Millennials And Money: 3 Things Small Business Owners Need to Know

Most brands –from big-box stores to huge employer branding programs  — are trying to capture attention and share of wallet from the “millennial” demographic, and with good reason.

Millennials–defined as those born between the early 1980s and early 2000s–are now the nation’s largest living generation. They represent a quarter of the overall population, now even larger than the baby boomer segment. And given their shopping behaviors, this segment spends more money online in a given year than any other age group. As the first generation of “digital natives,” millennials exhibit extreme comfort with online buying, but also exhibit some unique behaviors when shopping online. PayPal recently had a survey conducted on their behalf to further examine how and why millennials are buying and paying in different ways. Not surprisingly, our research confirms that

They represent a quarter of the overall population, now even larger than the baby boomer segment. And given their shopping behaviors, this segment spends more money online in a given year than any other age group. As the first generation of “digital natives,” millennials exhibit extreme comfort with online buying, but also exhibit some unique behaviors when shopping online. PayPal recently had a survey conducted on their behalf to further examine how and why millennials are buying and paying in different ways. Not surprisingly, our research confirms that

Millennials–defined as those born between the early 1980s and early 2000s–are now the nation’s largest living generation. They represent a quarter of the overall population, now even larger than the baby boomer segment. And given their shopping behaviors, this segment spends more money online in a given year than any other age group. As the first generation of “digital natives,” millennials exhibit extreme comfort with online buying, but also exhibit some unique behaviors when shopping online. PayPal recently had a survey conducted on their behalf to further examine how and why millennials are buying and paying in different ways. Not surprisingly, our research confirms that

Not surprisingly, our research confirms that choice matters to millennials. Specifically around payments, millennials are more likely to complete a purchase if you offer a variety of easy-to-use digital payment options (e.g., digital wallets, vaulted debit card info, digital gift cards, even Bitcoin). But in addition to these more predictable conclusions, there were some unique insights. For example, one payment type in particular is grabbing the interest of this group: unique credit for online purchases. In addition to lessons related to their unique views on credit, below are a few other insights that small businesses should heed about millennials in getting them to shop more with your business:

Millennials Actively Seek Out Innovative Companies And Products

Millennials are doubly likely than older consumers to prefer products and services from companies they identify as innovators. Specifically in online payments, they seek out solutions that are easier than entering 16-digit credit card numbers. More than 23 million members of the segment consider credit cards “old school.” As such, millennials indicate a preference for digital wallets and mobile payments tools, rather than credit cards.

continue reading… Inc.

by Dan Leberman

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