Thrifty shoppers have long relied on coupons to save money, but Millennials are increasingly overtaking Baby Boomers and Gen X’ers in coupon use. Among Millennials, 94% say they use coupons, up from 88% in 2016, while coupon use among Generation X and Boomers fell slightly over the past year, to 90% and 89% respectively. Millennials’ desire to save money extends to their social media use—56% say they follow brands to gain early access to deals and savings.
How Millennials Search for Savings
70% of Millennials search for coupons before making an online purchase and 52% search for coupons before making a purchase at a brick and mortar store. Moreover, they are willing to invest time into the search for savings, spending an average of three minutes doing so. Millennial women are particularly thrifty, 76% look for coupons when shopping on desktop and 55% look for coupons when shopping on mobile. Even when they’re in store, half of all Millennial women will check their mobile to see if there’s a coupon available before making a purchase. The opportunity to save can cost brands loyalty—66% of Millennials say they would try a product from a competitor of their preferred brand for a 30% discount.
Clicking Plus Snipping
Millennials use a number of sources for coupons; the majority are sourced digitally via retailer websites, brand websites, coupon websites, blogs/coupon sites, and social networks. However, more than half of Millennials say they also obtain coupons from paper sources such as direct mail, inserts, and magazines. To influence consumers, brands need to reach and engage Millennials at various touchpoints, both online and off, throughout their shopping journey.
Parents Cash In On Coupons
Ninety-three percent of parents say that coupons influence where they decide to shop and 94% say they coupons influence what they buy. In fact, 81% of parents say they will only buy a product if they have a coupon for it. When drafting their shopping list, 94% of parents search store websites for deals and 92% say they will switch stores to take advantage of specials offered to loyalty members.
Millennials engage with brands across multiple touchpoints; on desktop, mobile, social, as well as offline. Women’s Marketing understands how brands can reach them in the moment of need, with the type of content they want.
Sources: Coupon Follow The Millennial Shopping Report, Summer 2017; Valassis Coupon Intelligence Report Influencing Consumers Along the Path to Purchase, July 2017