Generation Why Wait: Millennials Spend More to Wait Less

By  | ZDNet |

The global “Me Culture” phenomenon has found that consumer patience is wearing thin, and US adults, particularly millennials, are willing to pay up to 40% over regular prices to speed along their services and experiences.

Santa Clara, C.A.-based cloud database company Datastax recently released a survey showing just how much we are prepared to pay for our instant gratification.

It engaged The Harris Poll to poll over 5,000 adults in April 2018 from the US, UK, Germany, and France.

The survey showed that almost seven out of 10 (69%) international adults are willing to spend extra to reduce their wait times for services they care about. They will shell out, on average, 21 percent extra to reduce their wait.

US adults are by far the most willing to pay a premium on price — on average, they will pay up to a third (29%) more than the asking price.

UK adults will pay a premium of 23%, and France will pay up to 18% more, whereas Germany will only pay up to an additional 15%. In the US, millennials (age 18 to 34) who are willing to pay more, on average, will pay 40% over the regular price.

It is not all about money either. Adults are more than willing to share personal data too. Over half (53%) of US adults are more willing to share their personal data with a company that personalizes its services or products based on that data.

However, adults outside of the US are slightly more cautious. In the UK, 43%) will share data, followed by Germany (39%), and France (36%).

Read more at ZDNet.