Acumen Insights

How Millennials Make Purchases

By July 11, 2017 No Comments

Research by Accel and Qualtrics examined the purchasing habits of Millennials. Although many believe that Millennials are only online shoppers, this research revealed that millennial shopping behavior is diverse. When it comes to electronics, Millennials primarily buy these items online. However, for groceries, books, and clothing, they prefer brick and mortar. Other items that Millennials are more likely to buy in person include: cars (3 times more likely), jewelry (70 percent more likely), sports equipment (2 times more likely) and travel-related products and services.

The research revealed that Millennials are early adopters of payment services. Compared to Boomers, Millennials are 16 times more likely to use Apple Pay and Android Pay. Similarly, Millennials are 6 times more likely to use Venmo than both Gen Xers and Boomers.

Surprisingly, Millennials have not completely abandoned checks. Approximately 42 percent of them still write checks. In fact, 3 times more Millennials use checks than mobile payment platforms.

Cash continues to remain king even for Millennials. More Millennials use cash than debit cards. Approximately 80 percent of Millennials still use cash. Further, 64 percent reported carrying cash most of the time. Five times more Millennials use cash than mobile payment platforms.