Millennials Spend More Time Researching Before Shopping
Approximately half of millennials (47 percent) spend one to three hours researching their finance options before making a major purchase, which is on par with Gen X respondents.
However, millennials are more likely to spend seven or more hours researching finance options than older buyers. Twenty-three percent of millennials said they spend seven or more hours doing research, while only 10 percent of shoppers age 35 and older said they do.
"It has to do with their online use, their social media activity where they're sometimes crowd-sourcing feedback on a product, retailer or brand, and with their nature to seek out the best deal," said Mike Rittler, head of TD Retail Card Services and interim head of U.S. Partnerships.
"Millennials, on the whole, are not impulse shoppers," he said. "They like to research, they like to feel confident that the retailer and brand align to their values, and they want to make sure they're getting the best price for an item, so they leverage a lot of channels in order to find this information."