Millennial shoppers will admit that they will pay for more items that are different and offer a unique experience. For example, more than half of millennials would buy a superfood latte that costs more than $4 than a regular cup of coffee, compared to just 29% of baby boomers.
Additionally, 79% of millennials said they would spend more money to dine out at unique restaurants that offer something different than the traditional eatery.
Thanks to food delivery apps like Seamless, Grubhub, and Uber Eats, ordering fast-food is easy as pie, and millennials are more than willing to try new cuisines.
Millennials typically spent half of their food budget on delivery, more than all other groups.
Millennials are earning a living in different ways than previous generations. Seeing as jobs aren’t as stable nowadays as they used to be. With no stable employment, millennials have been forced to rely on the “gig economy” and hopefully make a living that way.
They are making money through short-term contracts and freelance work, which means focusing more on building a skill set that's easily transferable to different environments.
They Do Their Research
Millennial shopping patterns have shown an inclination to research anything online before making a purchase. In fact, 80 percent of millennials read reviews before buying things.
Recommendations from their friends also persuade millennials; over 80% sreported that word-of-mouth recommendations are key when making any purchase.
Social Responsibility Matters
Millennials in the U.S. have around $300 billion in buying power — 85% of the total buying power of U.S. millennials — and social responsibility matters to them.
This means that values and morals matter so much to them that they are likely to buy products and even pay more for a product if that specific brand aligns with their values. For example, Millennials aren't even buying bottled water due to the harmful effects of plastic.