Nearly 80 million strong, millennials continue to change purchasing habits
Retail Editor 2 -- Home Textiles Today, August 12, 2013
Washington - Generation Y has its own direction. The largest generation of individuals (also known as millennials) born after 1980 and before the early 2000s, number nearly 80 million; their numbers are big and purchasing power strong. In fact, Hanover Research recently revealed that millennials are still shopping despite the economy and are having the most influence on brand marketing and purchasing habits.
Millennials are spending despite the up and down economy, according to the study. They have have a "buy now, deal with it later mentality" as 52% are more likely to make impulse purchases than non-millennial generations.
When it comes to shopping, millennials are also "smarter." Half of millennials use a mobile device to research products and reviews (21% of non-millennials follow suit), while others don't mind sharing some personal information. In fact, more than half of millennials (56%) are willing to share their location to receive electronic discounts offered by nearby retailers.
This generation is also very loyal to brands-especially if they get something in return-with 78% admitting to choosing a brand with a loyalty or customer rewards program over those without one.
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