What do you know about your Millennial Customer?

by Vending Marketing Manager
Vending Marketing Manager
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on 2015-05-18 in | 0 Comments

There are a lot of things you might already know about Millennials. They share socially (i.e. last weekend's epic meal that was sourced from farm to table), they use Uber, always being connected gives them immediate access to information , they want to be engaged with the brands and retail outlets they buy from, they've delayed everything from marriage and children to leaving their parents' health insurance plans. They prefer cities to suburbs and generally have more liberal social values. They've also become synonymous with the selfie and will soon become the largest demographic of consumers.

While all these traits are fairly common knowledge by now, one recent study highlighted a new statistic on Millennial preference. A Creditcard.com study showed that 36% of Millennials have never owned a credit card! ** If you read the article where this statistic was illuminated, the reasoning behind this 1/3 population makes sense. The Millennial consumer is more risk adverse, grew up with stricter credit card application policies, and has an absorbent amount of student loan debt.

So while we're all sprinting to install the latest technology onto our vending machines to appeal to this mobile, interactive consumer we might also need to take a step back and make sure that we've also got the right payment systems in place to also accept cash from these powerful patrons who have an notable affinity for it. On any given Monday, this consumer might prefer to use their prepaid card, debit card or cash, so will your machine take what they have? Catering to this growing influential consumer might be a smart choice.

** http://www.usatoday.com/story/money/2015/04/15/a-third-of-millennials-have-never-had-a-credit-card/25777653/