Millennials are those who are born between the 1980’s to 2002 year range and as studied by different experts in psychology, each of these different X, Y generations and millennials show different characteristics and common personality traits that makes it possible to distinguish between other generations. Think of an instance where you thought that your parents couldn’t understand you at times when you needed the most. Sometimes it’s not that they don’t love us but the ability for them to relate to us is much lesser as they are brought up in a different mind-set. I have always had issues with my parents when it comes to working on time. I always work in time or sometimes even gets late to do something but the way my parents would look at it is much different. They always like to be early to an appointment than being late.
They are quite sequential in their decision making process and will always tend to think one after the other than thinking of getting everything mixed in one bowl plus they are known to be quite patient achievers and loyal employees who will stick to one company for years. As opposed to this generation, millennials have some unique characteristics and technology behaviour than can affect businesses in their operations. See the following trends below to see how each of their behaviour affects in varying retail trends.
Social Media Usage
A larger percentage of the millennials use a lot of social media platforms and their direct link to making an online purchase starts at this point. You can see most companies that use different social media online shops to make it simpler for the people to access stores and purchase products. As the millennials have more interaction with these connections like Facebook, it’s important for them to make their businesses reach out to this audience through the same way.
They are more prone to price changes as they have more access to the varying prices through google and other modes. Therefore, they will always compare prices and see their value for money is being ensured. If they feel like they could spend the same amount of money elsewhere and gain a better value, they might as well go ahead and do it without focusing much on the quality and brand aspect.
Most of the millennials tend to watch different YouTubers online for better recommendations and opinions. Millennials today tend to focus more on 3rd party reviews and actual customer experiences prior to making a purchase. Therefore, businesses should also have such personnel handling their image off business in social tubes.
These are some of the characteristics of millennials that have impacted the retail trends today and thus, businesses must take these into focus when carrying out with their operations.