Generation Why Wait: Millennials spend more to wait less
Featured
The global "Me Culture" phenomenon has found that consumer patience is wearing thin, and US adults, particularly millennials, are willing to pay up to 40 percent over regular prices to speed along their services and experiences.
Santa Clara, C.A.-based cloud database company Datastax recently released a survey showing just how much we are prepared to pay for our instant gratification.
Also: Top 5 things to know about working with Millennials TechRepublic
It engaged The Harris Poll to poll over 5,000 adults in April 2018 from the US, UK, Germany, and France.
The survey showed that almost seven out of 10 (69 percent) international adults are willing to spend extra to reduce their wait times for services they care about. They will shell out, on average, 21 percent extra to reduce their wait.
US adults are by far the most willing to pay a premium on price -- on average, they will pay up to a third (29 percent) more than the asking price.
Also: Where do millennials go for digital media and content?
UK adults will pay a premium of 23 percent, and France will pay up to 18 percent more, whereas Germany will only pay up to an additional 15 percent. In the US, millennials (age 18 to 34) who are willing to pay more, on average, will pay 40 percent over the regular price.
It is not all about money either. Adults are more than willing to share personal data too. Over half (53 percent) of US adults are more willing to share their personal data with a company that personalizes its services or products based on that data.
However, adults outside of the US are slightly more cautious. In the UK, 43 percent)will share data, followed by Germany (39 percent), and France (36 percent).
Almost two out of three (64 percent) US-based adults also chose digital resources over their significant other when seeking recommendations for products or services.
They were twice as likely to cite social media as one of the best sources for recommendations (32 percent) compared with adults in France (14 percent) and Germany (17 percent).
Also: Generic Millennial Ad throws every cliche into a commercial CNET
Millennials have less patience than other generations in situations such as food delivery and waiting for the arrival of car service. It is important for marketers to understand how to optimize their businesses to keep their businesses thriving in this new wave of personalization.
The Me Culture is redefining how services must adapt to a millennial's immediate and urgent needs -- and adjust their pricing accordingly.
Previous and related coverage:
Average time to resolve problems is three times higher than customers want
A recent AI customer experience study shows that, although businesses have invested in AI solutions, customers are not happy.
Tech habits of college students reveals surprises with Generation Z
What trends has Generation Z (Gen Z) adopted, as 16 million Americans go back to their campuses? A new survey from UNiDAYS gives some insights.
Where are the best cities for millennial entrepreneurs to start businesses?
Half of all millennials move abroad for work opportunities -- so where is the best place for them to start a business? A new list reveals where to go.
Millennial tech buyers need to trust brands before purchasing IT
Millennials are influenced by a mix of brand and product attributes, so brands need to use different tactics to reach and engage them.