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Millennials mix up traditional and digital saving techniques
New research reveals that Millennials aren't so different from other consumers when it comes to saving money with coupons and deals. In fact, they rely a lot more on print devices than many marketers might think.
Millennials love digital and, when it comes to saving they are leading the way by using their smartphones and other mobile devices to find and use mobile coupons.
Over the last 12 months, more than a quarter (27%) of Millennials say they are using more mobile coupons compared to just 17% across all age groups, according to the results of Valassis Communications' latest 'RedPlum Purse String Survey'.
However, other findings from the survey of 5,100 consumers may surprise some marketers. In particular, Millennials aren't purely focused on digital and over half (51%) get their savings in much the same way as other generations of consumers - via print sources:
- 33% get coupons from the mail;
- 21% from retail circulars; and
- 20% from coupon books.
"The RedPlum Purse String Survey results are somewhat counter intuitive from what you might expect based on what we know about Millennials," said Lisa Reynolds, Valassis Vice President of Consumer Engagement. "While they are heavy digital users, this group also embraces tried and true methods for savings, as much as any other age group. Promotion sensitive, they are a true testament to the use of savings from both print and digital sources."
There is one area of saving money in which Millennials excel - sharing. They love to tell others about opportunities to save, and 90% do so. Again, traditional methods outshine digital, with word-of-mouth used by 71% to share savings opportunities, compared to 56% of the general population. Other sharing methods employed by Millennials are:
- Social media 43% vs. 29%;
- Text 30% vs. 19%;
- Give/send physical coupons 45% vs. 42%.
Image via Shutterstock
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