Often referred to as “tech natives” because they grew up online and using devices, Millennials were born between 1977 and 2000.
And in addition to being comfortable with online purchases, Millennials love to save money.
Maybe it’s because college and housing have grown so expensive or maybe it’s because they prefer experiences over things. But either way, Millennials know how to shop smart.
Here’s how they’re doing it in case you want to steal a few plays from the Millennial Savings Playbook.
1. Downloading Paribus and getting cash back for price drops.
Millennials know that Paribus is free and easy for anyone to use — just download the Paribus app, set it up, and then forget about it until Paribus tells you it’s time to request a price adjustment.
When items you buy at popular stores like Target, Old Navy, Costco or more go on sale within each store’s price adjustment period, Paribus will help get you the difference back!
Paribus compensates us when you sign up for Paribus using the links we provided.
2. Using paper coupons — it’s true! Millennials use the most paper coupons.
Millennials are not afraid to learn how to coupon because they know they can save up to 70% on grocery and household items, resulting in more money to spend on experiences and things they love.
3. Looking for promo codes when they’re shopping online.
They also know how to stack coupons and which online retailers allow them to use multiple promo codes in one purchase. (Spoiler alert: Kohl’s is our favorite — stack up to four promo codes at a time!).
4. Choosing generics or store brands over brand names.
Millennials aren’t brand loyal for the sake of being brand loyal.
If there’s a generic product or a store brand that tastes just as good as the higher-cost brand name, they’ll buy the generic.
It goes back to the desire to save money in order to spend it in ways that are more aligned with their values.
5. Shopping online outlets like 6pm.com, J.Crew Factory and REI Outlet.
Since they’re less skeptical about e-commerce, Millennials are more likely to buy from off-beat discount outlets online.
And retailers know this! Many of them have created discount outlets from their own brands (Hi, J.Crew and REI) in order to attract Millennial shoppers with savings they couldn’t get from the full-line stores.
Also, Millennials know how to find online stores like 6pm.com (owned by Zappos, which is owned by Amazon for any skeptical Gen-Xers or Boomers).
They’re saving 50-90% on brands like The North Face and Joe’s Jeans.
Learn how to shop 6pm.com like a Millennial.
6. Using a grocery app to find savings at stores like Target and Kroger.
Millennials are getting up to 50% savings by scanning Target Cartwheel offers at the register when they buy certain beauty, baby and grocery items.
Kroger offers manufacturer and store coupons inside its app. (Fred Meyer app, Fry’s app — whichever Kroger store is in your area.) And they offer a freebie most Fridays — just look for the “Free Item” digital coupon inside the app.
7. Scanning or taking a picture of receipts to earn cash back from apps like Ibotta.
Just select which offers you want to redeem and then once you’ve bought them, scan or upload a picture of your receipt to the app.
Most rebate apps send money within 24 hours to your PayPal account.
8. Signing up for subscription services to save time and avoid a trip to the store.
For Target, get 5% off when you set up a subscription and an extra 5% off if you pay with your Target REDcard (it’s a card connected to your checking account). That’s a total of 10% off.
9. Reading online reviews before making a purchase.
Millennials believe in giving feedback when they love something and when they don’t, so they instinctively trust product reviews.
In the long run, being happy with a purchase from the start saves time and money.
TIP: Not ready to trust product reviews yet? Use FakeSpot to find out which Amazon products have trustworthy reviews and which don’t.
10. Sending Amazon purchases to an Amazon Locker for later pickup.
This may be more of a convenience play because it doesn’t cost any more or less to select an Amazon Locker as your delivery point.
But Millennials prefer Amazon Lockers because they can pick up their package at their own leisure.
Since they do so much online shopping, chances are good they’re picking up a stash of packages when they stop by the Locker.
If you’ve ever looked for the lowest price on an airline or hotel, you’re a travel shopper.
Guess who does this in the most savvy way thinkable?
12. Renting products like designer handbags instead of buying them.
Millennials are using online services like Rent the Runway to rent handbags, formal dresses and more.
So, instead of purchasing a $245 Kate Spade handbag, they might rent it for four days and pay $40.
This is ideal for events or trips that require something fancy that they don’t want to fork out the cash to purchase.
13. Not paying for cable TV or a landline — instead using mobile phones and streaming services like Netflix.
They know there are plenty of ways to watch TV without paying for cable.
14. And they’re sharing TV streaming services with friends and family.
. . . Millennials may not even be paying $30 per month either, because most of them are sharing Netflix, Hulu and Amazon Prime accounts.
Yes, it’s totally legal and when you get three families paying for just one service and sharing all of them, you may draw the Netflix stick from the pack and only end up paying $12.99 per month!
15. Choosing to shop stores with good loyalty programs like Ulta’s Ultamate Rewards.
While not exactly brand loyal, Millennials will show retailers the love if that retailer is offering significant discounts, coupons and sales to reward loyalty.
When you can get up to 5% cash back for shopping at a certain store, it’s easy to see why that store quickly moves up the list of favorites.