Millennials Open to Buying Non-Financial Services From CUs
A survey of more than 2,000 consumers shows millennials seek services bundled at an attractive price.
Millennials would buy or consider buying non-financial products from credit unions or banks, according to a survey of more than 2,000 consumers by Cornerstone Advisors.
The Scottsdale, Ariz.-based consulting group asked consumers whether they have or would like to have non-financial services such as mobile phone damage protection; roadside assistance; prescription, vision and hearing discounts; personal/family data storage; ID theft protection; travel/trip insurance and child identity theft protection.
Cornerstone also asked consumers what companies they would buy or consider purchasing from if these services were bundled at an attractive price.
Among older millennials (ages 31 to 38), 40% said they would buy a package deal from either a credit union or bank, while 48% said they would consider it and 12% said they wouldn’t, according to the Cornerstone survey.
Credit unions and banks came in second only to Amazon. Fifty-two percent of older millennials said they would purchase a bundle deal from the giant online retailer and 40% said they would consider buying from Amazon.
Coming in third was Apple, fourth PayPal, fifth a mobile phone provider, sixth Google, seventh a credit card provider, eighth Facebook and ninth Venmo.
However, among younger millennials, (ages 22 to 30), credit unions and banks fell to the No. 3 spot.
Thirty percent of young millennials said they would buy a services bundle from credit unions or banks, while 44% said Amazon, 32% Apple, and 30% PayPal, the Cornerstone survey reported. Nineteen percent of younger millennials said they would not buy a bundle package from a credit union or bank.
Twenty-seven percent of younger millennials said they would buy a package deal from Google, a mobile phone provider (25%), a credit card provider (24%), Facebook, (18%) and Venmo (13%).
Nonetheless, 51% of younger millennials said they would consider purchasing services bundled from a credit union or bank. Interestingly, that percentage is higher than Amazon (43%), Apple (37%), PayPal (39%), Google (46%), a mobile phone provider (44%), a credit card provider (46%), Facebook (28%) and Venmo (24%).