For Millennials, It's All About Experience

Popular wisdom is that Millennials eschew luxury retail for experience-driven entertainment, such as traveling or dining out at Michelin-starred restaurants. Higher-end goods like designer watches and handbags, once coveted status symbols for Baby Boomers and Gen X alike, have largely failed to entice younger shoppers. Last year, Louis Vuitton sales declined 73 percent, Saint Laurent fell by 68 percent, and Balenciaga dipped 55 percent.  The Marriott, though? They’re doing better than ever.

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Topics: customer experience, in-store assortment, luxury retail, millenials, vacations

Black Friday Retail Recap: What Happened?

Last week, we predicted shoppers wouldn’t care about Black Friday sales.  We were right. 

Mostly.

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Topics: holidays, black friday, in-store assortment, millenials

The Dissection of Generations by Retailers

As it stands currently, millennials consists of those ages 18 through 34, which makes the vast majority of them in (or soon entering) their prime income and spending years. It is no longer wise to refer to them as the future of retail (that’s generation Z). No, millennials are the now, and to know them is to know your customers.

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Topics: purchase behavior, millenials, generation z, shopping trends

How Retailers Should Speak to the Millennial Generation (and other fun facts)

Ah, millennials. They’ve been called everything from the smartest generation to the worst, been praised for their savviness but have heralded Red Lobster (?!) as their favorite restaurant.  They’re certainly confounding.  

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Topics: customer experience, retail analytics, product assortment, millenials

Millennials – The Trillion Dollar Demographic

Retailers often talk about catering to the Millenial consumer. This often sounds and seems like an isolated initiative, removed from the overall corporate strategy of a given retailer. Demographics do indeed drive business initiatives.  However, it is important to find commonalities between generational segments. This way, similarities can be addressed first and then localized to the needs of each segment. Although we may think of Millenials as digital natives that are vastly different from other segments, how are they similar to prior generations? 

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Topics: retail trends, millenials

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