Millennials are impulsive shoppers according to new research from audience insights company GWI.
The latest global report found that people aged 26 to 39 years referred to themselves as price-conscious (41%) and good at managing their money (37%).
However, they were also making quick decisions (35%) when it comes to handling finances and were more likely to purchase products at full price.
The number of millennials investing in cryptocurrencies grew 65% since 2019.
At the same time, the generation is very health-conscious with two-thirds saying they exercised regularly.
Just 39% said they were happy with how they looked a third of women said they scrutinised their appearance a lot compared to 28% Gen Z women.
“Although millennials span a varied age group – 13 years from people ages 26-39 – it’s a generation that’s come of age at a time of huge change and major global events. The ‘Great Recession’ of 2008, the COVID-19 pandemic, and most recently the cost of living crisis have all had a profound effect on their lifestyles, specifically their buying and saving behaviours,” said Jason Mander, CRO at GWI.
“What’s important for brands to keep in mind is that this is a generation that’s been exposed to a turbulent financial landscape. And the turbulence isn’t over yet. It’s clear that this is a generation with an awareness of their responsibilities, but they still want to enjoy life, look after themselves, and take some risks when it comes to investments.”
While millennials spent more time streaming music and playing mobile games during the lockdown years, their media habits have returned to pre-pandemic levels now which could also be driven by a shift in commitments with 62% of them now being parents and 20% more working in management or senior roles.
