The Week in Retail: The Impact of Generational Differences

//The Week in Retail: The Impact of Generational Differences

Millennials have been described as the “Me Me Me” generation. They are said to be tied to their mobile devices 24/7 and that they have no brand loyalty. It is also believed that traditional marketing doesn’t work on them. To thoroughly understand millennials, one needs to first recognize that millennials are much more than the sum of their stereotypes. To have a better perspective on their attitudes, www.iriworldwide.com debunked the top five myths about Millennials. (Chain Store Age)

Online shopping behaviors of Millennials are different from those of Baby Boomers. Marketing Sherpa charted shopping preferences based on age using data from 1,020 shoppers. The most significant differences between Millennials and Baby Boomers are the way they research products and their use of social media on mobile devices. Shoppers ages 18 to 25 are 2.5 times more likely to view retail advertising on a mobile device and three times more likely to use social media on a mobile device than Baby Boomers.
Research also shows that mobile email opens have surpassed desktop opens for the first time. Smartphone purchases will also soon surpass desktop purchases, with 49.3% of conversions taking place on mobile phones. (Marketing Sherpa)

Affluents’ preference towards online shopping shows the importance of getting online today, but this is also a necessity to reach the luxury consumers of the future. In the next 10 years, luxury retail will see a shift as new consumers come into affluence. As baby boomers age and millennials mature into established consumers, luxury brands will have to retool many of their marketing strategies to account for the generational shift, according to a report by Unity Marketing. (Luxury Daily)

Tweens have their own opinions about the direction retail is heading. John Lewis, a British department store, ran a contest for 9-11 year old school children asking them to imagine the shop of the future. They came up with creative, innovative ways to make the shopping experience “a little easier, quicker and more enjoyable”. (Forbes)

Feature Photo Source: Margaux-Marguerite 

 

2017-10-25T20:59:23+00:00