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Millennials willing to give private information in exchange for benefits

Staff writer |
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).

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The difference is most prominent in the utilities (+37 points), healthcare (+28) and telecom (+13) industries.

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.

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.

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.

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.

J.D. Power released the first-ever Millennials Insight Report: The Customer Experience Perspective, defining the quintessential makeup and customer experience preferences of Millennials—those born between 1982 and 1994—to help companies understand, predict and satisfy the future wants and needs of one of the largest, most unique and ethnically diverse generations in U.S. history.

Considered the most comprehensive report on Millennials to date, the inaugural report is based on in-depth proprietary benchmark research, analyses and insights gleaned from more than 600,000 consumer responses (126,315 from Millennial consumers) and interviews with verified customers derived from nearly two dozen J.D. Power syndicated studies conducted in 2015 in the United States.

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