Don’t ditch the Millennials! Understanding Their Buying Habits in Order to Grow Retail Profits

Ryan Willis

As a high spending demographic, millennials are now a significant target market for companies across the world. Fierce competition for this generation has broken out with companies keen to capitalise on this valuable demographic. As such, companies have worked hard to understand the generation and their buying habits. But what do millennials value, and what can we learn about their buying habits?


Millennials are not Influenced by Advertising


One frustration that a number of retailers have encountered is that millenials are not influenced by traditional advertising techniques. To them, much of the television and visual advertising that brands engage in is simply noise, that has little bearing on whether they purchase or not.


Millennials Review Blogs Before Purchase


More so than older generations, millennials value the opinions of influential bloggers when it comes to products. Brands should recognise the importance of engaging with bloggers in a meaningful way in order for ensure that potential buyers are receiving the correct messages from sources that they value.


Millennials Engage With Brands on Social


Before and after they see your product(s) on the shelf, millennials want to engage with your brand on social media. As a demographic, millennials can frequently be found on social platforms via phones and tablets, so making the most of these platforms is plain and simple common sense.


Millennials are Loyal to Brands


Loyalty is a difficult thing to acquire and it can only be achieved through a consistently excellent customer experience. Millennials want to find brands that they can be loyal to and value the labels. Writing this, I am considering my generous selection of Sony electrical goods and Nike trainers and sportswear.


Millennials Expect Brands to Give Back to Society


Retailers and brands are often praised for their considerable acts of charity, which herald huge sums of money. Millennials value brands and companies that make an effort to give something back to their community, and are often more likely to purchase or engage with their products.


Millennials are now a highly important demographic for brands and retailers, and these insights into how they engage with products are a valuable resource moving forward.


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