New research shows 48% of men say they buy everything on their credit card so they can get the reward points versus 38% of women. In general, 46% of men have signed up for cash back offers on their bank/credit card to get money back for shopping at certain locations, versus 40% of women.
Mindshare North America, the global media agency network that is part of WPP, has released new research on the different methods consumers use to get discounts through e-commerce, as well as their credit card habits. The research was led by Shop+ (the agency’s dedicated retail unit) using The Pool (Mindshare’s proprietary research tool).
Today’s consumers, particularly millennials, deploy a wide range of creative tactics to get deals online. More than one-fourth of millennials (26%) have faked their birthday when signing up for newsletters in hopes of getting a discount on their purchase. For the total adult population surveyed (referring to the total survey of anyone ages 18 and above), that number drops to 17%. And when shopping online, 47% of millennials will intentionally leave items in a “shopping basket” in hopes of receiving a discount from the store (versus 37% of the total adults).
Browser histories play a role as well: 31% of millennials will clear their Internet history to bring down flight fares (versus 23% of the total adults). And when looking to buy something online, 39% of millennials will clear their Google search history to get the best price (versus 31% of the total adults).
For travel specifically, 61% of millennials try to purchase tickets for upcoming trips on days when they believe prices are lower (e.g. Tuesdays). For the total adults, that number is 48%. And, 22% of millennials have consultants to manage their frequent flyer numbers/miles for them (versus 15% of the total adults).
For more product-based purchases, 36% of millennials share an Amazon Prime account with their friends so that they can get free shipping (versus 24% of the total adults). And overall, 36% of millennials have multiple email addresses, one specifically for shopping online. It’s the same percentage for people ages 35-54, and then 30% for the total adults.
In general, consumers are also willing to wait brands out in order to get a good deal. When they find things they want to buy, 64% of the surveyed population will wait to buy until it goes on sale. The percentage only varies by a few points across age groups – 66% for both millennials and those ages 35-54.
On top of that, 39% of millennials sign up for price tracking services to get an email when prices drops on the items they want to buy. For the total adults, that number is 30%. And more than two-thirds (70%) of millennials search around online for promo codes before buying anything online so that they can get a better price. For the total adults, that number is 59%.
There’s a natural side effect to this behavior: 64% of millennials feel like they’re always waiting on buying what they want because they know it will go on sale. For the total adults, that number is 52%.
More than three-fourths (77%) of women sign up for loyalty to programs to get discounts, while the figure is 67% for men.
Finally, Mindshare NA also explored what consumers don’t love about the e-commerce space. More than half (58%) of millennials say that their email is too cluttered with promotional emails from stores they’ve purchased things from. The number is 49% for the total adults.
And, 68% of millennials say that after they’ve searched for a product, it’s annoying to see online ads for that product repeatedly (versus 64% of the total adults).
For data, background and forecasts on Credit Card Rewards: Search CardWeb.com’s CardFlash® Library of more than 58,000 archived articles; Access CardWeb.com’s CardData® for current and historical Performance, Portfolios, Profiles, etc. Visit RAM Research® (ramresearch.com) for quarterly and annual forecasts covering more than 150 metrics. [complimentary or deeply discounted access to CardWeb.com subscribers].
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