Australian millennials are financially responsible adults and savvy spenders, according to new research which suggests that they actually spend hours researching purchases before making them.
Most millennials (18-34 year olds) stick to a budget, spend hours researching their purchases, and are more inclined to spend their own money than use credit cards according to new survey data conducted by Pure Profile and commissioned by Afterpay.
Millennials also spend considerable time researching products before they buy. Findings show they spend more time researching products on their phone when out shopping (58%), compared to older age demographics, and they also call on friends and family for shopping advice (4%). This suggests that not only are millennials savvy on-the-go consumers, they are also thoughtful about searching for a good deal
Across all age groups, findings show that price (46%) and quality (4%) are the most important drivers when making purchases. Australian women also preferred price as the key driver, whereas men viewed brand as more important. Interestingly, millennials identified brand (58%) as the main factor driving their purchasing decisions, followed by price (41%) and quality (3%).
The survey also analysed spending intentions, showing that 47% of those surveyed expect their spending to be similar to last year, while just under a third (28%) plan to spend less. Of those respondents spending less this year, 45% were millennials, indicating that millennials are particularly mindful of their expenditure.
Key findings from the survey reveal millennials have distinct spending payment preferences when making lifestyle purchases, with the majority of millennials preferring to make payments with direct debit (52%), debit and EFTPOS cards (4%), and cash (40%) over credit cards (2%).