Embracing Tech Change to Win Over Millennials. In the May feature story, DeBoer explained how the credit union has adopted a series of innovations, including Touch ID and facial recognition, in order to appeal to its millennial members. “We MORE

As to be expected, baby boomers and millennials were at different ends of the spectrum in terms of the types of houses bought, differences in improvement choices and amount of money spent on repairs. As we reported back in February, millennials are saddled with much more debt than baby boomers were at the same age. Another factor impacting the millennial generation is the 2008 recession. MORE

It’s still technically summer for a few more days, but we already know how shoppers — Baby Boomers and millennials — are going to shop this holiday season. But how are Baby Boomers and millennials going to gift this year? Millennials , well, they’ve got their wallets and they’re ready to spend , with most planning on spending significantly more this holiday season than last year. Those millennials simply just say, “No, thanks.”. So, what are millennials buying? MORE

The old model of opening a retail store with merchandise as a main focus of the space may not appeal to today’s consumers – millennials in particular. Retail brick and mortar Kohl’s loyalty Millennial Neighborhood Goods News omnichannel shopify shoppingThis generation values experiences, not just tangible goods. They are also an experimental bunch, with 30 percent of them having tried a new merchant in the past month, according to the PYMNTS Connected Consumer Playbook. MORE

A 10-year study by the National Endowment for Financial Education shows that millennials who are no longer relying on mom and dad for financial help are more confident and happier overall. In addition, financially sufficient millennials are also making better financial choices such as working more hours to earn more and saving up for big purchases instead of accumulating credit card debt. MORE

Millennial women have the funds available to start investing, but are held back by a fear of beginning the process, as well as the typical reason most millennials aren’t investing: debt, a study released yesterday by loan provider SoFi found. MORE

Are millennials eating too many avocados on toast for their own good? The crux of the debate is this: are first- time home sales down because, given the choice of a two car garage and a yard in the suburbs, millennials have, en masse, decided they’d rather enjoy a more richly-delicious brunch experience, week in and week out? Brb quitting my job and becoming an avocado peddler since millennials are spending the equivalent of house prices on them,” noted one user. “My MORE

When it comes to stock market picks, Wall Street investors are placing their bets on the buying power of the millennial generation. According to Reuters , hedge fund managers at the 2018 Sohn Investment Conference in New York offered stock ideas that would benefit from the steadily growing influence of millennials, who are expected to become the largest generation in the United States in 2019. I like to call this chart ‘millennials can’t cook,’” Ran said. MORE

millennials), “plastic does not even have to be a card anymore; it means access to … schemes such as Visa and Mastercard, perhaps through mobile devices … they will get on that and stay on that.”. Payment Methods Featured News lost in transaction Millennials PaysafePlastic. MORE

More than one out of four millennials carry less than $5 cash with them. And according to another study, nearly 20 percent of millennials have not used cash in two months. According to a LinkedIn study , more than a third of millennials are already envisioning a cashless society, which includes no physical currency used in any transactions. That said, experts say there are studies that say some baby boomers are adopting new methods nearly as rapidly as millennials. MORE

Millennials are making up an increasingly large portion of corporate buying teams, and it’s shaping the way buyers interact with their suppliers, finds the latest research from SnapApp and Heinz Marketing. According to the data, 13 percent of companies said they have at least one millennial who is a decision-maker on their buying committees, while 27 percent said they have a millennial that is an influencer. MORE

As more millennials become adults and baby boomers pass on, these young adults will have larger purchasing power. Census, shared that the number of millennials (75.4 Given these figures, and varying degrees of purchasing power, and interest in trying out new technologies in everyday settings, millennials seem to have the upper hand. Millennials especially want to use technology that empowers them to better manage their lives,” Taylor said. MORE

For all the press about how millennials are the future of commerce, there is one big and rather problematic roadblock in that narrative. Millennials are kind of broke – and they might always be. While other generational groups also lost ground during the Great Recession, millennials as a group have largely missed the recovery. As of 2016, only 45 percent of millennials born in the 1980s had bought a home. MORE

This is also the case for the drinking habits of millennials vs. baby boomers. According to PYMNTS research, millennials of drinking age drank 42 percent of the wine that was drunk in 2015, with the average millennial downing just over three glasses in a sitting. In terms of beverage choice, millennials are drinking far more wine than their older counterparts, consuming nearly 160 million cases in 2015 alone,” said Tina Hay, CEO of Napkin Finance. MORE

It’s crucial for banks to start participating in the finance revolution, especially as millennials are on the hunt for open banking—at least, according to bankers. DataBank Databank Innovations Online Technology APIs open banking Financial Regulation millennial customers psd2 MORE

The saying that it’s better to give than receive might not be totally lost on millennials , because most millennials are planning on spending significantly more this holiday season than last year. So, what are millennials going to spend their money on this holiday season? Almost half of millennials — 39 percent — have already begun making holiday purchases, according to the survey. Retail holiday shopping season Millennials MORE

The retail torch is being passed to a small cross-section of consumers, where Generation X meets the millennial generation, known as the bridge millennials. Some notable revelations about the apparel and accessories sector in our study included: Millennials, on average, make 19.3 MORE

A popular eCommerce retailer, which has been called the “Costco for millennials,” is attracting potential investors, according to The New York Post. Retail Amazon Bed Bath And Beyond Boxed e-commerce General Mills Jet.com Kroger Millennials News shopping What's HotBoth General Mills and Bed Bath & Beyond are considering investing in Boxed.com. MORE

According to contradicting views, millennials are both hooked on chain restaurants while simultaneously killing their existence. Buffalo Wild Wings CEO Sally Smith says she believes casual dining has seen a decline in sales because of millennials. Millennial consumers,” she says, “are more attracted than their elders to cooking at home, ordering delivery from restaurants, and eating quickly, in fast-casual or quick-serve restaurants.”. MORE

Turns out millennials are not the different-kind-of-banking-breed some had thought. In a survey held from the end of June into early July and conducted by SurveyMonkey , the web-based survey firm queried more than 1,000 adults above the age of 18, 290 of which were defined as 18- to 34-year-olds: millennials. Venmo remains a distant second, at 11 percent, with even greater adoption among millennials at 30 percent. MORE

Helping CUs Engage and Retain Millennial Talent . When it comes to careers, millennials are more mission-driven than previous generations. In the war for talent, this gives the credit union market an advantage in encouraging millennial job candidates to pursue careers in the industry. MORE

That bet could complicate, in a positive way, some of the general ideas out there about the preferences of millennial consumers. The integration of such tools is designed with those millennials in mind, part of the company’s effort to gain more revenue from a new generation of drivers. When it comes to the future of vehicle ownership and millennial desires , the emerging reality might be more complicated than many people think. Winning Millennial Loyalty. MORE

11 survey from Accenture, millennial participants would consider parking their money with nontraditional institutions, and they picked winners. Commerce E-Commerce Mobile Online Payments Retail Startups Technology Accenture amazon Google Google Wallet millennials Mobile banking online bankin MORE

While they enjoy many FinTech innovations, most millennials don’t have a snowball’s chance of earning more than their parents — ever. But that downward slide took a nosedive for the kids born in the 1980s — or what we call today the millennial generation. It’s a fact. MORE

While millennials remain the top adopters of mobile banking, the generation is also more likely to have problems with their financial apps, a new survey released by online mobile payment and identity verification company Jumio found. MORE

During the childhood of many millennials, the online world was in its infancy stages. As such, TransUnion’s new research shows the millennial generation is much more cautious than other generations when it comes to payments security as a whole. While it was discovered that 68 percent of millennials halted online transactions due to iffy payment security, Gen Xers were a bit less hesitant, at 54 percent, and a mere 28 percent of baby boomers felt the need to be cautious. MORE

Just as marketers started to get the hang of this newfangled “millennial” crowd, the next generation comes along to shake things up with different values, preferences and spending patterns. Some call them Generation Z, some call them post-millennials. By 2020, post-millennials are projected to make up some 40 percent of North America’s population. But the real surprise here comes from post-millennial media viewing numbers. MORE

Whether you’re annoyed that they take selfies or that they would rather share than own things, plenty of people knock millennials, especially when it comes to work ethic. Believe it or not, the report found that millennial business owners are not only forward-focused in the market, but they’re also the most prepared when starting and owning a business. For those millennials that have started or are thinking about starting a business, that number is growing, too. MORE

Though many retailers have assumed millennials are behind the trend toward highly digitized, online-focused shopping experiences, baby boomers might be the real culprits. The retail industry has been operating on the outdated assumption that [baby] boomers are shopping for [bargains] primarily in-store, and millennials are searching for deals mostly online,” explained Greg Petro, CEO of technology company First Insight. MORE

Millennials Want To Own. The good news is this: There is a growing body of data, not all of it blatantly self-serving, that indicates millennials do want to own vehicles and not just share them — nor tie their lives to ridesharing services such as Lyft and Uber. Millennials can also be reached via their preference for constant connection — at least that is what car manufacturers are betting on. MORE

It has made the millennial generation of women — either entering or settling into their prime spending years — something of a unique class of citizens when it comes to financial services. This is why, Visa ’s SVP of North American Marketing Mary Ann Reilly told Karen Webster in a recent conversation, millennial women are the demographic Visa has chosen to focus on as part of its “ Money is Changing ” project. MORE

26) new research that revealed over six out of 10 millennials declined for credit are not seen applying again for at least 12 months. In a press release , the company said the study found that millennials often apply for credit but are declined due either to their lack of credit history or to low credit scores, despite often having an ability to repay, according to data from the ID Analytics ID Network, one of the nation’s largest networks of cross-industry consumer behavioral data. MORE

Millennials are a force to be reckoned with, as they are made up of approximately 90 million individuals with significant spending power: By 2030, their aggregate annual income is projected to be more than $4 trillion. And though this market presents brands with a large audience of potential customers, will digitally native millennials tune in to a shopping network? Attracting Millennials. Approximately 75 percent of Gravy’s users are millennials. MORE

Millennials now make up over 33% of the American workforce, and that number is only increasing. Banking Insights Asia insights Millennial Millennial BankingThe changing of the guard is upon us. Currently, the financial stability of these. MORE

Millennials. million millennials, as reported by Pew Research Center , obtaining, maintaining and retaining consumers from this particular consumer segment is the golden ticket for retailers. Nielson research confirms that multicultural millennials make up 42 percent of the overall millennial population, and 47 percent of those multicultural millennials have a significant impact on the U.S.’s MORE

More and more, the beauty industry has become ruled by millennials , women between the ages of 18 and 34 being the main buyers, according to a survey by TABS Analytics. Millennials were found to be most likely to buy items in person from big-box retail stores. Experts say the big business with the millennial females is indeed due to social media, digital influencers and certain brands that have come into the market and focused on the demographic. MORE

Millennials, those MORE

Millennials get a bad rap for everything from being unable to commit to a job to jeopardizing the cereal market. But, here’s a bit of good news coming out of travel and expense management company Concur: Businesses that have millennials in their workforces may actually save money — at least when it comes to business travel. Millennials spend, on average, 18 percent less than employees aged 36 to 65 on dining and entertainment, but spend on meals is a bit more similar. MORE

With marketers clamoring to attract the fleeting attention of millennial and Gen Z shoppers, the older demographic (roughly between the ages of 53 and 71) is often overlooked. Marshal Cohen, chief industry analyst for the NPD Group, told USA Today that advertisers are mistaken to put all their eggs in the millennial basket. Nor should they assume that millennial-focused ads will trigger boomers’ desire for perennial youth. Remember the baby boomers? MORE

Millennials may know something that their older counterparts haven’t figured out yet: Cash is better than credit cards. While older generations grew up with the mantra, “Charge it,” millennials came of age during a tough time in the economy when record foreclosures and high unemployment were the norm. In addition to avoiding credit cards, millennials are also moving toward payment methods that do not require cash or credit. MORE

When one tries to Google the phrase “millennials and mortgages,” something curious happens. Two different – and in some cases, mutually exclusive sounding – accounts of millennials and their home-buying habits, or lack thereof, emerge. Millennials are either dragging down the housing market because they can’t/won’t buy houses, or millennials are both leading the modern mortgage market and simultaneously leading it into the digital age. MORE

In an effort to attract millennials to its platform, Square is offering a pilot program that gives its Square Cash Card customers a dollar off their coffee purchases. The effort could change millennials’ payment behaviors, MarketWatch reported. The long-term play is to use coffee rewards to drive habits, which in turn will result in more of the $2,946 spent annually on food away from home by millennials to be spent on the Cash Card.”. MORE

I have had many, many conversations about reaching the millennial customer. We need to be attractive to millennials? Millennials think differently, how do we reach them? Millennials are rejecting banks, is that right? The challenge today is to think like a Millennial. MORE