New Snapchat Study Reveals How Millennials Shop

Source: Cassandra, for Snap Inc.

Being the biggest spenders when you are also money-conscious, means that Millennials conduct a very high level of research before shopping. And they are not afraid to compare prices before deciding to buy something on a website. We already knew that brand loyalty was not their forte, now we know why.

Amy Moussavi, head of consumer insights at Snap, also explained:

“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.”

When it comes to spending, they will consider all payment forms, would it be credit cards, digital wallets or cash too.

While 73% of Millennials prefer to use a credit card, and the average person owning three different cards, they are also keen to use digital wallets (21%) for smaller purchases like coffee or to-go snacks. Maybe more surprisingly, Millennials still have a good relationship with cash, carrying small amounts on them (up to $24). Although this form of payment is almost only used when eating out (53%) or buying groceries (51%)

Source: Cassandra, for Snap Inc.

Finally, while mobile shopping is the norm (87% of Millennials), brick-and-mortar shops still have a card to play as Millennials are also seeking in-person experiences.