New Study Reveals Millennials Embrace Crypto for Shopping as Adoption Surges
A recent study reveals that U.S. millennials are increasingly turning to Bitcoin and cryptocurrencies for everyday purchases, marking a significant shift in how this demographic engages with digital finance. According to the Millennial Shopping Habits trend report by Coupon Follow, 42% of American millennials have used cryptocurrency to buy goods or services in the past year, a 12% increase from 2022. With 53% of millennials now owning some form of crypto, this group is at the forefront of adopting emerging financial technologies.
The study, which surveyed 1,185 U.S. millennials, highlights the growing comfort with crypto as a payment method. Notably, 8% of respondents use cryptocurrency whenever possible, while 14% make occasional purchases with it. Men are more likely to engage with crypto, with 66% owning digital assets compared to 45% of women. Middle-aged millennials lead the pack, with 58% owning crypto, followed by younger millennials at 56% and older millennials at 45%.
Crypto Spending Patterns and AI Integration
Diving deeper into spending habits, the Coupon Follow study shows varied levels of crypto use among millennials. Around 4% of respondents made more than 10 crypto purchases in the past year, while 15% completed between six and 10 transactions. A significant 45% used crypto for two to five purchases, though 20% of participants did not use their digital assets for shopping at all. Additionally, 20% rarely use crypto for purchases, and 11% hardly tap into it, suggesting that while adoption is growing, some millennials remain cautious about using crypto in retail settings.
Beyond cryptocurrency, millennials are also embracing artificial intelligence to enhance their shopping experiences. The study found that 54% of respondents plan to use AI for online shopping in the next 12 months, with men (60%) showing more enthusiasm than women (50%). This dual adoption of crypto and AI underscores millennials’ openness to innovative technologies that streamline financial and retail interactions.
The rise in crypto use for purchases reflects broader trends in financial technology adoption. As digital wallets and payments become more accessible, millennials are leveraging these tools to navigate an evolving economic landscape. The Coupon Follow study aligns with prior research indicating that this age group values flexibility and innovation in their financial dealings.
As cryptocurrency gains traction as a viable payment option, its integration into mainstream retail could further accelerate. For now, millennials are leading the charge, blending crypto with emerging tools like AI to redefine how they shop and navigate themselves online. This trend signals a broader shift toward a tech-driven financial future.