NEW YORK, Dec. 5, 2017 /PRNewswire/ -- Millennials now account for 28% of all daily per-person consumer spending and, in just two years, are expected to contribute nearly $1 trillion to the US economy, according to Gallup. Yet, despite the generation's obvious market power, they lack sufficient savings and feel apprehensive about their current financial position. CouponFollow, a leading coupon code destination, is announcing today the results of its year-end Millennial Money Report. The report takes a closer look at the shopping, spending and saving habits of Americans between the ages of 20-35, and the impact those choices have on the evolution of commerce and the future of retail.
"Millennials are poised to become the most influential shoppers in America, and brands are eager to gain their attention and loyalty," says Michael Parrish DuDell, Chief Strategy Officer at CouponFollow. "Our data highlights some very clear and compelling shopping trends that retailers can leverage to better serve this often misunderstood generation of empowered consumers."
Key survey findings include:
- 67% of Millennials believe their financial situation will improve in 2018—only 5% predict it will decline
- 45% of Millennials currently have less than $500 in savings and only 31% have enough saved to cover an emergency expense
- 61% of Millennials made 5 or less purchases from a shopping mall in 2017
- 84% of Millennials use coupon codes when shopping online, with 76% willing to wait for a coupon or discount before making a big purchase
- 58% of Millennials report having less than $500 in credit card debt—substantially lower than the national average
CouponFollow surveyed 1,006 American Millennials between 20-35 years old from a wide array of U.S. states, across a broad economic scope.
To download the full report, visit couponfollow.com/research.
CouponFollow is a real-time coupon code search engine and directory that helps millions of consumers save money each month. Started in 2009 by Marc Mezzacca, CouponFollow scours the Internet for the latest discounts and offers, delivering them to a global audience of engaged shoppers on the web and through their browser extension Cently. Learn more at: www.couponfollow.com
Contact: Mercedes Smith