The Next World: How Millennials Will Shape Retail

June 20, 2016

Porto Salvo, Portugal (June 20, 2016) – Global consumer retail leader and private brand pioneer, Daymon Worldwide, today released “The Next World: How Millennials Will Shape Retail,” a worldwide Millennials market research study. The research explores the nuances and values of this generation to gain a better understanding of how they will shape the future of retail. Conducted in April 2016, the global research project surveyed more than 7,000 Millennials and Generation Xers in five continents and 14 countries across the globe. The data generated from the survey was analyzed to identify the main differences between these generations’ beliefs, attitudes, behaviors, consumption patterns, shopper journeys, value of brands, and relationships with technology.

“By the year 2030, there will be more Millennials than any other generation, including Baby Boomers, in the United States,” said Daymon Worldwide President of International Vasco Brinca. “We have never experienced a generation like this, in large part because they have grown up with economic uncertainty, high unemployment, and are always-on digitally. It is critically important to study this generation and their culture today to discover the impact they’ll have on the world’s future in the years to come.”

Daymon Worldwide’s Millennial research assesses Millennials in three major areas: their attitudes and beliefs, their shopping missions and consumption behavior, and their perception of brand and private labels.

Impact Findings

Shopping Missions and Consumption Behavior Millennials are found to be unstructured shoppers that shop frequently and for a long period of time. When shopping for groceries, Millennials shopping missions are for immediate needs (a meal for that day, a certain ingredient, a prepared meal to go) compared to Gen X who shops in order to stock up for a few days. With this in mind, it comes as no surprise that Millennials visit a higher number of stores and with an increased frequency compared to their Gen X counterparts, visiting supermarkets and small neighborhood stores on average of seven times a week. They also spend more time on average in store, 34 minutes compared to 31 minutes, which can be tied back to their unstructured shopping behavior and/or seeking product reviews/comments while shopping.

Brand and Private Brand Perception

Generally speaking, Millennials are less loyal to and are disaffected by brands than Gen X. Twenty-nine percent of Millennials and 35 percent of Gen X say they “usually buy the same brand, but will try others on occasion” and 26 percent of Millennials say they are likely to “buy whatever brand they feel like at the time.” Millennials may be likely to purchase a private label brand because of “good price/quality ratio,” an “improvement to quality,” or thirdly, a “lowest price” factor. The research suggests there is a strong opportunity for private label brands to develop strategies to attract more Millennial buyers.

Attitudes and Beliefs

Editor’s Note: To learn more about “The Next World: How Millennials Will Shape Retail” visit: http://www.thenextworldinretail.com.

About Daymon Worldwide

Daymon Worldwide provides expert global retail strategies and services that make the cash register ring. We are global leaders in building successful private brands, and delivering high-impact experiential consumer marketing and in-store services. Our business network includes more than 100 major retailers and nearly 6,000 manufacturers in 50 countries. We currently handle more than 1,700 brands and approximately 165,000 individual SKUs globally. Founded in 1970, today we have more than 39,500 highly-trained and passionate associates worldwide, with offices on six continents. For more information, please visit www.daymon.com.

Tags