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MILLENNIAL

MEET MAGGIE

Age: 28
Location: United States
Occupation: Accountant/part-time comedian

Single millennial Maggie works as an accountant by day in Chicago. At night, she hones her craft as a comedian when she can get a gig that, at a minimum, pays for ride shares. Maggie carries steep student debt, and what she views as necessities often results in a frighteningly low balance in her bank account, despite her well-paying day job.

MEET HIKARI

Age: 32
Location: Japan
Occupation: Communications director

Like most of her peers, Hikari works long days at her job and then faces a long commute home from Osaka. Graduating at the peak of the global recession, Hikari took six months to land a communications position. Currently, Hikari is saving up to purchase her dream home.

MEET JUNIOR

Age: 38
Location: South Africa
Occupation: Technical assistant

Married with one child, Junior cycles from his apartment to his job as a technical assistant at a data center in Cape Town. Wanting to expand on his professional skills, Junior joins the local Scrum Master Meetup to learn and make connections that could help him make the next step in his career.

MEET TOMAS

Age: 26
Location: Colombia
Occupation: Tour guide/grad student

Tomas pursues a master’s degree in child psychology while working at a museum as a tour guide. Unable to afford the rent for a studio apartment even in a dodgy neighborhood, Tomas still lives in his childhood home, as do many of his friends.

MILLENNIAL

24 to 39 years old

Three-quarters (74%) of millennials are employed and nine percent self-employed. This cohort has entered its prime buying years. Thirty-eight percent of their income is disposable, but they do set a target budget, even if they don’t always follow it. They tend to spend that disposable income on dining out, buying new clothes and traveling. Millennials are also the most likely generation to purchase through social media.

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EARLY ADOPTERS, DROWNING IN DEBT

USE MOBILE WALLETS, AND 32% MANAGE THEIR LOYALTY CARDS ON THEM.

Of all generations, millennials have the highest percentage of early adopters of technology (29%) and lead the way in digital payment utilization.

Many (42%) feel confident handling finances. Like the older Gen X group, millennials (54%) are reasonably comfortable taking on short-term debt and 73% agree they feel confident about making financial decisions after a bit of research.

Millennials - A day in the life: Grocery shopping

“Shopping app discounts make it easy for me to check out.”

GROCERY SHOPPING

FITTED IN BETWEEN WORK AND FAMILY DEMANDS

Because of their long workdays. Maggie and Hikari often postpone grocery shopping until the weekend. Junior makes frequent trips since his bicycle mode of transportation limits the amount that he can transport at one time. Still living at home, Tomas regularly contributes to the family’s pantry. Let’s imagine how this plays out.

After a long night of waiting to perform her comedy routine to a dwindling but appreciative audience, Maggie rises late to resupply breakfast food, coffee and her stock of frozen meals. She pulls the grocery app up on her mobile phone, and pays with her card-on-file.

“I like a card that doesn’t tie me down to shopping at one retailer.”

Grocery shopping

Hikari rises early to beat the crowds for in-season perishables and a few staples limited to what she can fit into her family’s tiny refrigerator or pantry. Hikari pays with her credit card because it offers rewards across multiple retailers.

Grocery shopping

Junior shares grocery shopping duties with his wife. His trips are constrained by what fits in his bicycle’s saddlebags. On his way home from work, Junior downloads his grocery rewards on his mobile phone and picks up dinner and the next day’s fare. He makes a contactless payment with his mobile phone.

Learn more about global generational differences plus how COVID impacted purchasing.

Grocery shopping

Tomas stops by the store on his way home from guiding tourists around the museum to pick up items on the list that his father stuck in his pocket this morning. Shunning credit, Tomas reaches for his debit card at checkout.

25% prefer to pay for groceries in cash

24% use credit cards

20% use debit/prepaid cards

35% of Canadians reported an increase in online grocery shopping during COVID. Learn more.

Traveling

TAKE THE CREDIT CARD ON HOLIDAY

Destination: Mackinac Island, Michigan
Payment methods: Credit card/mobile wallet

Maggie’s friend persuades her to join him at a resort on Mackinac Island. Not particularly interested in touring the island’s historical museums, Maggie tries parasailing. She books her flight with her credit card and pays for her ride share to the ferry with her app.

Destination: Tokyo amusement park
Payment methods: Credit card/wearables

Hikari and her husband head to their favorite amusement park hotel with their daughter Aiko on the Shinkansen bullet train and prepare themselves for fun character encounters. Hikari uses her credit card to book train travel and load funds for the pre-paid wearable wrist band they’ll use around the park.

Destination: Cape Town Beaches
Payment methods: Credit card

Junior and his family, including his mother-in-law, head for a three-bedroom beach rental near Lion’s Head Mountain for a close-to-home getaway. With grandma in charge of Junior II, senior Junior and his wife Annika head out for a date night at a seafood restaurant. Junior’s credit card gets a workout.

ONLINE SHOPPING

CONVENIENCE OF CARD-ON-FILE

Maggie has become an avid online furniture shopper since she moved into her fancy studio apartment in Chicago’s South Loop. She has her card on file at a couple of different online retailers that offer a variety of home goods. She shops other e-commerece retailers (mostly for apparel) and pays them with her credit card.

“My credit card bill this month indicates it's too easy to shop online.”

ONLINE SHOPPING

MILLENNIALS CHARGE ON

Hikari shops online for home and kitchen basics but prefers to buy apparel where she can try it on. Her young daughter often peruses online sites to beg her mother to buy her a silly or age-inappropriate accessory. Hikari gives in to a new backpack, which she charges to her credit card.

ONLINE SHOPPING

ONLINE SHOPPING

Junior shops online for great deals on cycling accessories. This month he used his mobile wallet account to buy a pair of bike gloves at 37 percent off – black and pink – and a gift for Junior II. When he’s notified that his order is ready, he peddles to the nearby pickup spot to collect his goods rather than paying for delivery.

ONLINE SHOPPING

DEBIT FORTHE CREDIT WARY

Online shopping saves Tomas time sitting in traffic, fearing that his wreck of a car will stall. Every year, he shops different sites for holiday presents for his girlfriend and mother on Cyber Luna. Not keen on credit cards, Tomas uses his debit card for his online purchases. Before he got his debit card, he had to pay a local grocer in cash, then enter a code number on the website’s checkout, and hope his order arrived.

Dining out

SOMETIMES SPEED MATTERS

Maggie often grabs dinner after work at a quick-service restaurant that offers a mobile app for ordering and payment. On Saturday, she meets Milo for dinner. He pays the tab with his credit card, and Maggie sends him money through a P2P app for her share. He declines with a “next time” message.

“I like to pre-order with an app that cuts out waiting and lets me prepay.”

Dining out

SOCIALIZING CALLS FOR THE CARD

Because of their long commutes home to their families on different trains, Hikari and her office mates meet for lunch weekly at nearby restaurants and take turns paying. On Hikari’s week, she covers the bill with her credit card.

“I’m going to get a lot of points from this meal.”

Dining out

CASH STILL MATTERS

Junior’s Scrum Master Meetup group head to a local beer house for an evening of burgers and beer. Having gained more social connections than knowledge and running late, Junior throws some cash into the pot for his share of the bill and wobbles home on his bicycle.

Interested in learning how COVID impacted consumer behavior? Learn more.

“Paying in cash keeps what I spend private.”

Dining out

Tomas celebrates acing his final exams by inviting his girlfriend Mariana to dinner at a romantic restaurant– advertised as “a place to fall in love and enjoy the bohemian in Bogota.” Tomas views the evening of excellent food and live music as well worth the pesos he leaves behind.

61% of U.S. consumers reported that they feel obligated to support their favorite restaurants by dining in more than usual when it’s safe to do so.

25% prefer to use a credit card to pay their tab

24% use cash

19% use debit/prepaid cards

IN-STORE SHOPPING

MILLENNIALS UPDATE WARDROBES

Maggie’s favorite places to shop include designer clothing consignment shops on Michigan Avenue. She buys clothes for work at a top department store. Cha-ching again with the credit card. Her favorite place for deals on hair care and beauty products requires a stop at the ATM for cash.

During COVID, 41% of Canadians frequented businesses offering loyalty and rewards programs more. Learn more.

“I get so much accomplished at my favorite store – maybe too much.”

IN-STORE SHOPPING

MILLENNIALS VALUE GREAT CUSTOMER SERVICE

Hikari’s busy schedule makes one-stop shopping at the department store for her family worth the trip to Namba station. Like her peers, Hikari values its excellent customer service and its variety of well-known brands. She checks out with her credit card.

“I wish retailers offered points / cashback in addition to the member benefits.”

IN-STORE SHOPPING

MILLENNIALS WANT MEANINGFUL REWARDS

Junior’s penchant for discounts continues at a local outlet store. Who cares if a server-sitting geek wears last season’s styles? Having more discerning taste, his wife Annika drags him and Junior II to the mall, where she has memberships at some of the stores.

“For now, I’m looking for brands that are good quality and a good price.”

IN-STORE SHOPPING

MILLENNIALS LOOK FOR TRUSTED BRANDS

Tomas’ tour guide uniform is supplied by the museum, enabling him to spend a limited amount on casual clothing in Bogota’s shopping district. Tomas pays with his debit card to keep a lid on his spending until he completes grad school.

Learn more about generational trends through specific country insights.

SETTLING UP

THE EARLIEST ADOPTERS SETTLE UP WITH DIGITAL

Maggie sits down with her mobile phone to pay her bills and reduce the number of red flags next to emails. Finished with the unpleasant task, Maggie texts Jen and Liz to meet her for a burger. Refusing to issue separate checks, the server hands Liz the bill. Maggie calculates her fair share and sends payment to Liz through a P2P app, linked to her debit card.

Tedious train rides afford Hikari the time to pay the family’s bills with her mobile banking app. This morning, Hikari stops by the ATM for cash to pay her share of a parting gift for one of her coworkers transferring to the Tokyo office.

35% prefer to settle up with friends in cash.

12% use bank transfers.

11% use debit/prepaid cards.

THE EARLIEST ADOPTERS PAY BILLS WITH MOBILE BANKING APPS

Junior takes pride in owning the latest and biggest smartphone. He puts it to good use, including paying bills through the digital-only banking app. The only hassle is settling up with friends who want cash, which entails getting a unique code and either picking up the money or paying ATM fees.

“One day nobody will bother with cash.”

7% use mobile wallets

4% use a P2P payment

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MILLENNIAL

MILLENNIAL

EARLY ADOPTERS, DROWNING IN DEBT

FITTED IN BETWEEN WORK AND FAMILY DEMANDS

Grocery shopping

Grocery shopping

Grocery shopping

TAKE THE CREDIT CARD ON HOLIDAY

CONVENIENCE OF CARD-ON-FILE

MILLENNIALS CHARGE ON

ONLINE SHOPPING

DEBIT FORTHE CREDIT WARY

SOMETIMES SPEED MATTERS

SOCIALIZING CALLS FOR THE CARD

CASH STILL MATTERS

Dining out

MILLENNIALS UPDATE WARDROBES

MILLENNIALS VALUE GREAT CUSTOMER SERVICE

MILLENNIALS WANT MEANINGFUL REWARDS

MILLENNIALS LOOK FOR TRUSTED BRANDS

THE EARLIEST ADOPTERS SETTLE UP WITH DIGITAL

THE EARLIEST ADOPTERS PAY BILLS WITH MOBILE BANKING APPS

Let’s reinvent smarter consumer experiences

DOWNLOAD the Generation Pay Insight