Millennial Loyalty Statistics: The Ultimate Collection

Posted by Brandon Carter on Aug 18, 2016 4:00:00 PM

 

 

Everyone wants to get in on Millennials and their precious dollars, but how? How do you connect with a group that knows marketing when they see it and shies away from (most of) it? What can be done now to create lifetime loyalty?

To help provide some perspective, we've compiled a gathering of statistics on Gen Y loyalty and brand preferences.

We've focused on US-based research from the past 2-3 years, though there are exceptions. We'll add more as data becomes available, and feel free to tip us off to anything we've missed.

Here's what we know for sure now:

  1. They're heavily influenced by their peers and online networks
  2. The criteria they evaluate brands with is different from other generations, and leans heavily toward price and corporate social responsibility behavior
  3. They expect brands to be open to their voices and exhibit a willingness to change.

Millennial Loyalty Statistics

  • Personalization is a higher priority for driving loyalty for Millennials (52%)(Rare)
  • Fun is an important loyalty driver with 60% of Millennials (Rare)
  • Value for money is a more important loyalty driver for Baby Boomers (70%) and Gen X (70%) than it is for Millennials (65%) and Gen K (61%) (Rare)
  • Millennials are 1.75x more likely than Boomers to say they’d like to be brand-loyal (Facebook)
  • 25% of Millennials are fully engaged customers (Gallup)
  • 45.1% of Millennials use coupons and loyalty points to save money (CCG Consulting)
  • 84% of Millennials and 80% of adults with household incomes of $60k+ are more likely to use mobile payments if loyalty rewards and discounts are automatically applied (Urban Airship)
  • 58% of Millennials vs. 42% of baby boomers enjoy the airport experience (ICLP)
  • When choosing an airport, Millennials (47%) are much more influenced by food and drink outlets than Baby Boomers (33%) (ICLP)
  • When choosing an airport, Millennials (41%) are much more influenced by airport loyalty programs than Baby Boomers (31%) (ICLP)
  • Factors that influence choice of airports are access to lounges (37% of Millennials) and restaurant and shopping discounts (43% of Millennials) (ICLP)
  • Choice of retailers for shopping is a factor when choosing airports (39% of Millennials) (ICLP)
  • It is most important to Millennials (76%) that stores carry goods that cater to the local community (Berkeley Research Group)
  • 87% of Millennials are willing to purchase products with a social or environmental benefit vs. 83% U.S. average (USC Dornsife)
  • 85% of Millennials are more likely to make a purchase if it is personalized to their interests, both in-store and with digital displays (USC Dornsife)
  • One in three Millennials choose blogs as the top media source before making a purchase (USC Dornsife)
  • 28% of Millennials have participated in a boycott (Buzz Marketing Group)
  • Only 7% of Millennials like receiving a written thank-you note from a brand (TD Bank)
  • Only 3% of Millennials like receiving an emailed thank you note from a brand (TD Bank)
  • Once they find a company/product they like, 80% of Millennials will keep coming back (Edelman)
  • Price has the greatest influence on Millennials’ purchase decisions above all other factors, including product quality, brand, store and availability (Blackhawk Network)
  • Millennials are generally more satisfied consumers than Boomers (JD Power)
  • Millennials are substantially more likely than Boomers to reuse a product or service after a problem is resolved (JD Power)
  • Millennials are most likely to make a purchase decision based on value for money—across virtually every product category (JD Power)
  • 73% of Millennials are willing to pay extra for products and services from companies dedicated to social and environmental change (Nielsen)
  • Millennials are most commonly interacting with brands via social media (49%) or a brand’s owned websites (54%) (NewsCred)
  • Millennials are most loyal to: mobile providers (59%), clothing/shoe brands (56%). Least loyal to: hotels and airlines (16%) (Adroit Digital)
  • 75% of Millennials will remain loyal to a hotel brand even if they lost all reward points (Internet Marketing)
  • 70% of Millennials base brand/product choices on past usage and trust (IRI)
  • 70% of Millennials think their generation is less brand-loyal than previous generations (Bridge.Over)
  • 63% of millennials use or are loyal to many of the same brands as their parents (Adroit Digital)
  • 64% of Millennials feel the same level of or greater brand loyalty than their Baby Boomer or Generation X parents, 24% feel more (Adroit Digital)
  • 44% of millennials say they are loyal to brands they buy, and 52% will choose quality over price (IRI)
  • 81% of Millennials do not consider themselves as being loyal to a specific hotel or hotel brand (Bridge.Over)
  • Millennials indicate they would pay $41 more per night and travel up to 15 minutes out of their way to stay with their preferred hotel brand (Deloitte)
  • 89% of Millennials are more loyal to companies that support solutions to specific social issues (Cone)
  • 72% of millennials reward "good business citizen" companies with their loyalty (MSL Group)
  • Millennials' favorite brands: Samsung, Google, YouTube, PayPal, and Facebook (Havas Worldwide)
  • 55% of Millennials earn travel points from a credit card (Hipmunk)
  • 43% of Millennials rank free wifi as their favorite hotel perk (Hipmunk)
  • 76% of millennials said they’d prefer grocery, rather than gas rewards (LoyaltyOne
  • 40% of Millennials say brands don't take young people seriously enough (Havas Worldwide)
  • Millennials favorite brands for 2015: Nike, Apple, Samsung, Sony, Walmart (Moosylvania)
  • Millennials are not loyal to fashion brands; 45% of those surveyed say nothing can be done to retain them (Lim College)
  • 33% of millennials rely mostly on blogs before they make a purchase, compared to fewer than 3% for TV news, magazines and books (Elite Daily)
  • 27% of young millennials will not try to resolve a customer experience failure, as compared to 13% of baby boomers (SDL

Millennials and Loyalty Programs

  • 40% of millennials want to track/redeem rewards on an app (Software Advice)
  • 41% of Millennials claim they would be encouraged to spend with a brand that has a loyalty program (ICLP)
  • 37% of millennials prefer receiving discounts for their loyalty program reward (software Advice)
  • Millennials are most incentivized to join a loyalty program based on how quickly rewards accrue (51%) and the variety of rewards available (38%) (Software Advice)
  • 50% of millennials stated they quit a program because rewards took too long to accrue (Software Advice)
  • 29% of Millennials rated “too many programs to keep track of” as one of their top three things they dislike about rewards programs vs. 17% of Gen X’ers and 20% of Boomers (Vantiv)
  • 33% of Millennials dislike rewards programs because there are too many cards to carry (Vantiv)
  • 53% of young Millennials said reward programs are rigged, a 29% increase over the general population (Colloquy)
  • 37% of older Millennials said reward programs are rigged (Colloquy)
  • 40% of millennials prefer to use an app to identify themselves as loyalty members (Software Advice)
  • 96% of millennials are using restaurant loyalty programs (Software Advice)
  • 59% of millennials quit restaurant loyalty programs because rewards “aren’t valuable enough” (Software Advice)
  • 30% of millennials prefer earning points based on the money they spend at the restaurant (Software Advice)
  • 68% of Millennials will remain loyal to a program that offers them the most rewards (Internet Marketing)
  • 41% of Millennials joined a travel loyalty program because it was easy to use (Internet Marketing)
  • 52% of millennials want to use their mobile devices to take advantage of loyalty programs offered by restaurants, bars and coffee shops (Oracle)
  • 69% of Millennials belong to a retail loyalty program and 70% of those are happy with the program (Blackhawk Network)
  • 80% of Millennials participate in loyalty and reward programs (Aimia)
  • 86% of Millennials join loyalty programs (Forbes)
  • 34% of millennials said the word that best describes their participation in a customer reward program is “fun.” By comparison, 26% of the general population chose the word “fun,” meaning millennials scored 24% higher on the loyalty-needs-to-be-fun meter (Colloquy
  • 66% of the general population said “economical” is the word that best describes their loyalty program participation, versus 56% of millennials (Colloquy)
  • 63% of millennials said they had joined a program within the past year, versus 55% of the general population (Colloquy)
  • 47.6% of Millennial shoppers say they feel most valued by retailers who reward them with loyalty points (Cue Connect)
  • 25% of millennials said they joined a program in the past year because it offered access to members-only events, versus 16% of the general population (Colloquy)
  • 40% of millennials said they joined a program for access to members-only sales, products and services, versus 33% of the general population (Colloquy)
  • 63% of millennials said it’s important that their loyalty program participation supports lifestyle preferences such as wellness programs, sustainability efforts or a charity, versus 53% of Gen X’ers and 46% of baby boomers (Colloquy)
  • 49% of millennials stopped using a loyalty program after receiving irrelevant communications, compared to 37% of the general population (Colloquy)
  • 18% of millennials stopped participating in a program because it lacked a smartphone app, compared to 13% of the general population (Colloquy)
  • 27% of millennials continued their participation in a loyalty program because it featured a competitive game, or a social element such as badges, leaderboards or communities (Colloquy)
  • 42% of millennials continue to participate in a program because it has a mobile payment option (Colloquy)
  • Boomers (40%) don’t find loyalty programs as essential as Millennials (62%) and GenXers (64%) (Chase
  • 68% of Millennials modify when and where they buy in order to maximize the benefits they receive from loyalty programs (Bond)
  • 8% of Millennials are enrolled in 1 hotel loyalty program; 6% are enrolled in 2; 86% are enrolled in none (Software Advice)
  • Among millennials, who are expected to spend more than $200 billion annually by 2017, negative sentiment towards loyalty programs stood at 85% (Cap Gemini
  • 85% of Millennial social media sentiment toward loyalty programs is negative (Cap Gemini)
  • 78% of Millennials are willing to switch retailers and 55% are willing to switch brands in order to earn fuel savings rewards. Their preferred brand loyalties differ from older consumers by rates of 10%-17% (Excentus)
  • Millennials rely on mobile apps (33%), smartphones/tablets (27%) or wearable devices (7%) to check their rewards status (Excentus)
  • Millennials check their rewards status daily (13%) compared with Generation X (10%) or Baby Boomers (7%) (Excentus)
  • Millennials are more enthusiastic (26%) than Gen X (19%) and Boomers (13%) about using loyalty rewards to save on the costs of driving (Excentus)
  • Millennials would join a fuel savings reward program based on the recommendation of a family member or friend (19%), compared with Generation X (8%) or Baby Boomer (6%) consumers (Excentus)
  • Millennials prefer a variety of rewards activities to save money, including retailer/brand coupons (26%), fuel savings rewards (25%) and instant cash-register discounts (23%) (Excentus)
  • The participation rate in multiple loyalty programs is about 10% higher among slightly older millennials (25-34 years old) than younger (18-24 years old) (Software Advice)
  • 46% of millennials say the number one reason for joining a hotel rewards program is because they are loyal to the hotel brand (Software Advice)
  • 39% of Millennials agree: “I don’t think it’s worthwhile to sign up for loyalty programs” (ADARA)
  • 70% of millennials most often spend loyalty program points on a free or discounted stay or a room upgrade (Software Advice)
  • 27% of millennials say they are “very likely” to post on social media about a hotel brand for loyalty points (Software Advice)
  • 14% of millennials are enrolled in at least 1 hotel loyalty program (Software Advice)
  • 41% of millennials say they joined a hotel loyalty program because the rewards were easy to earn (Software Advice)
  • 51% of millennials say they most frequently redeem loyalty points on a free or discounted stay, followed by room upgrades at 19% and airline tickets at 12% (Software Advice)
  • 49% of millennials say they prefer to learn about their loyalty points via a simple notification email, 18% at check-in, 18% via online dashboard and 15% by app notification (Software Advice)
  • 58% of millennials say they would find a mobile app for a hotel’s loyalty program “very” or “moderately valuable" (Software Advice)
  • 66% of millennials respond to loyalty cards/discounts, 65% to couponing and 50% to store circulars (IRI)
  • More than half of Millennials are influenced by loyalty programs (compared to 40% of all shoppers) (JLL Research)
  • 78% of Millennials are more likely to choose a brand that offers a loyalty or rewards program over a brand that does not (Aimia)
  • 63% of Millennials would join a loyalty program if offered an incentive (PunchTab
  • 26% of Millennials are excited to trade in physical rewards cards for mobile apps (Aimia)
  • 51% of Millennials say exclusivity is their most desired trait in a loyalty program (PunchTab)
  • 48% of Millennials consider loyalty programs to be important when booking flights and 51% when booking hotels (Expedia)
  • 75% of 18-24 year-old Millennials and 77% of 25-34 year-old Millennials said they’d consider joining a fee-based rewards program (Loyalty One)
  • 61% of 18-24 year-old Millennials and 54% of 25-34 year-old Millennials said fee-based rewards are better (Loyalty One)
  • 32% of 18-24 year-old Millennials and 34% of 25-34 year-old Millennials said they have never been offered membership in a fee-based program, versus 25% of the general population (Loyalty One)
  • 79% of millennials ages 18 to 24 and 76% ages 25 to 34 said they would pay for rewards that correspond to their specific needs (Loyalty One
  • 47% of millennials said the rewards of paid consumer-loyalty programs are better than those of free programs (Loyalty One)
  • 86% of millennials will redeem reward points earned from business travel for leisure compared to just 72% of those ages 46-65 (Expedia)
  • 32% of UK Millennials would join sight-unseen the reward program of a brand to which they feel loyal, versus 22% in Canada and 19% in the US (Aimia)
  • 50% of millennials will provide personal details to join a new rewards program (Aimia)
  • 58% of millennials expect to engage with a company whenever they choose and via whichever channel they want (SDL)
  • 68% of Millennials wouldn't be loyal to a brand without a strong loyalty program (Bond)
  • Millennials are 2.2 times more willing than boomers to pay a premium for products and services if they can also earn loyalty and reward points (Bond)
  • 59% of Millennials value loyalty programs that offer special services like concierge (Bond)
  • 44% of millennials are willing to promote brands through social media in exchange for rewards (Adroit Digital)
  • 74% of millennial women are members of fashion-related loyalty programs and 52% of men (PunchTab)
  • Millennials' favorite programs in fashion: Kohl's, Target, Gap, Sears, Dicks (PunchTab)
  • 55% of millennials rank loyalty programs as the least important criteria when booking a hotel (Bridge.Over)
  • 48% of Millennials report loyalty programs are important when booking flights and 51% say they use them when booking hotels (Diamond Resorts)
  • 66% of millennial high-frequency travelers rate "unique rewards" as an important factor when choosing a hotel loyalty program (Deloitte)
  • 75% of millennials would remain loyal to a hotel brand even if they lost all their points and status (Deloitte)
  • 66% of millennials indicate that unique experiences (VIP Treatment, for example) matter (Deloitte)
  • 64% of millennials say loyalty programs drive them to interact with a brand online (Dailybreak Media)
  • 84% of millennials said that being able to redeem rewards/loyalty program points for a session or consultation with a chef or nutritionist would motivate them to shop more with that grocer (LoyaltyOne)
  • 79% of millennials said a session with a stylist as a loyalty program benefit would entice them to shop more at the clothing store offering the session (LoyaltyOne)
  • 77% of millennials said a session with a technician or software expert would spur them to shop more at the electronics dealer (LoyaltyOne)
  • 68% of millennials said a session with a makeup artist would prompt them to shop more with the cosmetics retailer (LoyaltyOne)
  • 69% of millennials said a session with a plumber or electrician would motivate them to shop more with the home improvement or renovation store (LoyaltyOne)

Millennials and Brand Selection

  • Millennials are more brand-loyal than any other age group (American Express)
  • 62% of Millennials said they tended to only ever buy a preferred brand, compared to just 54% of the wider population (American Express)
  • 48% of Millennials expect brands to customize offers to suit their needs, and 39% will go out of their way to use a customized offer vs. 32% of other age groups (American Express)
  • More than 50% of millennials indicated they trusted Amazon more than any other major tech company (Marketing Executives Networking Group)
  • About 17% of millennials named Google as their most trusted tech brand, followed by Apple (12%), Facebook (8%), and Microsoft (5%) (Marketing Executives Networking Group)
  • 55% of millennials claim to be more brand loyal today, compared to 39% of consumers in the 35-and-older group (Marketing Executives Networking Group)
  • 82% of Millennials vs. 65% of other generations interact with brands or retailers (USC Dornsife)
  • 49% of Millennials vs. 31% of other generations follow their favorite brands or retailers (USC Dornsife)
  • 77% of Millennials engage with brands around CSR vs. 53% U.S. average (USC Dornsife)
  • 62% of Millennials report that brand engagement is more likely to make them a loyal customer (USC Dornsife)
  • 44% of Millennials believe brands say something about who they are, their values and where they fit (USC Dornsife)
  • 91% of Millennials have preferences for brands associated with a cause vs. 85% U.S. average (USC Dornsife)
  • Top brands that best meet Millennial consumers’ expectations and to which Millennials are most engaged and loyal, are: Apple, Nike, Chipotle, Target, Amazon, Samsung, Sephora, Levi’s, PayPal, Old Navy, Under Armour, Beats, Google, Asus, Chevrolet, Converse, Verizon, Victoria’s Secret, Ford and Ralph Lauren (Brand Keys)
  • 95% of Millennials want their brands to actively court them (Accenture)
  • Only 26% of millennials said they prefer brands their friends use, while 30% shared that they like branded content their friends share and that it helps them discover new content (NewsCred)
  • 84% of US Millennials prioritize price over airlines when choosing a flight (ADARA)
  • 55% of millennials use their smartphone to discover brands via digital media on the app store (Annalect
  • 47% of millennials use their smartphone to discover brands via digital media because someone else followed/liked/pinned/tweeted info on social media (Annalect)
  • 38% of millennials use their smartphone to discover brands via digital media from deal-of-the-day websites (Annalect)
  • 35% of millennials use their smartphone to discover brands via digital media from apps for coupons/deals (Annalect)
  • 32% of millennials use their smartphone to discover brands via digital media from product/service recommendations/ads based on their online activity/visiting blog and reviewing sites (Annalect)
  • 52% of millennials cited social sites among places where they gathered information about “new products or brands that interest you.” (The Monogram Group)
  • 75% of millennials cited friends & family among places where they gathered information about “new products or brands that interest you.” (The Monogram Group)
  • 41% of millennials cited paid advertising among places where they gathered information about “new products or brands that interest you.” (The Monogram Group)
  • 36% of millennials said they shared digital content “to receive a coupon/discount/promotion.” (Annalect)
  • 39% of millennials said brands should use technology to “have a presence in social media” (Annalect)
  • Fewer than one in ten U.S. millennial internet users said they frequently based purchase decisions on “what’s happening in my social network”; three out of ten “only occasionally” did so (A.T. Kearney)
  • One-third of U.S. millennials said they “would consider making a purchase on a social media site”; just over one in ten had bought that way (Harris Poll)
  • Characteristics that matter most to Millennials in a business: High-quality products (75%) A brand they would recommend (61%) Fits their personality (53%) Social Responsibility (40%) Shares similar interests (39%) Says important things (31%) (Moosylvania)
  • 50% of millennials say that social media has some influence on their buying decisions (Gallup)
  • 56% of millennials switch brands due to changes in financial situation. 41% due to price increases (Adroit Digital)
  • 60% of millennials are willing to switch brands if it means getting more benefits (Bond)
  • 47% of millennials would change brands if their current brand were found to have bad business practices (Adroit Digital)
  • 1 in 3 millennials will boycott or support businesses based on causes (TBWA/Worldwide)
  • 52% of millennials think brands should be willing to change based on consumer opinion (Adroit Digital)
  • 66% of Millennials learn about brands and products through social networking (Ipsos)
  • 4 in 5 millennials said they'd be more likely to purchase from a company that supports a cause they care about (if price and quality were equal) and 3 in 4 would think more highly of a company that supports a social cause (TBWA/Worldwide)
  • Over 85% of millennials correlate their purchasing decisions (and their willingness to recommend a brand to others) to the responsible efforts a company is making (SquareSpace)
  • 73% of millennials are willing to try a new, unfamiliar product if it supports a cause (SquareSpace)
  • 69% of Millennials say they feel good about themselves and the company they are doing business with when they resolve a problem without talking to customer service (Aspect Software)
  • 56% of Millennials have switched brands in the past year because of poor customer service (Aspect Software)
  • 40% of Millennials reported having to make contact 2 or more times before being satisfied with the result (The Northridge Group)
  • 40% of Millennials said they shift to another channel within 60 minutes if their issue is not adequately addressed(The Northridge Group)
  • Millennials are most likely to use online chat with 27% suggesting they get the fastest customer service this way (The Northridge Group)
  • 44% of millennials expect brands to engage in open dialogue through social channels (Adroit Digital)
  • Millennials are 262% more likely to be influenced by mobile apps and advertising, or by blogs and social networking sites (247%) (JLL Research)
  • 38% of Millennials are influenced by savings-related signs and in-store displays (compared to 28% for everyone else) (JLL Research)
  • 46% of millennials are more likely to make a purchase if information is presented in their preferred language (SDL)
  • 70% of millennials said that television has the most influence over them in how they perceive a brand’s value (Adroit Digital)
  • 38% of millennials want brands to be more about the consumer and less about the brand (Adroit Digital)
  • 65% of Millennials have abandoned an in-store purchase due to information found on their smartphone while shopping (eMarketer)
  • Millennials are 77% more likely than the average shopper to be influenced on brand decisions by in-store experiences (JLL Research)
  • 77% of millennials will use a different set of criteria in selecting brands to which they'll be loyal (Adroit Digital)
  • Millennial travelers check 10 online sources before making a travel purchase, and 24% check online reviews (Deloitte)
  • 83% of millennials say businesses need to do more to help create positive change, and are willing to work with brands to achieve it (MSL Group)
  • 66% of millennials may have abandoned what had been their brand of choice in 2013 because the brand no longer fit their identity, 66% had a simple desire to switch brands, 64% due to the availability of desirable new alternatives and 64% because the brand was no longer unique (Lim College)
  • 55% of millennials were willing to stick with a brand (Lim College)
  • What brands can do to remain millennials' brand of choice: develop innovative new products and services (80%), improve design/style to reflect uniqueness (74%), improve product quality (67%), engage in causes, philanthropy, or endeavors that reflect beliefs/values (63%) & limit distribution to maintain the brand's exclusivity (54%) (Lim College)
  • Only 1% of millennials said that a compelling advertisement would make them trust a brand more (Elite Daily
  • 62% of millennials say that if a brand engages with them on social networks, they are more likely to become a loyal customer (Elite Daily)
  • 60% of millennials said that they are often or always loyal to brands that they currently purchase (Elite Daily)
  • 75% of millennials said that it’s either fairly or very important that a company gives back to society instead of just making a profit (Elite Daily)
  • Millennials are 44% more likely to permanently disengage with brands if they receive high volumes of mass generic email communications (Aimia Institute
  • 69% of Millennials are more likely to pay more for the experiences they value (Synchrony Financial)

Millennials as Brand Advocates

  • 90% of millennials will share their brand preferences online (Edelman)
  • 52% of millennials cited content’s relevancy to their circle of friends as a motivator in sharing content themselves (NewsCred)
  • 62% of millennials feel that online content drives their loyalty to a brand - yet the content they’re receiving is turning them off by not helping them navigate their everyday problems, being too long, sales-driven, and not tailoring messaging to individual cultural interests (NewsCred)
  • Most important driver of brand loyalty for millennials is a great product at 77%, followed closely by brand recognition and trust at 69% (NewsCred)
  • 64% of millennials say reward programs push their online brand interaction (Dailybreak Media)
  • Five out of six millennials connect with companies on social media networks (SDL)
  • 59% of millennials like their favorite brands on Facebook (Moosylvania)
  • 43% of millennials like over 20 brand pages on Facebook (Mr Youth)
  • Millennial women are three times more likely to post about their purchase on a Facebook page when incentivized (PunchTab)
  • 57% of millennials tell their friends about their favorite brands (Moosylvania)
  • 33% of millennials are interested in receiving recognition from their peers, 47% want recognition from the brand (Bond)
  • 50% of millennials would like to contribute to product development (Bond)
  • 55% of millennials would like personalized experiences and services (Bond)
  • 44% of millennials "show off" their purchases from their favorite brands (Moosylvania)
  • Over 85% of millennials correlate their purchasing decisions (and their willingness to recommend a brand to others) to the responsible efforts a company is making (SquareSpace)
  • 78% of millennials recommend "good business citizen" companies with word-of-mouth recommendations (MSL Group)
  • 57% of Millennials do the majority of retail browsing in-store (Adroit Digital)
  • 75% of Millennials replied that online and/or mobile advertising affects what they purchase (Adroit Digital)
  • 73% of Millennials are likely to change their plans to visit a retailer or restaurant if they are away from home and receive an ad on their mobile device for a local deal or discount in the area (Adroit Digital)
  • 55% of Millennials chose online review sites as the online social medium that affects their retail purchases the most (Adroit Digital)
  • 68% of Millennials agree that one-click purchasing makes a difference in their likelihood to buy something (Adroit Digital)
  • 66% of Millennials learn about brands and products through social networking (Ipsos)
  • 89% of millennials indicate they would be more loyal to retailers offering the benefits they want most (Synchrony Financial)

Millennial BANK & FINANCIAL STATISTICS

  • 8% of Millennials cite rewards as a primary draw to use credit cards (Facebook)
  • 8% of Millennials trust financial institutions (Facebook)
  • 45% of Millennials say they would switch banks, credit cards or brokerage accounts if a better option came along (Facebook)
  • 30% of Millennials want to feel rewarded for their loyalty to a financial institution (Facebook)
  • Millennials ages 25-34 are 2-3 times more likely to close all accounts with their primary financial institution than people in other age groups (FICO)
  • Millennials are 2 times more likely this year than last year to close all accounts and switch banks (FICO)
  • 45% of Millennials ages 25-34 and 36% of Millennials ages 18-24 cited high fees as a reason for switching banks (FICO)
  • A negative experience related to a missed payment was the number 2 reason for Millennials ages 25-34 to switch banks (FICO)
  • Inconvenient branch locations and too few ATMs tied as the number 3 reason Millennials ages 25-34 switch banks (FICO)
  • Younger Millennials reported switching banks due to a negative fraud-related experience (FICO)
  • 16% of Millennials ages 25-34 are considering opening an everyday banking product with an online-only bank within the next year (FICO)
  • 63% of Millennials cite personal experience, reviews or recommendations as being the most influential when choosing where to open a checking account (Medallia)
  • 80% of Millennials cite personal experience, reviews or recommendations as the top reason for switching banks (Medallia)
  • 13% of Millennials cited convenience as most critical in their bank selection process (Medallia)
  • 81% of Millennials have interacted with their bank online in the past 30 days (logged into an online account and/or used a mobile banking application). Millennials are 2.6 times more likely to have used a mobile app (Medallia)
  • 55% of Millennials rank technology failures or the inability to carry out a transaction online in their top three most frustrating banking experiences (Medallia)
  • 92% of Millennials report being satisfied with their online banking experience at their primary bank (Accenture
  • 18% of Millennials said they switched from their primary bank in the past 12 months, compared with 10% of customers aged 35-54 and only 3% of people 55 and older (Accenture)
  • Local/community banks are the biggest “winners” in attracting millennials with a 5% migration (Accenture)
  • Large regional or national banks are the biggest “losers” with a millennial loss of 16% (Accenture)
  • Credit unions experienced a 3% growth in new millennial customers (Accenture)
  • 67% of millennials said that the traditional and digital banking experience they receive at their current bank is only somewhat or not at all seamless (Accenture)
  • 47% of millennials said they would like their bank to provide tools and services to help them create and monitor their budget (Accenture
  • 48% of millennials said they would like their banks to offer video chat on their website or mobile/tablet application, compared to only 30% over 55 (Accenture)
  • 56% of Millennials said they would leave their current bank for an account that didn’t automatically pay overdraft items for a fee (Saylent)
  • 46% of Millennials look for new financial companies/services that better meet their needs (Experian)
  • More than 3 out of 4 Millennials will switch financial accounts if they find a better alternative (Experian)
  • Most frequently mentioned reasons Millennials switch financial institutions include: better interest rates (47%), better reward programs (43%), better identity protection (32%) and better customer service (35%), among others (Experian)
  • 79% of Millennials are more likely to switch financial service providers because of cyber security; 75% would change due to reputation and lower fees (Makovsky
  • 69% of U.S. Millennials were more likely to report trust in financial institutions (Makovsky)
  • 79% of Millennials were more likely to change to an alternative digital financial services provider because of unauthorized access and theft of personal data (Makovsky)
  • 75% of Millennials were more likely to change to an alternative digital financial services provider because of negative news relating to their financial institution (Makovsky)
  • 76% of Millennials were more likely to change to an alternative digital financial services provider because of lower costs or fees, and 68% because of advanced and mobile technology for more helpful financial services (Makovsky)
  • 49% of Millennials would be much more likely to consider banking and financial services from digital alternative providers like Google, Apple or Amazon is available, compared to consumers age 35 to 54 (37%) and age 55 and over (16%) (Makovsky)
  • Millennials link their rewards-earning capability to a credit card (26%) (Excentus)
  • One in three Millennials are open to switching banks in the next 90 days (Scratch)
  • All four of the leading Banks are among the ten least loved brands by Millennials (Scratch)

 

consumer spending research

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Topics: loyalty statistics, millennials and loyalty

Written by: Brandon Carter

Marketing Communications Manager for Access Development. Frequent blogger on customer engagement & loyalty, social media, and public relations.

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