Here’s another point in the case that Millennials are financially savvy and deeply conservative: They love using coupons.
More than 90% of Millennials (generally considered those born between 1980 and 2000) say they use coupons to plan their shopping lists, according to a new survey of 1,000 Americans from advertising firm Valassis and market research firm Ipsos. Half of Millennials also say they increased their coupon usage in the past year.
When it comes to finding and sharing coupons, Millennials are most likely to rely on social media. In fact, 60% of Millennial respondents report that they share and trade coupons on social networks, as opposed to 41% of Gen X and 24% of Baby Boomers. Eighty per cent of Millennials say they search online for a coupon after hearing about it or seeing it on social media.
That said, Millennials also need a better deal to bite. According to the survey, Millennials need a deal that’s 25% to 32% better than what Gen X and Baby Boomers are looking for before they will take advantage of a coupon. That also makes them more likely to shop at retailers that offer coupons with high values and big discounts.
And even with their digital impulses, Millennials aren’t afraid to clip coupons the old-fashioned way. Quite the contrary, more than half of Millennials say they prefer to receive their coupons in the mail or through the newspaper.