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Millennials value fun, savings in loyalty programs Published-Nov 16, 2015
Colloquy survey reveals generational loyalty trends

Millennials just want to have fun with their loyalty programs, according to a survey from loyalty marketing and research specialist Colloquy.

In the nationwide survey of 1,000 U.S. consumers, 34% of Millennials said the word that best describes their participation in a customer reward program is “fun.” (The survey defined Millennials as 18- to 34-year-olds, comprising about 80 million people.) By comparison, 26% of the general population (18 to 65 years and over) chose the word “fun,” meaning Millennials scored 24% higher on the loyalty-needs-to-be-fun meter.

The survey also found that 66% of the general population said “economical” is the word that best describes their loyalty program participation, versus 56% of Millennials – a 15% gap.

“Millennials aren’t simply you in a time warp. Yes, you were once their age, but that doesn’t mean you understand their needs,” said Jeff Berry, Colloquy research director. “Millennials have dramatically different ideas about consumerism and loyalty than other demographics.”

Other key results from the survey include:
  • 63% of Millennials said they had joined a program within the past year, versus 55% of the general population, a 13% difference.
  • 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, a 36% difference.
  • 40% of Millennials said they joined a program for access to members-only sales, products and services, versus 33% of the general population, an 18% difference.
  • 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), differences of 16% and 27%, respectively.
  • 49% of Millennials stopped using a loyalty program after receiving irrelevant communications, compared to 37% of the general population, a 24% difference.
  • 18% of Millennials stopped participating in a program because it lacked a smartphone app, compared to 13% of the general population, a 33% difference.
  • 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, a 74% gap.
  • 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, a 64% difference.




Sourced By: homeaccentstoday.com

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