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.

Sunday, 11 January 2015

The Millennial Population Controversy (Part 1 of Millennial Population and Fashion)

Perhaps no other generation in the United States is as misunderstood as its "Millennial" population (born between 1980-2000). This is the population that was most affected by the depression that hit in 2007 and was the first generation to grow up with technology such as home computers and laptops, mobile phones, and high-speed internet. They are also more diverse than previous generations, with almost one-half identifying as non-white Hispanic; one-fourth speaking a language other than English at home; and more than one out of seven being foreign-born. Millennials also recognize and believe in the importance of online relationships, also referred to as "elationships" more than previous generations.

Millennials are sometimes seen as self-centered, disloyal to companies, underemployed, and immature. Some companies even prefer not to hire them while others may only hire only millennials when attempting to reach this generation. Finger pointing does go both ways, with millennials blaming the baby boomer generation. Others simply blame the current time in history and the rise of increased technology. Ironically, according to one study, it seems that the overwhelming majority of the baby boomer generation does believe millennials have new skills and ideas to offer the workplace.

When it comes to finances, millennials have more college debt than any generation before them, but they are also the most highly educated. After graduating from college, many end up underemployed or unemployed with a lot of financial debt. This leads millennials to seek creative ways to save money, make money, and invest money for their future. A high amount of millennials moved back home with their parents after college or had roommates in an effort to save on rent. Many millennials are putting off buying a home and getting married due to financial and economic concerns. They are careful with how they budget expenses, care about being involved in their community, believe it is important to invest for retirement and more than half dream of becoming entrepreneurs.  They are also more likely to buy healthy, cheaper foods than more expensive, processed alternatives and do not trust credit cards. Millennials that seek to invest or are looking for someone to invest in their idea may seek non-traditional routes of funding and advice such as social media.

While writing this article, I came across what I believe to be an insulting view on stereotypical psychographics of various generations published by Target. You may view it here. I highly recommend contacting Target to let them know how you feel about their "marketing guide". While you are at it, I strongly encourage you to review this article written (in 2013) about their "inclusion and diversity" pamphlets that come across as exclusive and racist- the very things the documents are supposed to help their business avoid.