Millennials crave status with brand loyalty schemes

Loyalty isn’t something most Millennials can claim to be good at – personal lives aside and commerce caps on – Millennials love brand loyalty schemes.

Data released by Bond Brand Loyalty highlights the Millennial as a key consumer, with 68% of 20- to 34-year-olds saying they would change where they shopped if it meant getting more programme rewards, with one-third reporting buying something they didn’t need or want just to earn points or increase membership status.

Based on a January 2014 study conducted by Thrive Analytics and Local Search Association, Millennials are more than happy to interact with companies, as long as there’s something in it for them.

When asked why they shared their location with businesses, 71% of US smartphone users ages 18 to 29 said they did so in order to get offers and deals, and 67% cited gaining loyalty points or rewards. Both percentages were higher than those from any other age group.

Growing alongside the social world has turned Millennials into socially conscious individuals, unlike our coupon snipping elders, they are more in it for the social acclaim than the bargain. Interesting eh?!