Tuesday, 13 January 2015

Millennial Shopping Habits (Part 2 of Millennial Population and Fashion)

In a previous post, the general habits of the millennial population were discussed. For the second part of "Millennial Population and Fashion",  their shopping habits will be explored more deeply specifically as it pertains to how their habits affect fashion-related businesses. This includes what millennials expect in terms of shopping experience, product, time, and value.

Millennials may be less likely to buy a home or a car than previous generations, but are more likely to buy clothing or electronics. In fact, men's clothing sales for millennials are nearly double that of older men. Millennial women also purchase more clothing than older generations, typically shopping twice a week.

The millennial population is heavily influenced by electronics and social media when compared with previous generations. For instance, they are significantly more likely to be "omni-channel shoppers", meaning they are more likely to use kiosks within a store; comparison shop from smart phones while in the store; as well as rely on advice of their peers, family, and user reviews of products before making a purchase. This may be related to millennials' frugal desires in that they want to be sure the product they are buying is quality. Millennials are also more likely to buy clothing if there are coupons, sales, or other discounts for the product they hope to buy. Additionally, they prefer to shop online more than other generations, and may choose to buy a particular item due to pictures they have seen on sites such as pinterest. Millennials also expect online inventory and in-store inventory to match, providing a more seamless shopping experience.

Store ambiance is also very important to millennials when compared with older generations. They expect quality customer service, to be able to easily find what they are looking for (or have it easily ordered for them), and to enjoy themselves while they shop. Millennials prefer a more boutique-style shopping experience when compared to department stores and are willing to pay slightly more for it.

When it comes to fashion styles, one study shows that younger (20-24) millennial women prefer to set trends and be seen as fashionable while the older generation (25-37) find it more appealing to retain more individuality in their attire. Teen millennials also value individuality, but spend less of their discretionary income than previous generations of teens on clothing. Fast fashion is important, but so is quality. The importance of individuality, fashion, and sustainability to this generation as resulted in a revived interest in thrift store shopping. Millennials as a whole are less interested in brand identity than previous generations, but can be brand loyal if they find one they like, particularly if that brand has a good loyalty program.

Want to learn more about the millennial generation? Check out mic.com, a news website marketed to millennials.

Here are some other links related to millennials and fashion:
A link to my favorite infographic on this subject in Inc.com's magazine.
You may also want to check out these 20 statistics that were collected on millennial shopping habits.

1 comment:

  1. Millennials is so different these days. Thank you for this article wholesale bob marley