Millennials,  aptly named because the majority of this population reached adulthood around the year 2000, represent 25% of the American population and possess more than $200 billion in purchasing power annually. Retailers are looking for way to attract this demographic; a population that is more comfortable with rapid change and less concerned with the traditions of their parents.

Entrepreneur magazine has distilled the results of two research studies that indicate the shopping habits of millennials; from all indications, the traditional retail experience will need an overhaul to attract this consumer group. Overall, the results show that retailers need to do the following to keep up with Millennials’ shopping habits:

  • Develop mobile strategies that allow shoppers to shop from their smartphones
  • Create a strong social media presence as a major advertising strategy, as well as to build personal connections
  • Price products smartly, in a way that reflects the brand name, quality or availability
  • Offer “price matching,”as these consumers will compare prices before buying
  • Offer rebates with a greater value, over minimized instant discounts
  • Offer the convenience of “buy online, pick-up at store”
  • Offer online gift card or PayPal for payment, as an alternative to credit cards
  • Create and honor value-added “loyalty programs,” which drives return sales

While this seems overwhelming for some small retailers – start small. Reach out to your database with a survey to prioritize these items. Consider slowly integrating the above strategies into your brick and mortar locations, to attract the younger generation.

And for the trendy consumers, be sure to give them trendy packaging. Contact us to discover new methods of branding through your packaging and print design.