INFLUENCING GENERATION Y MILLENNIALS AND THE MODERNIZATION OF COUPONS

Transcription

1 INFLUENCING GENERATION Y MILLENNIALS AND THE MODERNIZATION OF COUPONS

2 2 Table of Contents Here s a quick overview of what we will cover OVERVIEW INTRODUCTIONS FINDINGS ANALYSIS WRAP-UP

3 OVERVIEW 3

4 Quick Overview Together, we are going to journey into the mind, habits, and preferences of the Millennial Generation. Even though there is no globally accepted definition for this demographic, most observers identify it as the group of people born between 1980 and the early 2000s. They now encompass an age range from young teenagers to mid 30s. But, regardless of the exact definition, there is no doubt that this generation has a unique mindset when it comes to their expectations in the marketplace and part of my job is to advise businesses on how to approach them. Today, we will discuss Millennial habits in regard to coupons (based on research conducted by my company, Buzz Marketing Group) and what you can do to turn those insights into activations.

5 INTROS 5

6 6 INTRODUCTIONS: TINA WELLS Here is a little bit about my background before we dive in. 6 Tina Wells is the CEO and founder of Buzz Marketing Group, which creates marketing strategies for clients within the beauty, entertainment, fashion, financial, and lifestyle sectors. She has authored the youth marketing handbook Chasing Youth Culture And Getting It Right and the bestseller tween series Mackenzie Blue. In addition to serving on the Young Entrepreneur Council, the United Nations Foundation's Global Entrepreneurs Council, and The Franklin Institute's board of directors, Tina is also the current Academic Director of Wharton's Leadership in the Business World program. Tina's long list of honors include Essence s 40 Under 40, Billboard s 30 Under 30, Fast Company's 100 Most Creative People in Business, and Inc. Magazine s 30 Under 30. Hi Everybody! I am excited to be here today! hope that we can all learn something about this fascinating demographic and use it to make our strategies more effective as we move forward in this industry! All the best,

7 7 INTRODUCTIONS: BUZZSPOTTER NETWORK Meet our powerful network of 37,000 influencers worldwide. 80% NORTH AMERICA Our buzzspotter network launched in 1996 and since then, it has powered our company and provided us with a strong foothold in the American market. 20% EUROPE We have buzzspotters in 20 countries outside of the US and Canada including Brazil, France, Germany, Italy, and the United Kingdom.

8 8 INTRODUCTIONS: BUZZSPOTTER TRIBES Meet the four key tribes within our expansive buzzspotter network. PREPPY TECHIE ALTERNATIVE INDEPENDENT Meet the Conforming Meet the Connected, Meet the Always Meet the Cutting-Edge But Somewhat Wired Techie. Mellow Alternative. Independent. Paradoxical Preppy.

9 9 INTRODUCTIONS: BUZZSPOTTER NETWORK Meet our powerful network of 37,000 influencers worldwide. Forget reading the headlines.meet the headlines. You watch the streams, they upload the video. They re not in the know, they are in the now and always looking around the next corner. These are the movers and makers in today s culture, the influencers who shape and create what you will be streaming and reading about tomorrow. The buzzspotters are the pulse of BuzzMG. They are the trendsetters and tastemakers in their school, community, or city. Whether they re discussing a cultural phenomenon or explaining everyday pop culture, they re helping our clients make the decisions that matter.

10 10 INTRODUCTIONS: BUZZSPOTTER NETWORK Meet our powerful network of 37,000 influencers worldwide. Our international network of over 37,000 members has been selected on a peer-to-peer basis through our proprietary process that promises to capture the trendsetters. Whether they are keeping us up-to-date on the latest buzz words or sounding off on a hot topic, they are creating pop culture. The37,000 buzzspotters are our proprietary panel. This network loves to share their opinions and forecasts keeping us up-to-date in many different categories including: o Fashion & Beauty o Sports & Travel o Toys & Electronic Devices o Music & Entertainment o Lifestyles, Community & Politics o Food & Beverage

11 FINDINGS 11

12 FINDINGS: DEMOGRAPHIC OVERVIEW Here is a demographic overview of the buzzspotters who participated in our 2015 Coupon Habits study. AGE EMPLOYMENT EDUCATION (37%) (38%) (12%) (12%) Other (3%) Student (6%) Self-Employed (4%) Part-Time (11%) Full-Time (68%) Homemaker (8%) High School (19%) Associates (15%) Bachelors (45%) Masters (19%) Doctorate (2%) None of the Above (1%) ETHNICITY RESIDENCE MARITAL STATUS Asian American (9%) African American (21%) White (54%) Hispanic (13%) Mixed (3%) Urban (56%) Suburban (39%) Rural (5%) Single (28%) Dating (5%) In a Relationship (26%) Married (40%) Divorced (1%)

13 13 FINDINGS: TYPE OF COUPONS PREFERRED If you could choose one type of coupon, which would you prefer to use? TRADITIONAL INTERNET DIGITAL 20% of Millennials prefer traditional paper coupons. 14% of Millennials prefer Internet print-at-home coupons. 66% of Millennials prefer digital coupons.

14 14 FINDINGS: TYPE OF COUPONS USED Traditional Paper Coupons A surprising majority of 92% Millennials still use traditional coupons. 66% Remember that 66% of Millennials prefer to use digital coupons. Internet Print-At-Home Coupons These coupons are still widely used, though 80% not as popular as digital and traditional coupons. 92% 80% 2% 93% Which of these types of coupons are you currently using? (Select all that apply) No Coupons 2% With this statistic, it s clear that Millennials care a lot about price. Digital Coupons Considering the convenience, there s no surprise that digital 93% comes on top.

15 15 FINDINGS: FREQUENCY OF COUPON USAGE 1 2% 2% of Millennials reveal that they only use coupons when they really need to % 35% 7% 48% 9% state that they use coupons on a daily basis. A notable 35% of Millennials use coupons on a weekly basis. Only 7% reveal that they use coupons on a monthly basis. Almost half of Millennials state that they use coupons every time they go shopping.

16 16 FINDINGS: COUPON USAGE How do you use coupons? % of Millennials use coupons for Groceries. 93% of Millennials use coupons for Household Goods. 3 88% of Millennials use coupons for Clothing, Shoes, and Accessories. 4 87% of Millennials use coupons for Eating at Restaurants. 5 83% of Millennials use coupons for Entertainment. 6 80% of Millennials use coupons for Beauty Supplies. 7 71% of Millennials use coupons for Technology and Electronics. 8 59% of Millennials use coupons for Travel. 9 27% of Millennials use coupons for Education.

17 17 FINDINGS: COUPON USAGE Where do you use coupons? % of Millennials use coupons at Supermarkets and Grocery Stores. 94% of Millennials use coupons at Big Box Stores (Target, Walmart). 3 88% of Millennials use coupons at Restaurants. 4 83% of Millennials use coupons at Drugstores. 5 76% of Millennials use coupons for Online Shopping. 6 74% of Millennials use coupons atdepartment Stores (Macy s). 7 69% of Millennials use coupons aroffice Supply Stores (Staples). 8 56% of Millennials use coupons at Warehouse Clubs (Costco). 9 46% of Millennials use coupons for Service Providers (DirectTV).

18 18 FINDINGS: COUPON USAGE Where do you get your coupons? 1 92% of Millennials get their coupons via % of Millennials get their coupons via Traditional Mail. 2 82% of Millennials get their coupons via Web Downloads. 6 62% of Millennials get their coupons via Text Messages. 3 80% of Millennials get their coupons via Internet Prints. 7 62% of Millennials get their coupons via Magazines. 4 80% of Millennials get their coupons via Newspapers. 8 58% of Millennials get their coupons via Social Media.

19 19 FINDINGS: COUPON USAGE 60% 6 out of 10 Millennials reveal that saving money is not more important than a trustworthy, wellknown brand % 9 out of 10 Millennials are happy to share their cell phone numbers with brands to receive coupons. 95% Most Millennials agree that digital coupons are easy to use. 1 95% 60% 90% 93% 4 93% A large majority of Millennials use their mobile devices to access coupons while they are in the store.

20 20 FINDINGS: COUPON USAGE 97% Most Millennials actually discover new retailers and brands when using coupons % Less than 1 in 10 Millennials are embarrassed when using coupons. 97% Coupons, discounts, and deals have a significant impact on most Millennials purchasing decisions % The majority of Millennials use coupons proudly. 95% 97% 9% 95%

21 21 FINDINGS: COUPON USAGE 98% A large majority of Millennials are more likely to buy or try something new if they are using coupons % A little over half of Millennials actually spend more when they use coupons, because they end up buying more than they want. 99% Almost all Millennials believe that they will use digital coupons more, in the future % The majority of Millennials agree that it is important to them to save money in everyday life. 99% 98% 52% 97%

22 22 FINDINGS: SAVING MONEY Approximately how much money do you save per month by using coupons? 20% 2 out of 10 Millennials save about $20 per month through coupons. 32% Almost a third of Millennials save about $50 per month through coupons. 27% 27% of Millennials save about $100 per month through coupons. 21% A notable 21% of Millennials save $200 or more per month through coupons.

23 ANALYSIS 23

24 24 ANALYSIS: KEY FINDINGS Let s think about the key takeaways from this research. After reviewing these results, we determined the four key findings to remember as this industry moves forward in its outreach to Generation Y. 1 Almost half (48%) of Millennials use coupons every time they shop. 4 Very few Millennials (less than 10%) are embarrassed by coupon usage and in fact, the majority of Generation Y (97%) is proud to use coupons. 2 When using coupons, 52% of Millennials end up buying more than they intended. 5 48% of Millennials save at least $100 per month through coupon usage, which is important because 97% believe saving is important in everyday life. 3 66% of Millennials prefer digital coupons.

25 25 ANALYSIS: MOVING FORWARD Let s think about how we can turn these insights into activations. Offer various types of coupons because Millennials are using them and looking for them in different forms. Tap into Millennials willingness to use coupons, and provide their contact info in exchange for coupons. Provide ways for Millennials to share their coupon experiences with others and spread the word about your brand. 1 ACTION STEP ONE 2 ACTION STEP TWO 3 ACTION STEP THREE

26 WRAP-UP 26

27 QUESTIONS?

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