Survey on shopping behavior of American millennials! More than 70% of them cut spending amid high inflation!

According to a Roth MKM survey, 76% of millennials have cut back on spending due to rising prices for daily necessities and non-essentials. In addition, 45% of millennials have started buying more private label goods instead of branded goods.

Among millennial consumers, Nike, Adidas, Vans and Steve Madden are the most popular fashion footwear brands. Gucci is the most popular luxury brand.

The survey also found that of all millennials who buy online, 28% have signed up for auto-replenishment or a subscription on Amazon. On the other hand, 53% would prefer to buy directly from a manufacturer if a personalized service is offered.

The following are other key findings from the survey:

• Hello Fresh, Blue Apron, and Home Chef are the most popular food/meal subscription services.

• 40% of furniture-buying millennials purchased their last piece of furniture or home furnishings online and had it delivered to their door

• Millennials cite Serta, Purple, Sealy, Ikea and Sleep Number as the mattress brands that best meet their needs.

• 64% of millennials said they would buy health and wellness products because of the impact of the epidemic.

• 20% of people are buying more energy drinks and the number of people looking for "healthier" drinks has increased by 56%.

• 61% of millennials are returning to traditional fitness clubs.

• 16% of pet-owning millennials subscribe to online services for their pets, with Rover and Wag! being the top pet services marketplaces.

“Health and wellness, along with convenience, have become even more important to millennials since the pandemic began,” said Paul Zaffaroni, managing director and head of consumer investment banking at Roth MKM. “Consumer brands that adapt to these changes will continue to receive premium valuations from institutional investors and strategic acquirers.”

Matt Koranda, managing director and senior research analyst at Roth MKM, added: “While millennials are returning to more normal pre-pandemic behaviors, they are clearly feeling significant inflationary pressures across the consumer spectrum. Our survey shows that millennial consumers remain willing to spend money on innovative brands, products, and services that meet their unique needs.”

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