Retailers to Promote Store Credit Cards to Millennials

BY Rachel Cagle
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"Millennials have been the major spenders, and that trend is expected to continue, according to the TD Bank Retail Experience Index. According to TD’s research, millennials were the generation to make the most major purchases in the last year — four on average — and are the most likely to make another major purchase, defined as a purchase of $500 or more, in the next six months, says HFN Digital."

"Although millennials are leading the way, survey results showed spending is up across the board, with Americans spending $245 more per major purchase than in 2017, and the average price take for the most recent major purchase coming in at $1,884. And nearly 70% of Americans are planning to make a large purchase in the next six months, up about 10% for 2017."

"While they buy more, millennials are taking advantage of retail store credit cards. The average number of cards held by millennials is 2.9 vs. 2.5 for all shoppers. They also use their cards more frequently, using their cards 3.1 times per month versus 1.8 and 1.3, respectively, for Gen X and baby boomers."

'The myth that millennials aren’t out there putting money into the economy is just that — a myth,' said Mike Rittler, general manager of retail card services, personal lending and business development at TD Bank. 'Millennials are a discerning and price-​conscious set of consumers, and while it may not be easy to earn their business, retailers should take notice.'”

"One key to success is to generate brand loyalty. The survey found satisfied cardholders spend more than nonengaged customers — about $700 more on average for major purchases. And more than half of consumers (57%) pick the same brands when making major purchases."

When Potential Credit Card Switchers are looking to switch to something new, they do their research. According to AudienceSCAN, last year, 65.8% turned to the internet to research a product they were considering.

AudienceSCAN data is available for your applications and dashboards through the SalesFuel API. In addition, AdMall contains industry profiles on department stores and casual clothing stores, as well as lead lists at the local level. Media companies, sales reps and agencies can access this data with a subscription to AdMall from SalesFuel.