Millennials want loyalty programs to be fun and save them money.
In fact, 34 percent of this strong consumer segment describes their participation in a customer rewards program as fun, compared to 26 percent of the general population, according to a Colloquy-sponsored survey of U.S. consumers.
Sixty-six percent of the general population described their loyalty program participation as "economical" versus 56 percent of millennials who used the same word in the survey.
Many shoppers are eager to join loyalty programs, as 63 percent of millennials and 55 percent of the general population have joined a program within the year. Of those who joined, 25 percent of millennials and 16 percent of the general population did so to access members-only events.
In addition, 63 percent of millennials, versus 53 percent of Generation Xers and 46 percent of baby boomers, said it's important that their loyalty program participation supports lifestyle preferences.
"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 Colloquy Research Director Jeff Berry. "Millennials have dramatically different ideas about consumerism and loyalty than other demographics."
According to a recent LoyaltyOne survey, this younger generation is also more willing than any other age demographic to pay for a fee-based loyalty program membership.
-See this Colloquy press release
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