We often take to the keyboard to chat about millennial shoppers, what they are buying and how they shop. This topic is so crucial in the current market, and taking the right approach to target these shoppers can mean big gains overall. With that in mind, we thought we’d give you an update on millennials in retail for 2016!
This week we turn to a recent study done by yconic, one that took an in-depth look at millennial shopping habits and buying behaviour.
According to the article, millennials seek “‘rich experiences’ that may include luxurious shopping, food and travel. Although many millennials have debt, they are also earning money and spending it rather than saving it. A considerable number of millennials also still live with their parents, providing discretionary income.”
What kind of income? Millennials, those aged 19-34, make up about 30% of Canada’s population, and their income is estimated at a massive $237 billion. That is about 21% of all income earned in Canada. The study found that millennial spending has grown significantly over the past few years, as millennials have come into their own, with spending on luxury fashion up by 33%, travel spending up by 74%, and fine dining spending up by 102% – and this just covers the period from 2009-2011!
Ok, so how are they shopping? As we have mentioned in the past, social media is a major influencer when it comes to buying decisions. Millennials turn to their social networks for reviews and recommendations and follow a much more complex process than their predecessors as far as researching and discovery before the actual purchasing stage.
Check out the full article from Retail Insider, including a link to download the study in its entirety, here: http://www.retail-insider.com/retail-insider/2015/12/yconic.
What does all of this mean? We know that targeting to try and reach all consumers in one shot is a mistake, so you need to employ different strategies for each target market. Hopefully this study will help you direct your efforts when it comes to millennials.
Want to strategize? Storesupport has the retail merchandising experience to help you target each group, the right way. Get in touch today to find out more: 1-877-421-5081.