So what does this generation born between 1981 and 1996 actually like? The people over at Roth Capital Partners questioned 2,500 of them for its eighth annual millennial survey to find out.
Most millennials are fans of Amazon Prime, reusable water bottles and dairy alternatives, the survey found.
Seventy-three percent of millennials are Prime members, 74 percent own reusable water bottles or tumblers — YETI, Hydro, Flask and Contigo are the most popular brands — and about two-thirds of millennials use dairy alternatives. More than half of millennials said they were willing to pay a 10 percent premium for socially responsible brands.
“Millennials are seeking brands that share their values and speak to them directly in a personalized manner,” Paul Zaffaroni, managing director and head of consumer investment banking at Roth, said in a press release. “Institutional investors and strategic acquirers are actively pursuing these brands and have been willing to pay a premium for them.”
Some of those popular brands include Nike, Adidas and Vans for footwear, and Gucci for luxury goods, the survey found. For mattresses, millennials like Serta, Sealy, Tempur-Pedic, Purple and Casper.
The most used subscription service is Dollar Shave Club, Marketing Daily reported, based on the survey results. That was followed by Chewy and Target, and Ipsy for women and Stitch Fix for men.
Millennials have unique shopping habits too, according to the study.
Nearly half of millennials — 45 percent — have purchased apparel from brands they first discovered on Instagram. Among millennials who shop online, 63 percent said they prefer to make returns to a physical store. And 76 percent of them said they then stay to shop after making an in-store return.
“Millennials will make up nearly three-quarters of the workforce by 2025 and are rapidly redefining consumer patterns,” David Bain, managing director and senior research analyst at Roth said in a press release. “Investor awareness and study of millennial consumer behavior and preferences is an essential factor to projecting business earnings and setting valuations.”