To Buy or Not to Buy? Millennial Women and Big Ticket Items
The Question
How do women decide whether or not to purchase a big ticket item?
Background: Motivate Design would like to better understand what individuals classify as a big ticket item in order to better understand how they justify spending their money and what they feel is worth the spend.
Method
Insider Insight 2-Week Sprint
Who We Talked To
10 Insiders had a conversation with a Connection, a millennial woman who almost bought a big ticket item but decided against it, in order to uncover opportunity spaces for players across verticals.
10 women
5 states
Ages 23-35
Millennial Women
… control or influence as much as 85% of overall US spending power
… represent a market of approximately $170 billion
… have significant influence – and in many cases final authority – over household purchase decisions
“Just seeing it become so like mainstream also kind of made me feel like most of the people carrying this bag probably shouldn’t be carrying this bag, myself included. You should only spend $4,000 on a bag if you’re liquid worth, [which] to me personally, is $400,000. I should only spend 1% of my worth on something as ridiculous as a bag not like 10%, or whatever, you know.”
– Jennifer (34) Director of Finance
Results
Comprehensive understanding of purchasing decisions for millennial women
Key findings that can validate and challenge assumptions for products, services and brands
Ideation on actionability for different stakeholders across verticals, such as financial institutions, luxury retailers and airlines
Creative and strategic analysis to drive next-steps
Next Steps
Insider Insight 2-Week Sprint
Friendship Groups
Ready to Collaborate?
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