Millennials play a major role in the way retailers and merchants now look at the loyalty game. With technology constantly evolving and Millennial consumers, aged 18-34, on the brink of every change, those same retailers and merchants have to be right there with them. A recent study from Excentus, The Road to Rewards: What Drives Millennial Loyalty? states,
"A whole new and dynamic customer experience is required to attract online, mobile and brick-and-mortar shopping dollars from the growing Millennial segment."
Millennials currently represent 25% of the U.S. population and over $200 billion in annual spending so customer loyalty programs must evolve for Millennials now more than ever. Brand loyalty is also harder to come by with this generation making it crucial for programs to answer the question Millennials are asking when deciding on a loyalty program, "What's in it for me?"
Some trends stay the same regardless of age. Millennials, along with Generation Xers (35-54 year-olds) and Baby Boomers (55 and older) all have one thing in common when looking for rewards programs to join:
- To save money any way they can
- To earn points/rewards from everyday purchases
- To free up household budgets by reducing the everyday cost of gasoline
Check out some other interesting findings on reward preferences by generation
To see more from the Execentus study download it here.
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