As eCommerce sales continue to take a larger piece of the total retail pie, brand relevance and lasting success are becoming ever more dependent on an online presence. However, brands and retailers looking to grow revenue and capture a portion of the growing eCommerce market do not need to appeal to vast a group of consumers. On the contrary, brands and retailers should strategically target a concentrated cluster of consumers for maximum results. A recent study conducted by Worldpay revealed that 87% of all monthly eCommerce spending on physical goods is done by a demographic that accounts for a mere 13% of the population: Millennials.
In the past 12 months ending August 2016, Millennials spent approximately $340 billion on consumer goods, a stark comparison to the $210 billion spending completed by the remaining 87% of the general population. Millennials, individuals born between 1980 and 2000, comprise the biggest generation in U.S. history, even greater in size than Baby Boomers. This demographic influences older generations and are trendsetters across all industries from apparel to health and wellness.
Growing up in an environment heavily focused on online content, Millennials’ affinity for apps, smartphones and technology is rapidly influencing the retail space. With instantaneous access to product information, product reviews and price comparisons, Millennials are seeking out brands and retailers that can offer maximum convenience. Redefining the retail environment as we know it, Millennials’ purchasing power and spending habits are revolutionizing the shopping experience, forcing brands and retailers to reevaluate how they interact with consumers.
In an effort to better understand this demographic’s eCommerce spending habits, Intrepid’s Apparel & Retail team conducted a survey targeting consumers between the ages of 19 and 34.
