“When it comes to how millennials spend their cash, 73 percent prefer to use a debit or credit card, with the average person owning three credit cards. Some of the biggest purchases on credit cards include clothes (56 percent), travel (53 percent), tech (52 percent) and restaurants (52 percent). Mobile payments like Apple Pay or Google Pay were used by the millennials surveyed in the past three months, with 21 percent using mobile payments to buy coffee and tea and 8 percent on fast food.”
Ann-Marie Alcántara
ADWEEK
21 December, 2018
Millennials: a complicated shopper and spender.
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A New Study Commissioned by Snapchat Reveals How Millennials Shop
73% prefer to use a debit or credit card over cash
Surprise, surprise millennials not only love to shop but they do it using a variety of payment methods.
That and a few other notable data points are out today in a new study commissioned by Snap Inc. with Cassandra, a research and consulting firm focused on millennials and Gen Z.
The study, conducted from Aug. 29 to Sept. 5, 2018, surveyed 1,003 people, with 800 in the 18-34 age range, looks at millennials and their spending habits.
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.
When it comes to how millennials spend their cash, 73 percent prefer to use a debit or credit card, with the average person owning three credit cards. Some of the biggest purchases on credit cards include clothes (56 percent), travel (53 percent), tech (52 percent) and restaurants (52 percent). Mobile payments like Apple Pay or Google Pay were used by the millennials surveyed in the past three months, with 21 percent using mobile payments to buy 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.”
