Millennial-minded consumers changing the game in banks' credit card push

A LOT has been said and discussed about millennials and their lifestyle habits and preferences. Brands are constantly strategising how they can better reach and engage these digital-first consumers. With millennials making up 22 per cent of Singapore's resident population, it's no surprise that businesses find themselves under pressure to rethink everything, be it in the way their products and services are marketed, to how talent can be recruited and retained.

But businesses do themselves injustice if they limit their attention to this demographic. It's not just millennials that crave meaningful experiences, are comfortable with smartphones or love online shopping. Millennials may have been the original trailblazers, but these lifestyle preferences are now embraced by most, if not all, consumers across all demographics.

In the personal finance category, these trends are already playing out beyond the millennial segment. Our recent MoneySmart.sg survey on credit card preferences, which targeted Singaporeans between 21 and 39 years old, reveals patterns that can be applied to any next-generation or millennial-minded consumer. This is important because the findings have implications for banks which will need to do things differently to effectively promote their credit card offering to consumers today.