It is always beneficial for retailers to know and understand what their customers are looking for. Researching and analyzing demographics can help stores know what to offer and how to provide service. Millenials – individuals between ages 18 and 29 – are proving to be a vital group for retailers as the generation is making smarter shopping decisions.

Independent Retailer cites research by PNC Financial Services that found these consumers are attempting to better manage their finances, as many are faced with student loan and credit card debt as well as working lower-paying jobs out of college. Some have to move back in with their parents. Despite this, the research shows that many are spending more on clothing, entertainment and food than previous generations. Retailers have been trying to determine how they can reach these individuals. PNC found consumers in this group respond well to social media campaigns as well as personalized interactions.

According to Forbes, retailers have been trying for the last decade to appeal to these shoppers since they were teenagers. However, trends and financial situations have changed, leaving many stores developing new advertising methods. The source states that Millenials tend to use social media more than email and prefer not to interact with larger businesses. Younger consumers prefer to have authentic engagements with retailers, which may be what merchants need to focus on.

This entry was posted by Retail Pro on Tuesday, August 28th, 2012 at 1:54 am .