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All jokes aside, as the generation projected to overtake Baby Boomers in population size in 2019, brands and retailers can no longer afford to ignore millennials’ purchasing power and the experiences they crave.
Since 2013, our Future of Retail reports have studied some of the most significant developments in retail, commerce and the supply chain, such as voice commerce and the impact of Amazon on consumers and the industry. But this year, our 2019 Future of Retail report takes a deep dive into how consumer lifestyle preferences impact their shopping habits, especially among younger generations.
We found that all purchase decisions come down to two factors: convenience and connection. Consumers, especially younger ones, are buying less and want to feel more of a connection with the items they buy and the brands they shop with. But at the same time, the influx of technology in retail has driven consumers of all ages to expect a connected, convenient experience that seamlessly aligns with their everyday lives. This paradox serves as an opportunity for brands and retailers to focus on using their channels — whether it’s online, mobile or in-store — to facilitate a deeper connection that’s worth having for their customers.
Interested in learning more? Take a look at our key findings from the 2019 Future of Retail report below, and check back for two more blog posts that dig into other important insights.
To learn more about the parallel between convenience and connection and how you can cater to the lifestyles of today’s consumers, download the full Walker Sands 2019 Future of Retail report here. And check back for the second installment of our three-part blog series.