At about 75 million, Millennials have overtaken Baby Boomers as the largest generation and are expected to peak to 81 million by 2036. Approximately, they represent a fourth of the population with $200 billion in annual buying power. On top of this, their ranks continue to grow as young immigrants enter the country. It is important for businesses to grow along with the new generation of consumers, the ones who will be making money and controlling the market more so than they already do. This is especially important for retailers, specifically due to declining profit as they lose business to more high-tech retailers. Currently, they are hugely responsible for trendsetting the newest fashions and foods. Companies with more traditional methods find themselves struggling to connect with this generation. This new market of shoppers can be attracted by upgrading accessibility, technology, and diversity. And as a Millennial myself I can confirm that these additions to your company can encourage its success in the future.
Technology has and continues to change the world around us – as well as our daily lives. This is especially the case for Millennials, many of whom have grown up with the newest tech. The most influential result of these advancements has been social media and its impact on younger people. While older generations look to more traditional media outlets, Millennials turn to social media for an update on what’s cool, what’s happening, and what’s new. It is vital for retailers to incorporate technology wherever they can via Facebook pages, Twitters, Instagrams, websites, and even apps to offer a level of speed and connectivity. According to a Forbes interview, 62% of Millennials are more likely to become loyal customers if brands engage with them on social networks. Integrating technology also allows a convenient and quick overview of your business and its products. There are few things we value more than convenience – except maybe the newest tech. It is a good investment to introduce your product/brand/company on the newest platforms to further extend your reach.
Diversity and Community
Lifestyle centers full of retail stores should particularly aim to offer quality and diversity. Millennials enjoy different concepts and trends. So long as there is a sense of authenticity and, with a little connection on part of the business, can become fiercely loyal. This is especially the case with companies that give back to their communities. Millennials prefer to support local businesses that endorse a sense of community. Also, design goes a long way. Diversify the look of the business and make it yours. Do away with traditional cookie-cutter designs and turn towards an authentic, sleek, natural, open, and modern look. Beautiful lighting, complementary colors, and unique construction of a business makes it more inviting and creates a meaningful experience.