If you are in retail, marketing online or offline, then you are likely analyzing how millennials shop at some point. Of course, there is no shortage of information concerning the topic. The key is breaking down all the information into digestible pieces. There are approximately 80 million millennials in the country. They range in age from 21 to 35 years old, and were born between 1982 and 1996. They spend approximately $600 billion annually.
A striking fact is that millennials spend a majority of their dollars in offline purchases. Up to 33 percent use a desktop computer. Only 16 percent of millennials purchase products and services on their mobile device. This may come as a shock to marketers who assume that millennials conduct the majority of their business with a smartphone.
Of course, more millennial women shop in stores than men. Women tend to buy fashion, while men tend to buy hard goods. So it stands to reason that many stores are product-based. There is also a distinction of how older millennials spend compared to younger ones. Understanding the power of a brand is important as well. The assumption that branded products will always command a higher price is no longer valid. Today’s millennials are driven by price, and will switch brands based on discounts or other incentives.
Millennials also look for different and unique product attributes before they arrive at a buying decision. Is brand loyalty a thing of the past? Perhaps not, but millennials are sending a clear signal that they like discounted merchandise. Thus the rise in off-price retailer stores. Regardless of when a person was born, the only path to retail success is to give customers what they want.