The Millennial Generation, those aged 18 – 29, are poised to take over the world. There are 1.7 billion of them in the world, 77 million in the US and you need their support.
Luckily, Millennials are willing to go the extra mile for a brand they love, but they do expect a few easy rewards in return.
Aimia released the first part of a study today called “Born This Way: The US Millennial Loyalty Survey.” In it, they compare the attitudes and responses of Millennial consumers to those over 30 (Non-Millennials) in regard to loyalty programs.
Right now, 77% of US Millennials said they participated in a loyalty program, slightly less than their over-30 counterparts. But 78% said they were more likely to choose a brand that had a reward program over one that didn’t.
When asked what would prompt them to give out personal information, a reward was the number one response.
Once involved in the program, the numbers look really good.
Look at that last set of circles. 44% of Millennials are willing to post your information on their social media feeds in return for a reward. Some of that willingness comes from the fact that Millennials spend more time on social media, so it’s no big deal to throw a brand a bone in between talking about music, lunch and fashion.
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Another reason they’re willing to work with you, is because they’re less concerned about privacy than the over-30 crowd. They are wary of location tracking and only one in ten said they’d ever followed up on a location-based offer. But in general, only 14% said they were concerned about giving personal information to a loyalty program.
Cash Back and Other Rewards
When it comes to rewards, Millennials expect them to be fast, free and easy. Cash back is number one on the wish list with gift cards a close second. Mobile downloads, charity donations and even music, barely register as options, all coming in under 10%.
Rick Ferguson, Vice President Knowledge Development for Aimia says,
”The US Millennial generation is bigger than the Baby Boom generation and three times the size of Generation X. With the Baby Boom generation retiring, it’s critically important for marketers to understand how Millennial attitudes towards technology, data privacy and rewards will change the way brands build strong, profitable relationships with their best customers.”
Download the full report: Millennial Loyalty, “Born This Way: The US Millennial Loyalty Survey” by visiting aimia.com.