Sizing Up Millennials: Spend on Apparel, Despite Lower Purchasing Power
If you think that supposedly cash strapped Millennials aren’t causing cash registers at retail stores to ring all over America, think again. A recent survey found that Millennial women buy a third more apparel per year than older women. And Millennial men spend twice as much on clothes than men of previous generations.
So how can retail brands target this younger audience? The Boston Consulting Group identifies three ways:
- Integrate online and in-store for this tech-savvy group by creating apps so they can purchase via their phone, making it easy to pick up online merchandise or create forums for recommendations
- Target influencers who are likely to affect their friends’ purchasing decisions, since Millennials shop in pairs or groups
- Set the mood in-store with music, space and trendy sales associates who wear store merchandise – all valued by Millennials