commerce and payment, but still love their in-person experiences.”

The also showed that most millennials don’t keep much cash on them with 34 percent of the group only carrying around $1 to $24 in cash, and 63 percent mainly use it to purchase fast food, 53 percent on restaurants and 51 percent use it groceries.
According to the research, the majority of millennials use their phones for shopping and much of their time is spent shopping online. 94 percent compare prices and products before purchasing anything.

SOURCE

ADWEEK

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