Millennial Shopping Report: A Mobile, Rewards-Driven Generation
Ibotta uncovers the best days to purchase rose, avocados and more
Ibotta, a popular shopping app headquartered in Denver, announced the findings of its Millennial Shopping Report, offering tips and tricks for consumers before the 2107 holiday season kicks off. The Colorado company is releasing to coincide with its first “Ibotta Days” pre-holiday event, and to mark a milestone: $250 million in cumulative cash rewards to its users.
Ibotta company partners with leading brands and retailers to offer cash back on mobile-enabled purchases online and at brick and mortar stores. Launched in 2012, Ibotta has more than 23 million downloads, and is one of the most frequently used shopping apps in the country.
Starting November 3, for a limited time, Ibotta will increase its user rewards by 20 percent on all redeemed purchases made through partners in its newly expanded Mobile Marketplace, featuring brands such as Houzz, Jet.com, Nike, Postmates, Target.com, Ulta and more.
“Shoppers spent more than $12 billion via mobile devices during the 2016 holiday shopping season, and we want to help them stretch their budgets further this year,” says Bryan Leach, founder and CEO of Ibotta. “Through our first-ever ‘Ibotta Days’ event, shoppers can more than double their cash-back earnings on gifts, food, drinks and more, well ahead of Black Friday.”
BEST DAYS FOR MILLENNIALS TO BUY
Researchers at Ibotta aggregated and anonymized a sample of approximately 65 million item-level purchases during the past five years, analyzing the average price per item on a weekly basis, and looking at various demographic and geographic characteristics.
Ibotta’s data team discovered millennials are the app’s fastest-growing demographic – increasing by 11 percent since the beginning of 2017, now account for more than 53 percent of users. These rewards-driven, mobile-first consumers have quickly seized the title of “Savviest Shopping Generation,” and Ibotta identified the best days to save money on the items millennials buy the most.
For its Millennial Shopping Report, researchers compared the shopping behavior of various age groups and found that, for example, millennials buy wine at a faster rate than their generational counterparts. Overall, wine redemptions within the Ibotta app grew more than 80 percent in the last year alone, with millennials purchasing rosé 1.3 times more often than other generations. The data identified the best days to save on rosé and other millennial items, including:
- Avocados – 25 percent cheaper on Wednesday vs. Sunday, the worst day to buy.
- Coffee – Eight percent cheaper on Wednesday vs. Sunday, the worst day to buy.
- Craft Beer – 14 percent cheaper on Thursday vs. Sunday, the worst day to buy.
- Hot Sauce – 11 percent cheaper on Friday/Saturday vs. Sunday, the worst day to buy.
- Kombucha – 16 percent cheaper on Wednesday vs. Tuesday, the worst day to buy.
- Quinoa – 15 percent cheaper on Thursday vs. Monday, the worst day to buy.
- Rosé – Nine percent cheaper on Wednesday vs. Tuesday, the worst day to buy.
“We strive to make shopping simple, personalized and immediately accessible from your mobile device,” Leach said. “In just five years, American consumers have earned more than $250 million in cash rewards using our free app, and we hope that this Millennial Shopping Report will further inform smart purchasing decisions by all shoppers, regardless of age.”
Ibotta researchers found millennials spend more money at higher-end grocery stores than other generations, preferring to source their hauls from retailers such as Whole Foods, Sprouts and Fresh Market, 35 percent more often than other generations.
This savvy-shopping generation also frequents nutrition stores, such as GNC and Vitacost, 33 percent more often, and beauty stores such as Ulta. Costco and Target were favored big box stores, with millennials 14 percent and 23 percent more likely to shop at the stores, respectively, compared with other generations.
Where are millennials shopping the least?
Though millennials are mindful of saving money, they shop least frequently at dollar stores, pharmacies, arts and crafts stores, home improvement outlets, footwear and apparel stores.