Millennials and their loyalty
Those of you that have been to one of my presentations lately will be aware I do a session on Millennials. I picked this up from the Buzz magazine in the USA. It adds another piece to the jigsaw.
Make it fun! That’s what Millennials are saying when responding to a nationwide survey conducted by Colloquy that asked about loyalty programs. In a survey of 1,000 consumers, 34% of Millennials said the word that best describes their participation in a customer reward program is “fun.” To compare, 26% of the general population (18 to 65 years and over) chose the word “fun.” Also of note was that 66% of the general population used the word “economical” while 56% of Millennials chose that word.
Some other findings from the survey include:
- 63% of Millennials said they had joined a program within the past year, versus 55% of the general population.
- 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.
- 40% of Millennials said they joined a program for access to members-only sales, products and services, versus 33% of the general population.
- 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 Xers (35-50) and 46% of Baby Boomers (51 and over).
- 49% of Millennials stopped using a loyalty program after receiving irrelevant communications, compared to 37% of the general population,
- 18% of Millennials stopped participating in a program because it lacked a smartphone app, compared to 13% of the general population
- 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, compared to 7% of Baby Boomers.
- 42% of Millennials continue to participate in a program because it has a mobile payment option, while just 15% of Baby Boomers said the same.