Are you missing out on the most important market?
Retailers, like many industries, have been focused for some time now on understanding, targeting, and converting millennial shoppers. They are tech-savvy, social, and mobile. This is nothing new – we have heard this before, but what does this really mean when it comes to their shopping habits? What really drives brand loyalty or how do you get this generation to become advocated for your brand? And ultimately, why would they choose you over your competitors?
Millennial Shopping Habits
A recent study by Hanover Research took a hard look at this generation’s shopping habits and found some interesting insights:
They continue to spend despite economic recession. Only 20% of millennials reported spending less on apparel, vs. 32% of non-millennials.
The live in the moment and make last minute decisions. Millennials are labeled with a “buy now, deal with it later” mantra. In one survey, 52% of millennials were more likely to make impulse purchases than any other generation.
They use smartphones for purchases. 50% of millennials use mobile devices to research products and reviews while only 21% of non-millennials do the same.
They don’ see privacy as a concern. 56% of millennials are willing to share their location in order to receive coupons from nearby businesses. Only 42% of those 35 and older say they would do the same.
They are more brand loyal than their parents. 78% of millennials are more likely to select a brand with a loyalty/reward program than a brand without one.
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