J.D. Power just released its Millennials Insight Report*, which provides a 360-degree perspective on what people get right – and more frequently wrong – when considering the preferences of this group.
The full report contains a wide range of data points and analyses that capture Millennials’ Voice of the Customer experience, covering such business segments as automotive, banking, credit card, hotel, wireless, investments, primary mortgage and health insurance, as well as Internet and media usage.
Following is a sampling of the report’s highlights from the Press Release:
Breakthrough Report on Millennial Generation Captures Data from More Than 600,000 Survey Respondents across 15 Different Industries
- Millennials Are Not as Fickle or Anti-Establishment as You Think: Overall, across the 15 industries studied, Millennials are generally more satisfied consumers (5 points higher, on average, on a 1,000-point scale) than Boomers (born 1946-1964). The difference is most prominent in the utilities (+37 points), healthcare (+28) and telecom (+13) industries.
- Customer Service Is CRITICAL to Millennial Loyalty: Millennials have the lowest tolerance for errors and delays of any other generation studied—they simply expect things to work. However, when there is a problem and it is resolved fully, Millennials are substantially more likely than Boomers to reuse a product or service.
- Value for Money Is King: The secret to Millennial satisfaction? It’s value for money. Unlike other generations that tend to buy things for status, image or brand loyalty, Millennials are most likely to make a purchase decision based on value for money—across virtually every product category.
- Privacy—What’s in it for Me?Millennials are less concerned than other generations about privacy. They accept the erosion of privacy as inevitable and are generally willing to have their information collected if it comes with benefits in the form of targeted offers and personalized services.
- Optimism Abounds: Despite having lower accumulated wealth, less income and higher debt than other generations, Millennials are much more optimistic about the economy and their own personal financial outlook.
*Accessing the 2016 U.S. Millennials Report The Millennials Insight Report is available, at no charge, exclusively to J.D. Power benchmark study subscribers and key clients.