When asked about millennials and what apps they are most attracted to, the vast majority of people would guess things like music apps or game apps. Possibly apps to get sports scores or to follow pop culture life.
You would be very wrong!
The top 20 apps used by millennials are retail or discount focused, with Amazon and Groupon at the top, according to a 2014 Nielsen paper on millennials.
So what does that say? Well, it likely means they are very frugal with their money and look for ways to stretch their buying power.
How much buying power? According to the U.S. Census Bureau in a report released this past month, there are now 83.1 million millennials-representing more than a fourth of our country’s population. That makes their generation bigger than the baby boomers who represent a little more than 75 million as a generational group.
Millennials no doubt have buying power—but they may be more frugal than mom & dad were! Of course, there are many apps to do that for them! The savvy & very best successful retailers will understand that and recognize the challenges of getting them to part with their money.