yconic’s June 2015 survey of its youth research panel covered a number of areas including students financial situation, access to financial aid, stressors, and purchase influencers, of which key findings are reported below.
1,256 respondents participated in the online survey: 50% are ages 15-18, 32% ages 19-24, and 18% ages 25-34.
yconic’s featured report, The Millennial Shopper, provides an in-depth look at the purchase influencers of the 19-34 year old cohort exclusively.
Purchase Influencers (ages 15-34):
- The majority of research into new products and services involves price comparisons (73%), reading customer reviews (71%), comparing the quality of products (62%), going to a brand’s website (56%), and getting a friend’s opinion, in person (51%).
- Desktop/laptop are the devices used the most to research new products and services (93% of respondents), followed by smartphones (71%), and tablets (21%).
- 49% of respondents used a smartphone to get shopping related information while shopping in the past 3 months.
- 58% made a purchase on a desktop/laptop and 20% on a smartphone or tablet in the past 3 months.
- One quarter (26%) reported using a smartphone/tablet 1-5 times to make a purchase in the past 3 months.
- The top reasons for using a smartphone while shopping are: to compare prices (62%), read reviews (57%), check for discounts (53%), find the closest store location (51%) and look at competitive products/services (44%).