CouponFollow (www.couponfollow.com) has released a report exploring the behaviors and motivations of Millennial smartphone shoppers. The Millennial Smartphone Poll surveyed 1,015 young people between the ages of 20-35 to uncover key factors that influence the purchasing behavior of America’s largest generation.
The poll states that the majority of Millennials are satisfied with their current smartphone and that 89% plan to purchase their next phone from their current brand. However, many Millennials are unwilling to pay a high price for their next device. When participants were asked to estimate how much they would spend for a new smartphone, 68% said they would pay $500 or less. Additionally, only 14% claimed they’d be willing to spend more than $700.
“This generation’s brand loyalty is off the charts when it comes to smartphones,” said Michael Parrish DuDell, chief strategy officer at CouponFollow. “However, many companies run the risk of alienating their most passionate consumers with an exorbitant price point. With rumors that the iPhone 8 and Galaxy Note 8 could break the $1,000 barrier, Millennials may be left with no choice but to jump ship.”
Key survey findings include:
° 97% of Millennials currently have a smartphone, with the Apple iPhone (51%) and the Samsung Galaxy (24%) ranking as the two most popular brands.
° 47% of Millennials will purchase a new smartphone in less than one year.
° The maximum amount the average Millennial is willing to spend on a new smartphone is $513, with Apple iPhone owners willing to spend $73 more ($583) and Samsung Galaxy owners willing to spend $2 less ($511).
° 57% of Millennials will wait for discounts from their favorite brand before purchasing a new smartphone.
Participants of The Millennial Smartphone Poll embody a broad geographic and economic scope. Representation is evenly split amongst those who identify as male or female (51% and 49%, respectively). Data was collected in August of 2017 with a margin of error of less than 4%.