By Ryan Velez
Coupon clipping has been an effective way to get savings for quite some time now, if not a little tedious. However, it’s long been something we associate with the older generations, but Black Enterprise reports that millennials are beginning to flip the stereotypes, and get more and more use out of coupons for their shopping needs. What may be a little different is the means they choose to get their coupons.
The data came from a recent report by Coupon Follow, showing that when shopping online, 69% of millennials search for coupon codes and 60% of them search for coupon codes even before shopping. A majority of them will spend at least 3 minutes searching for coupon codes during this time. That number may not seem all that appealing, but when you look at the typical numbers for web browsing, this is actually a large amount of time.
Nielsen also shared some data regarding millennials and their attitudes towards savings. This should be something that any business owner wants to pay attention to. Despite some external factors hurting their earning power, millennials still spend $65 billion each year and influence more than $1 trillion in total consumer spending. What are some of the first things they look for? Free shipping and real-life insights via customer reviews. By the same token, personalization and check-out ease hold little weight. Here are some other interesting statistics:
• 79% are “greatly impacted” by finding deals and saving money
• 67% are “greatly impacted” by the option of free shipping
• 60% are “greatly impacted” by product reviews and feedback
• 37% of millennials are “greatly impacted” by fast and simple checkout
• 11% of millennials are “greatly impacted” by product personalization
Gender breakdown is also very interesting, as while females favor using coupons for online shopping, males are more likely to use it for online shopping. Also, both genders, while interesting in saving money with coupons, find that they can also be a source of frustration. 65% of millennials say expired or nonworking codes are their greatest frustration when searching for coupons online.
“By fusing together the online and offline shopping experience, brands can earn considerable market share by adopting a hybrid approach to commerce that’s rooted in value and designed to empower authentic consumer engagement across a rapidly evolving suite of channels and platforms,” CouponFollow reports.