TMCnet News
Millennials are Spending, but Study Finds They are More Fiscally Responsible than They Get Credit ForAKRON, Ohio, June 29, 2015 /PRNewswire/ -- The 2015 Summer Consumer Spending Survey released today by Segmint, Inc., a global leader in active analytics and Always On?, cross-channel marketing, revealed that while spending overall this summer is not expected to increase, millennials are likely to spend more than any other group, especially on leisure activities. However, growing concerns over carrying debt have spurred millennials to be more fiscally conscious, paying with available funds in their checking and savings accounts rather than financing summer activities using their credit card, according to findings from the study. Though millennials are paying close attention to their spending, the research indicated that this group of consumers are the only ones that noted an increase in planned summer leisure spending this year compared to last summer (32 percent). Millennial respondents who do plan to fund summer leisure purchases with credit cards are doing so in order to earn credit (30 percent) instead of earning rewards points, which was the most likely reason given by respondents aged 35 – 44 (27 percent) and 65+ (21 percent). In choosing to use checking and savings accounts instead of credit cards to fund leisure travel, millennials appear to recognize the risk of carrying debt as a result of spending. "Millennials are often wrongly perceived as a group and miscast as carefree when it comes to personal finances," said Rob Heiser, President and CEO, Segmint. "However, the data within this study shows that's just not the case. It's important for marketers to understand that this group is actually very conscious of how they approach purchases and are actively taking steps to manage the implications of their spending. These insights are crtical to maximizing engagement with this attractive group, whose growing purchasing power cannot be denied." Additional findings include:
"Millennials are a critical demographic for marketers to reach, but they must reach and engage with this group effectively. Deeper insights into the data reveal that many millennials will make spending decisions after much research and consideration rather than impulse," said Heiser. "By ensuring that marketing campaigns are carefully targeted and relevant based on actual behaviors and interests gleaned from real-time transactional information, marketers will see the greatest gain in sales from millennials in the long term." 2015 Consumer Spending Survey Methodology About Segmint For more information, please visit www.segmint.com or follow the company on Twitter at @Segmint. Contact: Logo - http://photos.prnewswire.com/prnh/20141203/162253LOGO To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/millennials-are-spending-but-study-finds-they-are-more-fiscally-responsible-than-they-get-credit-for-300106164.html SOURCE Segmint, Inc. |