Millennials appreciate shopping as a pastime and would like to see an improved in-store experience along with greater convenience, according to a new report from Euclid, and omnichannel analytics firm, reports Retail Dive.
A quarter of Millennials along with 20% of Baby Boomers and 19% of Gen Xers enjoy shopping with friends and family as well.
Half of Millennials (47%) reported buying online and picking up in-store more than 40% of the time, while 30% of Gen Xers and only 14% of baby boomers made the same decision, Euclid discovered. They will switch with ease between channels, with 52% buying online, and 59% weekly, almost a third hold subscription services to new forms of retail.
Millennials seem to be difficult to motivate with advertising. Less than a third are inspired by ads for products as 53% of Boomers and 40% of Generation Xers are. Half of those who answered the survey regardless of generation said they hit unsubscribe when a brand emails them too often. Euclid pointed out that this means Millennials don’t often pay attention to marketing emails, nor think better of the brand for sending such messages.
As of next year, Millennials, who bring $200 billion in spending power to the economy, are projected to surpass baby Boomers as the biggest living generation in the United States when it comes to spending, Euclid reports. Euclid CEO Brent Franson described the situation as “sink-or-swim time for physical retailers,” pointing to Amazon as a competing model.
“Over-marketing is a huge turn-off to most consumers. New buying models are winning over millennials and others who value modern shopping channels,” Franson said in a statement. “And shoppers want from physical stores what they get from Amazon — a frictionless buying experience. The question is, will brick and mortar retailers deliver? They’re certainly positioned to do that, if they shape the store experience to align with consumers’ high expectations for convenience.”
Retailers will reap benefits from paying attention to what Millennials want, the report said.
Convenience is an important point- with Millennials considering basic convenience the ‘bare minimum,’ Euclid says, while this applies to 59% of Baby Boomers and 42% of Gen Xers. Though 52% of Boomers described a reasonable return and exchange system as a top priority, only a third of Millennials do. It is also 1.5 times more likely for Boomers to consider item availability over Millennials.
The baseline expectations and indifference to marketing does not mean that Millennials can’t be reached. Euclid pointed out that experiences that merge technology, personalization, and price are important factors. Half (51%) consider in-store visits exciting if a retailer shows them how a product is relevant to their needs, while 38% of Gen X and 23% of Boomers say the same. A third of Millennials say that price influences their decisions.
Human interaction is important to Millennial shoppers beyond tech. They’re over twice as likely, compared to Boomers and Gen X, to say their buying decisions are influenced by interactions with a knowledgeable sales staff. Milennials are also impressed by pop-up stores, with 30% reporting being drawn to them because of competitive prices, and another 28% by convenience and location.