Growing up on the cusp of the new era’s explosion of digital technology, the millennial generation is increasingly becoming the most influential demographic for retailers.
Not only do they represent the most technological advanced generation, but millennial customers are redefining purchasing habits and transforming the face of retail with their enormous spending power and devotion to unique fashion.
Sharing is Caring
Millennials prefer to have a personal relationship with the brand (points, loyalty programs etc.), but they also need to make sure that everyone knows about it. They do this by sharing pictures of them in the apparel, and posting it on various social media platforms.
The upside of this generations love for sharing is that it opens the door for retailers and consumers to communicate. A consumer’s opinion can be heard with just a simple hashtag giving the retailer the ability to instantly identify and adapt to target audience’s evolving needs.
Shopping for a Purpose
The Millennial generation is so unique in the sense that rather than being driven by value and price they are more focused on trends, especially those with a purpose.
According to Forbes.com (81%) of Millennials expect companies to demonstrate corporate philanthropy. Companies used to donate to charities who shared common values, now brands are expected to uphold this “do good attitude” demonstrating that their corporate identity values philanthropy.
Passion for Fashion Rebelling
The fashion industry is going through one of the biggest makeovers of all time. There is no doubt that this was partly caused, by “retail rebel” shopping habits.
Fashion is becoming less about following what is featured in magazines and more about rebelling. The millennial generation avoids the commitment of buying and tends to rent and borrow at stores such as, Rent the Runway.
The millennial generation is changing the face of retail by leading a movement that is changing purchasing trends.
It is imperative for retailers and retail marketers to adapt and understand how to appeal to this untraditional demographic.
So if you are ready for the challenge, retail isn’t dead-Millennials are changing the game