What Millennial Consumer Habits Help Us Predict About the Future of Financial Loans
Understanding how millennial spending habits and research behaviors are reshaping the financial services industry.
Coming of age in the Great Recession greatly impacts how millennials think about money and influence. Raised with the mentality that money is both precious and a gateway to meaningful experiences, millennial consumers are incredibly diligent researchers.
Understanding millennial spending habits can help financial institutions make more informed choices about how to build brand loyalty among this generation for decades to come, especially when it comes to a big decision like applying for a loan.
The Data-Driven Generation
Data can help us paint a vivid portrait of this generation:
- 1 in 3 millennials consult blogs before making a purchase (USC)
- 85% of millennials are more likely to make a purchase if it is personalized to their interests
- 84% of millennials are likely to be influenced to make a purchase after consuming content created about the product (Gartner)
Before taking the leap on any sort of purchase meant to last—be it a car, a home, or a blender—they do their homework. They scan reviews for endorsements from trusted friends and like-minded strangers.
The Opportunity for Financial Institutions
As millennials continue to reshape the economy and redefine what it means to be an entrepreneur, your bank has the power to play a pivotal role in helping ambitious individuals achieve their goals.