Millennial consumers are quickly becoming a powerful demographic, despite being associated with student debt, amongst other things. Typically born between 1981 and 1996 (or between the ages of 22 and 37 in 2018), this group will make up 35 percent of the global workforce by 2020. According to the Financial Times, millennial global spending power will pass that of generation X by 2020, so they’re definitely ones to watch.
Despite the alleged decline in retail footfall, millennials actually prefer shopping in-store. 82% claiming that physical stores are important, compared to just 69% of Generation X.
The move away from traditional marketing.
On the other hand, millennials are also becoming sceptical of traditional advertising. In fact, 84% claim that they either dislike it or distrust it completely. Most celebrity endorsements just won’t cut it anymore. So now, more than ever, it is important for brands to know how to position themselves for the millennial consumer.
Experiences matter more to millennials than things. Basing on this reality, how can you cement your brand in their minds and keep them coming back to you? How can you ensure you’re actually providing a solution to their pain points? At the same time, how can you make their in-store experience as exciting and inviting as possible?
Our friends at Geaves have rounded up some stats that are sure to make you sit up and consider building your retail strategy to cater to millennial consumers. The infographic also includes three ways to ensure millennials are at your store’s door all the time. Delivering customer service excellence, using technology to make stores interactive, and finally, tapping into influencer marketing, are three sure-fire ways to grab their attention.
A common theme in all three points is the use of technology. Many millennials have grown up with surrounded by tech. As a result, it’s imperative to ensure that your in-store experience caters to this tech-savvy generation. So, at the very least, after looking at this infographic go back to your business and make sure your consumer wifi is working well.