Capital firm Accel and research software company Qualtrics recently partnered to conduct a study on 8,000 US millennials worldwide to better understand generational views across a wide range of subjects including money, technology or work preferences. The results are presented in a “Millennial Series” consisting of several articles organised by topic.
Designed to study millennials’ purchasing behaviour, the first survey demonstrated that young people are not actively supporting online shopping. Indeed, 73% declared shopping in person for groceries, 62% for clothes and 34% still go to physical stores to buy books. Wages play a role in their purchasing behaviour. For example, high-income millennials are less likely to go out to buy groceries, but much more likely to shop in person to pay for expensive goods such as cars, jewellery and travel.
When it comes to paying, not less than 80% of millennials might use cash and 64% declared carrying banknotes most of the time. As a result, more millennials pay with paper money than with debit cards. Furthermore, figures show that millennials are 4 times more likely to use cash than mobile payment platforms. However, this generation is 16 times more likely to adopt Apple Pay and Android Pay than boomers are, mainly because of social media and the influence of advertising.