DENVER, Nov. 2, 2017 /PRNewswire/ -- Ibotta, the starting point for rewarded shopping on mobile, today announced the findings of its Millennial Shopping Report, offering valuable tips and tricks for consumers heading into the holiday season. The popular shopping app is releasing the new data to kick off its first-ever "Ibotta Days" pre-holiday event, and to mark a milestone moment: $250 million in cumulative cash rewards to its users.
For a limited time starting November 3, Ibotta will increase user rewards by up to 20 percent on all redeemed purchases made through partners in its recently expanded Mobile Marketplace, which includes popular brands such as Houzz, Jet.com, Nike, Postmates, Target.com, Ulta and more.
"Shoppers spent more than $12 billion via mobile devices during the 2016 holiday shopping season, and we want to help them stretch their budgets further this year," said Bryan Leach, Founder and CEO of Ibotta. "Through our first-ever 'Ibotta Days' event, shoppers can more than double their cash-back earnings on gifts, food, drinks and more, well ahead of Black Friday."
Best Days to Buy Millennial
After analyzing more than 65 million purchases made since 2012, Ibotta researchers found that millennials are the shopping app's fastest-growing demographic - up by 11 percent since the beginning of the year - and now account for more than 53 percent of users. These rewards-driven, mobile-first consumers have quickly seized the title of "Savviest Shopping Generation," and Ibotta wanted to identify the best days to save money on the items millennials love the most.
For the Millennial Shopping Report, researchers compared the shopping behavior of various age groups and found that, for example, millennials were buying wine at a higher clip than their generational counterparts. Overall, wine redemptions within the Ibotta app grew more than 80 percent over the last year alone, with millennials purchasing rosé 1.3 times more often than non-millennials. The analysis identified the best days to save on rosé and other millennial items, including:
- Avocados - 25 percent cheaper on Wednesday vs. Sunday, the worst day to buy.
- Coffee - Eight percent cheaper on Wednesday vs. Sunday, the worst day to buy.
- Craft Beer - 14 percent cheaper on Thursday vs. Sunday, the worst day to buy.
- Hot Sauce - 11 percent cheaper on Friday/Saturday vs. Sunday, the worst day to buy.
- Kombucha - 16 percent cheaper on Wednesday vs. Tuesday, the worst day to buy.
- Quinoa - 15 percent cheaper on Thursday vs. Monday, the worst day to buy.
- Rosé - Nine percent cheaper on Wednesday vs. Tuesday, the worst day to buy.
"We strive to make shopping simple, personalized, and immediately accessible from your mobile device, and that's what makes Ibotta so appealing, especially to millennial shoppers," Leach said. "In just five years, American consumers have earned more than $250 million in cash rewards by using our free app, and we hope that this Millennial Shopping Report will further inform smart purchasing decisions by all shoppers, regardless of age."
Millennials Shop Healthier, Spend More
Despite 10 percent smaller basket sizes than non-millennials, Ibotta researchers found that millennials spend more money at higher-end grocery stores than other generations do, preferring to source their hauls from places like Whole Foods, Sprouts and Fresh Market, 35 percent more often than non-millennials.
This savvy-shopping generation also frequents nutrition stores, such as GNC and Vitacost, 33 percent more often and beauty stores such as Ulta, 13 percent more than non-millennials. Costco and Target were favored big box stores, with millennials 14 percent and 23 percent more likely to shop at Costco and Target, respectively, compared with other generations.
Where are millennials shopping the least? Even with a penchant for saving money, they actually shop less at dollar stores than non-millennials, as well as at pharmacies, arts and crafts stores, home improvement stores and footwear and apparel stores.
Utah Named Most Millennial State
Millennial shoppers have coastal preferences, with people in Oregon, California and Washington buying up avocados, while rosé aficionados live back east in Washington, DC, South Carolina, and North Carolina. However, that doesn't mean the rest of the country isn't shopping like millennials. According to the report, Utah, Arkansas and North Dakota rank among the top states for active millennial shoppers compared with their generational counterparts. This aligns with recent U.S. Census data showing some the biggest spikes in millennial growth are in those states.
Methodology for the Data Analysis
Researchers at Ibotta aggregated and anonymized a sample of approximately 65 million item-level purchases over the past five years, analyzing the average price per item on a weekly basis, and looking at various demographic and geographic characteristics.
Headquartered in Denver, CO, Ibotta ("I bought a...") has delivered more than $250 million in cumulative cash rewards to consumers who started their shopping journeys with a free mobile app. The company partners with leading brands and retailers to offer cash back on mobile-enabled purchases online and at brick and mortar stores. Launched in 2012, Ibotta has over 23 million downloads, and is one of the most frequently used shopping apps in the United States. Ibotta was named one of Inc's Best Workplaces of 2017.