For many retailers, millennials are the prime demographic for their marketing efforts. As a large population with growing influence and purchasing power, millennials' importance to the retail industry will only increase in the coming years and attracting their business will be a critical component to brand strategies. However, some traditional merchants may be concerned that this marketing shift will result in further reliance on e-commerce.

An NPD Group study found that millennials conduct 81 percent of their retail shopping in brick-and-mortar stores. By comparison, only 19 percent of their purchases occur online.

Notably, millennials do not typically buy high-priced items. Even among affluent members of the generation earning more than $75,000 annually, luxury purchases rarely exceed $250 for a single item. But while millennials avoid extravagant expenses, they are frequent shoppers, with 53 percent of them browsing store aisles nearly every week.

To best attract this generation, the NPD Group suggested tailoring product selection and marketing through social and online channels. By doing so, merchants can create an integrated shopping experience that flows from a customer's initial interest to the point of sale.