The study was part of an initiative from the company that saw it engage a psychologist to understand how businesses can better appeal to millennial consumers, and how their influence might be changing the behaviours of other age groups. 

It revealed that 62% of millennials tend to only ever buy a preferred brand, versus 54% of the wider population. And while money-saving offers are widely used across different age groups, the survey found that personalisation was most important for millennials: 48% of this age group expect brands to customise offers to suit their needs, and 39% will go out of their way to use a customised offer, compared with 32% of other age groups.

“Customer loyalty remains hugely important for customer-facing businesses, and we are keen for our partners to understand the opportunities provided by engaging proactively with the millennial generation," said Dan Edelman, VP, American Express.

“While brand loyalty is important among millennials, we can see that in order to inspire their repeat custom, businesses must consider how they build long term relationships with their customers which are tailored to their preferences and needs."

The findings were based on a survey with 1,000 adults, carried out by Populus in August of this year.