spending

Spending

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Millennials love to shop, but not to spend too much money. They research a lot and then, they buy. They’re very savvy and they’re hard to make money on because they’re doing that.

Millennials are not only aware of what they are buying, but they are also eager to learn about how that product is made, how and where it is being sold. So these consumers are aware of what is happening behind the scenes, the information they’ve gathered or received influencing the decision-making process while shopping. For example, Millennials are more likely to buy a product if the profit goes to charity.

Millennials love online shopping, but they also enjoy the physical retail experience. This is why retailers are creating new shopping environments – “digical”, mixing digital with physical. “Digical” is a world in which shoppers browse online first, then go to the store, smartphone in hand, to buy. Mobile phone apps will allow shoppers to take a photo of something they like and then try and match the image with a similar product from the online catalog. The shopper can also be tracked in the store and sent relevant content as she shops.

Companies are also experimenting digital storefronts, either where they are about to open a store and the space is still vacant, or as pop-up shop experiences. Pop-ups allow customers to tap on a computer screen, place an order and get delivery to their door.

The changing room experience has also changed. The new room allows browsing for products, while intelligent bar codes are ‘read’ by a touch screen mirror and the clothes of the desired size are sent directly into the room.

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