It may be a simple reflex to lump all Millennials into a single category, but perhaps that reflex is faulty.
Today, in part two of our look at two narrow bands of Millennials, we’ll see how they compare with each other when it comes to shopping and brands. Put even more simply: How do they buy stuff? What brands do they pivot towards?
Again, as in part one, the study drills down on two very specific subsets of Millennials: those aged 25-29, and a second group aged 30-34. And unless otherwise noted, the data shown are from the past year.
Younger Millennials are Only Slightly More Inclined to Shop In-Store
We asked Millennials how much of their shopping is done online versus in brick and mortar stores. The study found the older cohort of Millennials being slightly more inclined to do all or almost all of their shopping online, with 29% of the 30-34 crowd saying that’s how they shopped, compared to 27% of the younger Millennials.
Keeping in line with that trend, exactly half of younger Millennials polled say they do the majority of their shopping in brick and mortar stores, compared to 47% of the older crowd.
The study seemed to go against the prevailing idea that the younger you are, the more inclined you’d be to shop online. And while the differences were relatively slight, they were there.
Phoning it in
However, it’s younger Millennials who are much more comfortable using their smartphones to make purchases overall. Thirty-five percent of that cohort use their smartphone at least 12 times per year to buy something, compared to 33% of older Millennials.
Perhaps the most interesting finding in this study is, when it comes to the smartphones the two splits of Millennials own, there is a huge difference in brand affinity. Older millennials are much less likely to own an Apple iPhone than the younger cohort.
It’s no surprise that when it comes to trusting tech companies, younger Millennials have higher amounts of trust in tech behemoths like Apple and Google since they’re more online.
Amazon.com has a solid hold on all Millennials
So if younger Millennials claim to want to get out and physically shop a bit more than older Millennials, does that mean the younger cohort does less shopping online?
We looked at the behemoth of online shopping, Amazon.com. Things here evened out with the same favorability among the two age groups: 70% are favorable.
The study found a similar story about shopping at Target at large: favorability was nearly identical between the two splits of the Millennial generation (66% and 67%, respectively).
Walmart, however, showed a slight difference in favorability in the data. Younger Millennials appear to be more favorable to Walmart than older Millennials.
But when it comes to online shopping overall, there is a definite lean to getting things done via the Internet when it comes to newer technologies, newer business ideas.
For instance, FinTech.
Younger Millennials have been more satisfied with FinTech loans than older Millennials, and overall, there is slightly more interest in them among the 25-29 cohort.
Younger Millennials expect more Americans to buy cars online
Younger Millennials, to the tune of 33% of those polled, believe online car dealers will be much more prevalent in the next few years. Only 29% of the older Millennials think the same.
Logging in, Eating in
Younger Millennials are also more apt to have tried and liked online-only restaurants from services like UberEats and DoorDash. Twenty-four percent have “tried and liked,” compared to 21% of the older Millennial crowd.
When it comes to newer, more technology-based purchases and services, the younger Millennial crowd is certainly leading the way, especially in the eyes of Apple.