Retail shouldn’t ditch the store because millennials love it, survey finds

Millennials could be playing a bigger role in keeping physical retail alive than one might think. And though it may seem counterintuitive, baby boomers are more and more loving looking for deals online. Seventy-one percent of millennials are visiting multiple stores in search of bargains, compared with 57 percent of baby boomers, according to First Insight, a technology company that helps retailers select the optimal price for their products. "The retail industry has been operating on the outdated assumption that boomers are shopping for deals primarily in-store and millennials are searching for deals mostly online," said Greg Petro, CEO of First Insight. "The behavior between these generations is evolving, and to benefit, retailers must recalibrate their approach to marketing, inventory and pricing to attract deal-seekers who may have been overlooked based on outdated perceptions," Petro explained. Source: First Insight First Insight surveyed 750 participants in the U.S. on their shopping habits, purchase behavior, discount expectations and influences that drive purchase decisions. Looking at geographies, one finding from the firm’s data was that the Northeast region of the U.S. has seen the greatest "behavioral shift" between where the young and the old look for deals. In the Northeast, 25 percent […]

By | 2017-09-22T10:35:34-04:00 September 22nd, 2017|Marketing|0 Comments