Millennial Buying Habits
Millennial are exuberant middle-class customers who would like to travel, remain well-dressed and enjoy eat-outs at fine restaurants. This reflects their active lifestyle and outgoing nature as they fall in the age bracket of 18 – 35. However, the economic turmoil has also adversely affected buying power of Millennials as they are facing financial problems due to stagnant wages, underemployment and unemployment (Malcolm, 2014).
Malcolm, Hadley (2014).Millennials want to save, many can’t. Cnbc.com, Available at http://www.cnbc.com/id/102198927
Another fact about Millennial generation is they are brand switchers and many brands feel that connecting with millennial is extremely difficult because they prefer constant innovations and desire changes. For instance, Millennials are very demanding customers who desire greater value for products and money they spent (Spenner, 2014).
Spenner, P. (2014). Inside the Millennial Mind: The Do's & Don'ts of Marketing to this Powerful Generation. Forbes.com, Available at http://www.forbes.com/sites/patrickspenner/2014/04/16/inside-the-millennial-mind-the-dos-donts-of-marketing-to-this-powerful-generation-3/
An interesting buying habit is more than 50% millennials consider the resale value of any product before purchase using online resources such as Ebay and Craiglist (Suddath, 2014).
Suddath, C. (2014). The Millennial Way of Shopping: More Careful, Durable, and Frugal Than You Think. Businessweek.com, Available at http://www.businessweek.com/articles/2014-04-25/millennials-are-careful-frugal-shoppers-who-buy-for-the-long-term
Millennial and E-commerce
Millennial generation comprised of youth and young adults who are extremely tech savvy with greater inclination for technological resources such as smart phones, tablets, Ipods, gadgets, playstations, home theatre, digital cameras followed by excessive use of digital communities such as Face book, Twitter, Pinterest, Tumblr, Instagram and others etc. Millennials use social media for research on brands and discounts followed by their communication among their friends and family. More than 60% of millennials are involved in ‘showrooming’, which means using stores to hunt products but make purchases online to avail massive discounts (Luthi, 2014).
Luthi, B. (2014). Engaging Millennials Online. Retailingtoday.com, Available at http://www.retailingtoday.com/article/engaging-millennials-online
Millennial and Environment
More than 65% millennials are aware of global warming issue and around 74% claim that they are more concerned about environment safety and sustainability; however, a significant majority of Generation Y was unable to provide any solutions to the problem of climate change (Timm, 2014).
Timm, J. (2014). Millennials: we care more about the environment. Msnbc.com, Available at http://www.msnbc.com/morning-joe/millennials-environment-climate-change
