Pinpoint Market Research and Anderson Jones PR released a study showing that “twenty-somethings” want to lead debt-free lives as they eschew credit cards, car loans and mortgages.
“Millennials are expected to spend more than $200 billion annually beginning in 2017 and $10 trillion throughout their lifetimes. How they plan to spend, however, is distinctly different than previous generations. These kids were teens when they watched their parents lose everything in the 2008 financial crisis. Their coming of age is marked by fear and uncertainty. As brands market to millennials, they should focus on deals, discounts and strategies that speak to this segment’s concerns about financial planning and security.”
- Although 35% plan to buy a home in 5 years, 54% want mortgage-free “tiny houses”
- 68% do not have or want credit cards; they prefer to use check/debit cards and cash
- 34% prefer to purchase used cars with cash, versus securing an auto loan
- 41% choose public transportation, car rentals or car services like Uber over auto loans
- 91% say they regularly shop “discount days” and use coupons and mobile deal apps
- 38% seek and share discounts and deals with friends through social networks
- 62% say the main reason they follow brands online is to take advantage of exclusive offers
- 72% prefer to rent products and services as opposed to buying them
- 39% have already invested in a 401k or a personal IRA
- 57% currently owe student loan debt greater than $35,000
The full Millennial Mindset Study covers twenty-somethings’ brand preferences, technology preferences, what they want from employers and colleges and their overall views on corporate citizenship. To view the full report, visit Pinpoint Market Research.
The market research company surveyed 1,650 men and women aged twenty to twenty-nine in the U.S. about spending and saving habits, purchasing preferences, financial planning and investment plans.
Pinpoint Market Research and Anderson Jones PR surveyed 1,650 U.S. consumers through in-person interviews, online surveys, focus groups and social listening. Age: 20-29. Gender: 54% female; 46% male. Annual income: 5% <$10,000; 19% $10,000-$29,999; 16% $25,000-$49,999; 26% %40,000-$74,999; 32% $75,000-$99,999; 8% $100,000-$124,999; 1% $125,000-$149,999; 1% $150,000-$174,000. Education Level: 8.33% High School or GED; 8.33% some college, but no degree; 29.17% 2-year college degree; 40.28% 4-year college degree; 13.89% Graduate-level degree. Region: 5.21% New England; 9.38% Middle Atlantic; 12.50% East North Central; 9.38% West North Central; 10.42% South Atlantic; 5.21% East South Central; 7.29 West South Central; 9.38% Mountain; 31.25% Pacific.