Recent consumer trends within the nation's youngest adult demographic suggest grocery stores can benefit from installing coin counting machines on site. Millennials, who range between the ages 18 and 34, have proven to be some of the most fiscally conservative spenders. By saving money and setting aside a smaller portion of income for personal spending, these individuals are constantly looking for ways to make smarter financial decisions. Businesses in the grocery industry can attract a more budget-conscious clientele by providing self-service amenities that make it possible to convert coins saved in jars into cash that is ready to use.
The global marketing intelligence firm Black Rock cited a report from UBS Wealth Management on its blog that found an average 52 percent of millennials are setting aside their savings in cash as opposed to risky investments. This is more than double the average for other demographic groups. Garland Perkins, a sales and marketing manager with The Oppenheimer Group, wrote in the online publication The Packer about how young adults are also practicing greater fiscal responsibility when it comes to buying food. Rather than spending money on restaurants, Perkins argued that more millennials are taking an interest in cooking to create new savings opportunities and live a healthier lifestyle.
These trends all have unique implications for grocery stores. If young consumers are already taking more trips to supermarkets to purchase food, these establishments can increase foot traffic even further by offering self-service coin counters that satisfy consumer financial concerns. Shopping at a grocery store that offers a wide variety of amenities will likely allow customers to feel as though they are being more productive. Setting aside coins in a jar, using an automated machine to turn that change into cash and ultimately spending that money at the grocery store is a rare convenience for budget-conscious individuals. As a result, these tools can leave a strong impression on both new and existing clientele.
March 17, 2014