There is a new generation of very powerful buyers that all retailers observe and follow, as they are key to the immediate future of the business, this is the millennials in the retail sector ¡Get to know them better here!
A lot of talk about the millennials, but few, perhaps, to understand really the meaning of this term.
It's an entire generation that embraces all born between 1980 to 2000, which means that it is a block large enough and diverse of people around the world grew up experiencing technological change.
We can call the millennials as a generation really digital, which respond to habits very particular to the time of purchase and although they are characterized by enjoy the online shopping, are also interested in the experience of going to the physical store.
For retailers, it is essential to better understand this generation, as they represent the consumer group which mark the success or failure of those involved in the industry, that is why we have analyzed its behavior in order to determine the keys for better understanding millennials in the retail sector. These are the keys:
1. A generation large and powerful
This key is basic to an understanding of its importance, since it is estimated that there are between 80 and 95 million Millennials, which represents at least 30% of the world's population.
Andto have entered into the age where their purchasing power is independent and increases, having as a goal the age of 30 years when it was converted definitely in the group of greatest importance for the retail sector.
Compared to other generational groups as the Baby Boomers, it is estimated that by 2020 millennials will have a collective spending power of 1.4 trillion dollars.
2. Love to buy
It is not surprising the importance given to the millennials in the retail sector, since these are characterized by enjoy to spend their money, especially when it comes to buying clothing. Comparatively the adult generation only 40% say sharing this taste for shopping.
The millennials spend about 8% in clothing and especially women, have a 83% chance to enjoy buying the new fashion trends.
3. Buy online and in the physical store
When it comes to the retail millennials are broad in their preferences because, although they belong to the digital age, 81% of their expenditures are made in physical stores. But they also have a high consumption in line, with an average expenditure of $75 USD and represent a 58% in terms of the use of mobile devices to purchase.
4. Love the social networks
Having grown up experiencing the rapid technological change of the past few decades, millennials really feel as their own social networks, so these represent an ideal tool to capture the interest of such a large generation of consumers.
The new brands are well aware of the amazing potential of social networks to promote their products and for this reason use it as a channel of promotion. Retailers also know this and each time they devote greater efforts to engage the millennial generation through Facebook, Instagram, twitter or YouTube.
5. They are very Influential
The millennials have a unique perspective and are able to influence not only their generational behavior, but also in the rest of the world, even to modify to previous generations in terms of their habits at the time of purchase.
Studies show that have managed to influence the behavior of their parents, those who imitate the habits of their children, millennials especially in relation to the purchase of technology.
Conclusion
The generation millennials is already here and already represent an important sector to consider in the immediate future will be much more important.
Retailers know this, and this is why you must be fully prepared to meet their demands and provide them full satisfaction through an experience omnicanal in which they can combine the advantages of buying online with the sensation of trampling on an actual store, but adapted to the new times.
