How Millennials Are Making Purchases

MILLENNIALS ARE MAKING PURCHASES FROM CASH TO BITCOINS, FIND OUT WHAT MILLENNIALS USE TO SHOP AND WHERE. CASH/DEBIT Young consumers overwhelmingly prefer plastic to paper, but debit cards are still relevant. PEOPLE WHO PREFER TO PAY IN CASH 6% GENERAL POPULATION 18% MILLENIALS IT'S COOL. SORRY, BRO. 39% I GOT YOU, 57% BRO. say they don't carry enough cash to repay a friend have let a cash debt owed by a friend slide 92% HAVE AN ACTIVE BANK ACCOUNT 28% OF MILLENNIALS PREFER TO PAY WITH DEBIT CARDS DEBIT CARDS ARE THE MOST POPULAR WAY TO PAY AT: Online shopping makes up more debit spending for Millennials than any other age group SUPERMARKETS 46% GAS STATIONS 37% 33% DISCOUNT SHOPS CREDIT CARD Young adults prefer credit cards the most, especially when going out, but rack up less debt than the previous generation. Average balance for younger cardholders dropped 68% FAVORITE 100% more popular PAYMENT METHOD for online shopping TOP WAY MILLENNIALS OF MILLENNIALS than debit PAY FOR: since 2001 34% Sit-down Restaurants 36% 33% Department Stores 2001 TODAY 2001 TODAY PAYPAL POPMONEY At $0.95 per use, more Millennials are turning to person-to-person (p2p) services and scrapping their checkbooks for casual transactions. With 2.9% transaction fees, it's no wonder eBay's largest subsidiary is unpopular with younger consumers. PLAYPAL IS USED IN: 67% of all Popmoney of supermarket and gas 1% transactions are rent station sales payments Another 25% goes of department store, fast food, and sit-down to entertainment and 2% restaurants restaurant transactions BITCOIN Anonymous, paperless, and untraceable, BitCoin is a rising star with young, tech-savvy consumers where privacy is concerned. HEY, BABY. Among the top 10 sites accepting BitCoin payments are: OKCUPID (#5) THE PIRATE BAY (#2) REDDIT (#3) WORDPRESS (#1) EMERGENCY SOURCES Millennials are not shy about using alternative means when strapped for cash. 45% 80% INSTANT CASH of Millennials have used payday loans, pawn shops, money transfers, and other think emergency credit options are at least somewhat important lOPEN alternative money sources within the past year 1/4 CITE FEWER FEES AS THEIR TOP REA SON FOR USING PAYDAY LOANS WHAT'S YOUR FAVORITE WAY TO PAY? SOURCES http://www.pewsocialtrends.org/2013/02/21/young-adults-after-the-recession-fewer-homes-fewer-cars-less-debt/ http://www.paymentssource.com/news/debit-credit-cards-withstand-the-assault-from-mobile-report-3015736-1.html http://newsroom.mastercard.com/2013/03/19/poll-how-do-you-think-the-cashless-generation-prefers-to-pay/ http://finance.yahoo.com/news/cash-check-text-americans-pay-130000657.html http://cdn.paymentssource.com/media/newspics/PSO091913.jpg http://cdn.paymentssource.com/media/newspics/PS_tsys20ct2013.jpg http://www.paymentssource.com/news/millennial-generation-a-vital-but-mixed-audience-for-payments-tech-3015792-1.html http://www.forbes.com/sites/jonmatonis/2013/05/24/top-10-bitcoin-merchant-sites/ http://www.usatoday.com/story/money/personalfinance/2013/06/13/millennials-banking-alternatives/2408861/ mint.com