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New Study Unveils Consumer Habits of Millennials
Millennials are generally more satisfied consumers than their counterparts from the Boomers generation, according to J.D. Power first-ever Millennials Insight Report: The Customer Experience Perspective.
April 6, 2018
2 Min Read
Inaugural report provides insight to Millennial spending habits and satisfaction.
Millennials are generally more satisfied consumers than their counterparts from the Boomers generation, according to J.D. Power first-ever Millennials Insight Report: The Customer Experience Perspective.
The report explores the customer experience preferences of Millennials (those born between 1982 and 1994 in an effort to help companies predict the future wants and needs of one of the largest generations in the U.S.
"Our studies indicate that Millennials are different from previous generations; however, it's really the nuances of the customer experience that set them apart from the rest," says Keith Webster, senior vice president and general manager, service industries Americas, J.D. Power. "And it's those nuances that are so critical for business leaders to know right now as they wrestle with the challenge of anticipating customer demand in an incredibly fast-moving marketplace where getting it wrong can have catastrophic effects. We believe this research helps to demystify the Millennial generation by offering concrete data on their real-world consumer interactions."
Highlights from the report include:
Millennials are generally more satisfied and, on a 1,000-point scale, are five points higher, on average, than Boomers (born 1946-1964). However, the difference is most prominent in the utilities (37 point difference), healthcare (28 points) and telecom (13 points) industries.
Millennials have the lowest tolerance for errors and delays compared to others generations; however, when there is a problem that is resolved fully, Millennials are more likely to reuse a product or service.
Millennials are more likely to make a purchase decision based on the value for money, across virtually every product category, compared to any other generation.
Millennials are less concerned about privacy. According to J.D. Power, this generation accepts the erosion of privacy as inevitable and are generally willing to have their information collected if it comes with benefits in the form of targeted offers and personalized services.
Millennials are also more optimistic about the economy and their own personal financial outlook, despite having higher debt compared to other generations.
The inaugural Millennials Insight Report is based on more than 600,000 consumer responses (126,315 from Millennials).
"So much has been written about Millennials, yet much of the information provided is just one very small slice of their total makeup and is often limited to just one industry," says Jay Meyers, vice president, analytical center of excellence division, J.D. Power. "The Millennials Insight Report is a … 360-degree perspective showing that the Millennial generation is a heterogeneous group that is simultaneously very different from and–in some ways–very similar to other generations of U.S. consumers. For businesses catering to this generation, the insights uncovered in our report provide a starting point for understanding the nuanced approach required to build real, lasting engagement."
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