Times are changing and we can’t deny that the buying trends of millennials are also changing. The needs and wants of people today are not the same as before considering the continuous growth of modern technology. People’s purchases today are now more geared to shopping products that can make our lives easier and faster. In fact, most millennials today are no longer leaning to the traditional patterns of shopping.
Here are five things you should know about the buying trends of millennials.
1. Millennials are more concerned about the price.
It’s a growing trend today that millennials are more concerned about the price of a product or service they are buying rather than the quality. Compared to the previous generations, millennials are more sensitive to the price. This is most likely because of the fact that we now have the ability to easily compared prices and save up on almost anything that we purchase. This has greatly impacted a lot of business and more manufacturers are now trying to focus on minimizing their costs.
2. You can’t remove technology from their lifestyle.
Considering that millennials have grown up in this world with a booming technology, you can’t remove this from their lifestyle – even on their purchasing behavior. People in this generation will most likely try new technologies in the market since it is already a part of their everyday routines. This is also why millennials are the most tech-savvy consumers.
3. Millennials are more interested in cashless shopping.
Whether it is using a credit card or a debit card, cashless shopping is now more of a preference for millennials. Gift card and mobile app purchases make shopping easier so for this reason, millennials would prefer to buy goods without having to bring cash. This is made possible even without credit cards due to prepaid cards that only allows you to use the amount that’s in your account. Suffice it to say, the spending habits of millenials are also changing.
4. Smartphones are the primary means to buy goods and services.
With the rise of technology, online shopping apps are now becoming a trend. Most businesses today have mobile apps that consumers can now easily access to buy goods. It is the most popular method to have access to the web. Most millennials today would prefer to buy something with just a few taps on their smartphones. Because of this, businesses are developing the best possible ways to sell their products and services through these apps in order to stay relevant.
5. Most millennials will postpone housing and car purchases.
Most of the millennials today have smaller incomes compared to the previous generation so for this reason, they postpone major purchases like cars and mortgage. This is also the reason why shared services like Uber is becoming a trend. Real estate renting is also a big business today since millennials prefer this rather than buying a house of their own. Access to these kinds of assets without ownership is a trend among millennials today.