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As millennials come of age, they’re an increasingly important demographic for the retail industry<\/a>.<\/p>\n Although analysts use different starting points for the generation, most people generally regard\u00a0millennials as the group currently ranging from late teens to early thirties.<\/p>\n According to\u00a0Venkatesh Bala, chief economist and director of the Economic Center of Excellence of the Cambridge Group, in an article for Quartz, this group encompasses up to 80 million people<\/a> in the U.S., spends around $600 billion annually and could account for $1.4 trillion in commerce by 2020.<\/p>\n Therefore, merchants have a vested interest\u00a0in understanding this demographic and its retail customer trends.<\/p>\n <\/p>\n Information drives millennials<\/b><\/p>\n Much has been said about the technology habits of this age group, inspiring retailers to focus on mobile and ecommerce strategies.<\/p>\n However, the real takeaway is that millennials want more information, are good at finding it and use it when making decisions.<\/p>\n Millennials\u00a0are resourceful at price-checking and comparison shopping, Bala emphasized – they know how to use sites like Hukkster.com and have more options at their fingertips than ever before.<\/p>\n For that reason, it’s important for merchants to consider their online presence.<\/p>\n With or without ecommerce software<\/a>, retailers can take advantage of the Web by making sure millennials can find their information.<\/p>\n Staying on top of competitive pricing is crucial\u00a0for marketing to\u00a0this generation, which tends to be thrifty.<\/p>\n Growing up in a recession has proven difficult for the age group\u00a0as they transition to adulthood.<\/p>\n Pew revealed that millennials are underemployed<\/a> and many are living at home with their parents.<\/p>\n CNBC remarked that millennials are still catching up<\/a> from the slow start that defined their entrance into the job market.<\/p>\n Consequently, it’s important for retailers to understand more specifically what these consumers\u00a0need and how they’re balancing their budgets.<\/p>\n <\/p>\n In-store experiences and engagement<\/strong><\/p>\n According to research by Merchant Warehouse and Retail Pro International, millennials prefer to buy certain products in stores<\/a>, including apparel, footwear, home goods, furniture and jewelry.<\/p>\n They might still check information online before making a purchase, but they want the physical store experience for these items.<\/p>\n Some merchants are catering their in-store experience to these younger consumers\u00a0through strategies like “pop-up” retail stores or modern retail technology<\/a>, Bala\u00a0explained.<\/p>\n He noted that Nordstrom has crafted a more edgy, youthful image by using mobile POS<\/a> systems and offering brands that are relevant to millennials.<\/p>\n Overall, millennials want convenience, options and engagement.<\/p>\n Omnichannel marketing is a useful approach because it engages younger consumers and leaves them with both consistency and options.<\/p>\n","protected":false},"excerpt":{"rendered":" As millennials come of age, they’re an increasingly important demographic for the retail industry. Continue reading