Hardware Retailing The Industry's Source for Insights and Information
Most reports about millennials have shown that this younger age group is delaying major purchases and life changes due to the recession and an immense amount of college debt. Most millennials are single, pay rent and spend less on items such as gifts and clothes compared to other generations.
During the recession, millennials witnessed their parents shopping big box retailers to find the best deals. Now, “37 percent of millennials claim to distrust big business,” according to a Forbes article. This may be good news for smaller retailers, as millennials usually desire social and unique shopping experiences, not the typical chain store experience.
This move from the cookie-cutter store is an advantage for local retailers. Furthermore, an Edelman Digital study found that 40 percent of millennials prefer to buy local even if it costs a little bit more than mass-market alternatives.
Therefore, if you decide to target the millennial generation in your community, focus your marketing pieces on the unique and local experience your store provides and highlight why your store is different from the big box retailers in town.
To read more about millennial shopping habits, click here.
