Millennials are considered the digital generation. So you would think that they would be the fastest adopters of technology like Apple Pay. But it turns out that when millennials shop in physical stores, they like to use cold hard cash.
The“Diary of Consumer Payment Choice,-.” published by the Federal Reserve reports that millennials have a higher propensity to use cash than do Gen Xers or Baby Boomers.
Whether it be local, regional or even a national brand, people are traditionally drawn to things they know. Consumers in the Millennial demographic (born between 1981-1996), however, have been steering away from large, corporate brands in favor of smaller, less recognizable companies. Known as the Reverse Branding Trend, younger consumers are less prone to promoting big companies with flashy logos and catchy slogans.
Spending trends suggest that affordability and value are of vital importance, closely followed by brands that tell inspiring stories and speak to Millennials ethically. A recent article from Forbes states that, “Generally, Millennials choose to vote with their wallets for brands that tell inspiring stories, conduct business ethically or contribute to their personal brands.” However, a Millennial consumer is known to be brand loyal, once they are won over.
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