Those Poor Millennials: They're Hard-Hit By Inflation And Hungry For Deals

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: 

  • Groceries — 27% 
  • Cleaning supplies — 19% 
  • Clothing — 17% 
  • Garden & Outdoor — 17%

And they bought less: 

  • Electronics — 25% 
  • Home & Kitchen — 4%
  • Office Supplies — 21%
  • Luxury Products — 20% 

Here are some other general findings: 

  • 48% of consumers read social media comments about brands
  • 35% have purchased after watching a social media brand’s livestream
  • 42% find that being “followed” around the internet by ads is helpful. But 32% are creeped out by it. 
  • 44% of consumers shop from Amazon more than once per week. 
  • Of the 56% with an Amazon Prime account, 90% expect to keep it.  
  • 45% say the cost of Amazon Prime doesn’t bother them. 

Jungle Scout surveyed 1,000 U.S. consumers between May 6 and May 10, 2022. 

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