-Ashley Budzol, Intern
Millennials are taking shopping to a whole new level. That’s right. A recent Teen Vogue study found that there are now “Multi-Channel Millennials” who are “more passionate, more active, and bigger spenders.” This kind of super shopping is based more on quality, investing, and influencing peers. This translates to shopping, both in-store and online, as a social event with a friend or through social media.
Ok, so it’s hardly news that people like to spend. However, multi-channel millennials are setting out to completely change the retail game. These shoppers are smarter, more efficient, and definitely using their resources. In fact, 9 in 10 shoppers already have a plan before they get to a store. Thanks to online price transparency and shopper’s reviews, it’s now crazy easy to compare products and buy the BEST one. This typically means more spending, but in fewer stores. Loyalty programs are key here.
Not only are millennials purchasing for themselves, but 74% believe they have influence over what others buy. The combination of readily-accessible information and a consumer community leads the trend. This has even more power than a popular brand. The social factor is huge here.
This message is really for retailers. Shopping is fun again. Make it a party! According to the stats, the spending will only go up. And never underestimate the millennials: they’re the largest generation on earth and they sure know what they want.