Millennials Are Changing the Future of Retail
Millennials are striking out on their own, and this digital generation (which spends approximately $600 billion a year) is a prime target for retail and CPG brands.
But these young consumers have much different shopping habits than the generations that preceded them. From the way they make decisions to the importance of the store environment and the speed and convenience of their experience, Millennials are shaping the way marketers and retailers build the industry of tomorrow.
“For example, millennials have a trade up-trade down mentality, meaning they will spend a modest premium on brands they deem worthy, but buy private label brands when the brand has failed to create a reason enough value to warrant the premium. A millennial shopping cart will be stocked with a mixture of name brands and private labels on the same trip.”