{"id":48053,"date":"2019-05-16T06:00:06","date_gmt":"2019-05-16T10:00:06","guid":{"rendered":"https:\/\/www.send2press.com\/wire\/?p=48053"},"modified":"2019-05-15T22:01:10","modified_gmt":"2019-05-16T02:01:10","slug":"after-inc-announces-publication-of-first-of-its-kind-study-of-millennials-and-extended-service-plans-esps","status":"publish","type":"post","link":"https:\/\/www.send2press.com\/wire\/after-inc-announces-publication-of-first-of-its-kind-study-of-millennials-and-extended-service-plans-esps\/","title":{"rendered":"After, Inc. Announces Publication of ‘First of its Kind’ Study of Millennials and Extended Service Plans (ESPs)"},"content":{"rendered":"

NORWALK, Conn., May 16, 2019 (SEND2PRESS NEWSWIRE) — In December 2018, After, Inc. launched its \u201cMillennials and Extended Service Plans\u201d study, to investigate the attitudes and behavior of Millennials regarding manufacturers\u2019 product warranties and Extended Service Plans (ESPs).<\/p>\n

\"After
\nThe After, Inc. study surveyed 500 Millennials age 22-37 who had purchased new products in the last six months across five categories: smartphones, tablets, laptops\/desktops, printers and digital cameras. Participants were segmented by gender, household income, personal vs. business usage, where they bought the products, and whether or not they purchased an Extended Service Plan.<\/p>\n

Some key findings of the After, Inc. study include:<\/strong><\/p>\n

    \n
  1. ESP attach rates were higher among men, higher income households (except smartphones where income is not a factor) and business vs. personal users.<\/li>\n
  2. The highest ESP attach rate was with digital and video cameras (76%). Less than half of Millennials purchased ESPs in the other categories.<\/li>\n
  3. The higher the device cost, the higher the ESP attach rate.<\/li>\n
  4. Millennials want to learn about ESP benefits and cost before or at time of purchase.<\/li>\n
  5. The primary reasons Millennials purchase ESPs is \u201cto extend product life,\u201d \u201cpeace of mind\u201d and \u201chigh repair\/replacement cost.\u201d<\/li>\n
  6. Reasons for not purchasing include \u201cmanufacturer warranty is enough\u201d and \u201cnot a good value.\u201d<\/li>\n
  7. Millennials are highly influenced by reviews from customers and friends.<\/li>\n<\/ol>\n

    Based on their research, After, Inc. has three recommendations for ESP providers:<\/strong><\/p>\n

      \n
    1. Consider offering multiple ESP plans: a) less coverage for a lower price, which may encourage more price elastic Millennial buyers, and b) separate plans for personal vs. business, with lighter personal coverage and more robust small business coverage.<\/li>\n
    2. Highlight your ESP offerings and benefits on your website so Millennials can conduct research before they purchase.<\/li>\n
    3. Encourage product reviews on the Internet \u2013 incorporate into your ESP solutions page, social media, Amazon website, or other retailers\u2019 websites. Make sure to monitor reviews and respond to create a two-way dialogue.<\/li>\n<\/ol>\n

      To request a complete copy of the study results, contact Dan Hulkower, SVP Business Development, After, Inc. at dhulkower@afterinc.com.<\/p>\n

      Find additional insights on the After, Inc. blog: http:\/\/afterinc.com\/news-archive\/<\/a>.<\/p>\n

      About After, Inc.<\/strong><\/h3>\n

      After, Inc. ( http:\/\/www.afterinc.com\/<\/a> ) is a global leader in the warranty services industry. Its predictive analytics, data-driven marketing strategies, reporting and program administration are second to none.<\/p>\n

      After, Inc. has partnered with some of the world\u2019s top brands to help transform their warranty businesses, driving customer satisfaction post-purchase, higher product reliability, deeper brand equity and additional revenue \/ profit opportunities.<\/p>\n

      Headquartered in Norwalk, Connecticut, with offices in New York City, After, Inc. is part of the EPIC Holdings family of companies, which also includes EPIC Insurance Brokers & Consultants and PowerGuard Specialty Insurance Services.<\/p>\n","protected":false},"excerpt":{"rendered":"

      NORWALK, Conn., May 16, 2019 (SEND2PRESS NEWSWIRE) — In December 2018, After, Inc. launched its “Millennials and Extended Service Plans” study, to investigate the attitudes and behavior of Millennials regarding manufacturers’ product warranties and Extended Service Plans (ESPs).<\/p>\n","protected":false},"author":9780,"featured_media":48048,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[264,11,1,517,38,105],"tags":[11300,10491],"class_list":["post-48053","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research-reports-news","category-advertising-marketing-news","category-business-news","category-connecticut-news","category-finance-news","category-insurance-news","tag-extended-service-plans","tag-warranty-analytics","has-post-title","has-post-date","no-post-category","no-post-tag","no-post-comment","has-post-author"],"acf":[],"views":4655,"_links":{"self":[{"href":"https:\/\/www.send2press.com\/wire\/wp-json\/wp\/v2\/posts\/48053","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.send2press.com\/wire\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.send2press.com\/wire\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.send2press.com\/wire\/wp-json\/wp\/v2\/users\/9780"}],"replies":[{"embeddable":true,"href":"https:\/\/www.send2press.com\/wire\/wp-json\/wp\/v2\/comments?post=48053"}],"version-history":[{"count":0,"href":"https:\/\/www.send2press.com\/wire\/wp-json\/wp\/v2\/posts\/48053\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.send2press.com\/wire\/wp-json\/wp\/v2\/media\/48048"}],"wp:attachment":[{"href":"https:\/\/www.send2press.com\/wire\/wp-json\/wp\/v2\/media?parent=48053"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.send2press.com\/wire\/wp-json\/wp\/v2\/categories?post=48053"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.send2press.com\/wire\/wp-json\/wp\/v2\/tags?post=48053"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}