“Millennials would rather be well-rounded than financially wealthy. They are motivated by new experiences, and are willing to save to make these a reality,” says Lauren Greschner, Event Head, Millennial 20/20 summit.
The summit, which takes place at Carriageworks in Sydney in November aims to shine a light on the spending habits and rising expectations of the world’s first generation of digital natives.
According to Greschner, millennials are disrupting the way Australians do business. From tap ‘n’ go to Afterpay, this tech-savvy on-the-go generation is redefining consumer culture, changing spending habits and behaviour patterns.
“Millennials demand to be treated as individuals. Their wants and needs adapt quickly and they expect companies to not only keep up, but predict their future needs. They aren’t afraid of trying alternatives and also they won’t think twice about spending their purchasing power with companies that share and communicate values on social issues,” said Greschner.
Nick Molnar, Co-Founder and Head of Afterpay – a retail payment offering that reinvents the traditional layby service for a new generation, by allowing the customer to receive the product and then pay it off, recognises the impact millennials are having on retail sales.
“Australian millennials are financially responsible adults and savvy spenders looking to secure their next fashion purchase or travel adventure today. A product like Afterpay gives customers time, rather than finance, to pay with their own money for the things they like, while also providing an essential budgeting tool that can assist and encourage responsible spending.
And whilst economists could write a doctorate on the millennial passion for avocado on toast, Molnar says far from being frivolous spenders, millennials are budget conscious and know how to handle their money.
“Nearly three-quarters (73%) of Afterpay’s customer base are millennials and in our recent survey, we found most millennials stick to a budget, spend hours researching their purchases, and are more inclined to spend their own money than use a credit card. In fact, 85% of Afterpay transactions are via a debit card,” said Molnar.
Greschner agrees: “Housing affordability is a key issue and they are looking for money saving solutions so they can create both long-term wealth while also enjoying new experiences such as international travel.”
If you want to get the lowdown on Millennials and develop a strategy to engage with millennials don’t miss Millennial 2020 at Carriageworks Sydney November 14-15. www.millennial20-20.com/sydney2017