Email teams seeing a decline in conversions should not blame themselves. Shoppers are feeling the pinch of inflation, and it is affecting all age groups — especially millennials, according to Jungle Scout’s Q2 2022 Consumer Trends Report, released this week.
Among all U.S. consumers, 77% say inflation has impacted their personal spending. But 79% Millennials are affected by it.
Moreover, 72% overall are making fewer fun/impulse purchases, and millennials are slightly more likely to say this.
In addition, 63% of millennials are saving for a large purchase or expense, versus 49% overall. And 52% of that age group say their household income is unstable, compared to 38% of the total sample.
Meanwhile, 50% of millennials now rely on financial assistance or unemployment benefits, compared to 34% of all consumers.
Millennials are also more hungry for deals — 69% feel compelled to make a purchase when they receive one, as do 51% of all shoppers. And 57% of millennials only buy discounted products, along with 52% overall.
However, Baby Boomers are most assiduous about seeking deals — 80% research them, as do 78% of millennials and 70% of all consumers.
All that said, millennials may have a few things to learn about shopping from their elders. For one thing, 94% of boomers feel satisfaction when saving money, as do 85% of the total, but only 79% of millennials say the same,
Also, 52% of boomers and 59% of all consumers buy less expensive brands. But only 35% of millennials do so.
Millennials are also less likely to buy generic brands — 32% admit they do, compared to 42% of boomers and 51% of everyone.
And notably, 78% of boomers will buy items on sale, but only 43% of millennials follow suit.
In addition , 63% of boomers use coupons/discount codes, compared to a mere 38% of millennials. And 44% of boomers will buy in-store to avoid shipping costs, a practice followed 29% of millennials.
Give this one to millennials — 22% will buy used products compared to 14% of boomers.
Useful intelligence for email senders that have a handle on their customers’ ages.
In general, 24% of consumers increased their spending in Q2, while 44% held steady from Q1 and 32% spent less.
Specifically, they are buying more:
And they bought less:
Here are some other general findings:
Jungle Scout surveyed 1,000 U.S. consumers between May 6 and May 10, 2022.