Are millennials changing the fashion shopping methods? There is a significant difference between millennials and everybody else that this article defines clearly.
Read on.
Who Are Millennials?
First, millennials are people born in 1982-1996 with an age of 21-35years currently. Millennials spend approximately $600 billion annually, which is similar to 28% of daily spending. Moreover, their spending is likely to grow to 35% by 2030. With this much spending, millennials are certainly making an impact in shopping.
Where Do They Shop?
The millennials qualify to be the digital generation expected to do a majority of their shopping online. However, this is far from the truth. Millennials prefer shopping offline, which involves walking into a store to fit and buy what is favorable.
Moreover, statistics shows that just a third of millennials prefer to do most of their shopping online using a desktop and 16% from their mobile phones. More millennial women shop in physical stores than men, but this is due to the items they buy, which most need physical fitting and assessment.
Besides, the word on the streets is that women are more into buying fashion while men prefer hard goods. This makes sense because shopping stores are more product-based than gender-based, so it would be easy to tell who buys what more.
The wide age-gap of millennials comprises older and younger millennials who vary in where they shop. The older millennials between 32-35years old prefer shopping online on their mobile device, contrary to the younger millennials of 23-25 years who buy from a physical shop.
Also, even though the millennials shop online and physically, they are most likely to convert to make a sale in a physical store. 80% of millennials are price-influenced; hence nothing surpasses a discount despite your age.
What Brands Do They Shop?
Undeniably, a significant brand costs more and commands a high loyalty from its consumers. But do millennials care about brands?
Many millennials follow brands on their social media platforms, but they look for discounts since they are price-minded. A majority of the millennials say that they can easily switch brands if they get an offer of 305 and more on discount. The remaining lot say they follow brands to get the latest products and trends and others follow particular brands to be part of the brands’ online community.
Verdict on Millennials
For sure, millennials want products with different qualities and brands from what their parents have. Also, millennials, with all the hype in the latest trends, cannot resist different brands’ discounts. This explains the growth of fast fashion, which comes at low prices than most brands.
Moreover, millennials are willing to change brands for significant discounts; retailers will always have to discount their products to ensure sales. This also means that if a product does not motivate the consumer to buy initially, it will need massive discounting to move from the shops.
Whatever group the consumer belongs in, all they are after is buying something they desire. So retailers and manufacturers should ensure they offer what is in demand to sustain their businesses.
