Millennials are generally more satisfied consumers than Baby Boomers, according to a new study on the behavior of Millennial consumers from J.D. Power. Millennials ranked five points higher than Boomers on a 1,000-point scale in consumer satisfaction, with the difference most prominent for the utility, healthcare and telecom industries.
The findings are from J.D. Power's new Millennials Insight Report: The Customer Experience Perspective, which is based on proprietary benchmark research, analyses and insights gleaned from more than 600,000 consumer responses (126,315 from Millennial consumers) and interviews with verified customers derived from nearly two dozen J.D. Power syndicated studies conducted in 2015 in the United States.
When confined to the travel and leisure industry, however, Millennials scored 10 points lower than boomers in overall satisfaction, just below financial services and above buying a car and buying car insurance.
Of special note to travel agents and travel providers: While Millennials may rate high in overall satisfaction, customer service is still critical for maintaining their loyalty, according to the study. Millennials have the lowest tolerance for errors of any other generation studied, although they are substantially more likely than Boomers to reuse a service if a problem is resolved fully.
Value for money is also critical for Millennial travelers, as they are most likely to make a purchase decision based on this category. They are less concerned about privacy than other generations surveyed, but they are more optimistic in general about the economy and their own personal financial outlook.