Baby Boomers presumed they were the ones that retailers needed to pay attention to.
Not so fast.
It turns out that Millennials, aka Generation Y, are the shoppers to watch!
Millennials spend about $600 billion annually and by 2020 their retail spending is expected to hit $1.4 trillion per year—about 30% of all retail sales. Generation Y likes shopping, in fact about 58% of consumers between the ages of 18 and 33 would self-categorize as people who “love to shop.”
If facts and figures interest you, check out Nicole Goodkind’s recent Breakout blog entry on Yahoo! Finance.
But, here’s a quick rundown of things you need to know about Millennials and how they shop:
– They like to shop online and on the phone.
– Shopping is a social experience. They also like to shop with their friends.
– They come armed with price comparisons.
– So, the power now lies with Millennial shoppers, not with retailers.
– They are marketing savvy – They don’t like hype and spin.
– Speed is key. Amazon drones drop items on doorsteps just hours after the order is placed.
– Be aware of webrooming. That means they look online, then come to the store ready to buy.
Is your business ready for them?