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How Businesses Are Reaching Price-Sensitive Millennials | My Total Retail

Millennials are so price sensitive and deal conscious that they’ll even buy gift cards online for a percentage of the face value as a way to save extra money. It’s the chase for a deal that keeps them going.

Some of the price sensitivity in millennials is bred out of need. Those between the ages of 25 and 34 have an average of $42,000 in debt each, which means large monthly payments for student loans, credit cards and vehicles. To make their budgets work, these millennials are forced to be highly price sensitive for consumer products.

Another driving factor in price sensitivity is the unique nature of the online marketplace. Millennials have been raised in an environment where they have unlimited information and plenty of options available at their fingertips. In essence, there’s no reason to overpay for a product from one company when it can easily be purchased for less from another company.

Reaching Price-Sensitive Millennials
For businesses that don’t want to compete on price, the high price sensitivity of millennials is alarming and frustrating. It creates lots of questions and challenges, but it also opens the way for opportunity. This segment of the market can be reached — but you’ll need a plan. Here’s how some businesses can reach price-sensitive millennials:

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How Businesses Are Reaching Price-Sensitive Millennials.