Millenials are critical to brand and retailer strategy. There are almost 180 million shoppers in this age group and they have $200 billion in buying power, which dwarfs Gen-Xers’ $125 billion. Retailers have recognized that they need to implement an omnichannel approach to fulfill the needs of this group. As we learn more about selling across physical and virtual mediums, Millennials will be the customers who define success through their buying behaviors.
What do Millenials want? According to the Robin Report article, “Millenials: Retail Experiences around the World“, they want a good experience. From an in-store perspective, the ‘next gen’ consumer wants new innovation in products and merchandising. They are looking to have fun shopping. Proper customer service, visual stimulation, and organization are the basics to their expectations. Technology like free Wi-Fi and beacons for personalized messaging is the icing on the cake. Going beyond the store, they want mobile apps that show details of the products, give advice on how to purchase, and have cohesiveness between brands and stores. When shopping on-line, they prefer a unique page, clear visual information about the products, and free shipping and returns.
The Association for Retail Environments (A.R.E.) has made it a priority to understand the next generation audience. We want to assist not only our designer, visual, and manufacturing members, but also the retailers and brands we serve. Look for more information from us in the weeks and months to come.