Market research indicates that Millennials love bargains and actively search for them. This group, born between 1980 and 2000, understands the effects of an up and down economy, and so the individuals want to know how to save a dollar.
What tactics do Millennials employ to stay as frugal as possible? Several strategies factor in.
One, social media is important to this generation. Millennials know social media well, and use it to communicate opinions, photos and even where to find the best bargains. Many individuals talk about some bargain or coupon in their social media status.
Two, Millennials go online and do their homework. Where is the best deal on a certain item? What is the best price on income tax filing? Turbo tax software is much more attractive to this group than the paid tax preparer.
Three, these young people know what they want to pay, and they stick to that price. If a merchant does not meet it, they will find one who does–whether it’s a brick and mortar store or a website.
Lastly, Millennials set a limit to their spending, and they stick to it. They look around for the best deal. Access to the internet facilitates this because comparison shopping is so easy online.