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Millennials- a term that can be good or bad, depending who you are. This term describes people between the ages 18 & 34. Over the years millennials have had great influence on how our society runs today. The once technology deficient society has now become a technology-driven society and the millennials have grown up in the midst of this transition, allowing them to become proficient in this new technological world. Another power this generation will soon overtake is being the largest consuming group. In fact, with the next 10 years, this generation will dethrone baby boomers as the largest consumer group. This is according to an article from chelseaskrost. This article also listed the following ways millennials are reshaping retail just in time for the holidays:
Early Holiday Promotions Are Fine Millennials are the least annoyed with early holiday promotions, according to a study by RichRelevance. While almost ¾ of Americans (71%) aren’t a fan of holiday encroachment, only 59% of millennials find themselves annoyed by this trend. Part of this could be attributed to the fact that the holiday season has started earlier and earlier as millenials have grown up.
Millennials Will Shop Later Despite earlier presence of holiday promotions, a study of 25,000 households by Nielson found that millennials will put off shopping later than any other age group. Many millennials know that this season is always deal-heavy and tend to take advantage of deals that target procrastinators such as Dec.18th’s “Free Shipping Day”.
Spending is up, with millennials leading the way According to CFI Group, a customer feedback consulting firm, they estimate a 5 percent increase in spending, with millennials leading the way.
They’re not afraid to pay more for a good cause It’s no secret that millennials are cause-oriented. According to a recent survey by Deloitte more than 63 percent of them donate to charity. Even though they can find a pair of shoes or frames for cheaper elsewhere, one-for-one programs like those with TOMS Shoes and Warby Parker are popular among millennials. This trend has garnered attention from retailers such as Target, which has teamed up with TOMS this holiday season to offer one-for-one gifts for men, women and kids.
Millennials turn to the Internet for much of their holiday shopping The National Retail Federation estimates that the average consumer will complete 44% of their shopping online. This would be the highest count since 2006. According to PunchTab, they estimate 90% of people will shop online with 58% of those shoppers being millennials.
Use social media to help them decide In a study conducted by PunchTab, close to half of millennials said they would use some social media outlet for their shopping strategy. Of the group, 19 percent said they’ll consult Facebook, 14 percent said they’d turn to Pinterest and 7 percent would turn to Twitter. We receive advance notices of promotions from brands we may follow on social media.
Smartphones represent millennials’ closest shopping buddies According to software company Instart, 80 percent of millennials shop directly from our mobile devices, and nearly 70 percent of us will wait less than five seconds for a page to load.
They like a good deal as much as anybody While we like to spend more for good causes, we do still enjoy getting deals. In fact, about 40 percent of millennials will be motivated to use coupons this holiday season. When they have countless deals at their fingertips thanks to apps like Coupon Sherpa, ShopKick and RedLaser, it wouldn’t make sense to checkout without a coupon in hand.