The Next World: How Millennials Will Shape RetailJune 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.
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
- The Social Generation: Millennials are experience-driven and a generation that wants to share, they are the “worldwide sharing tribe” that spends on average 50 more minutes a day online than previous generations. With that being said however, 48 percent of those surveyed say that being with friends and family is how they want
and wish to spend their free time. Millennials are also spending their time participating in activities such as sports (33 percent), theatre/cinema (36 percent), nature watching and gardening (26 percent) and outdoor activities such as hunting/fishing (7 percent).
- Parenting and Family Trends: Forty-one percent of Millennials are parents and the average number of children per Millennial is 1.6. Similarly, 34 percent of Millennials without children want to start a family while only 14 percent of Gen X feel this way.
- Work/Life Balance: With 63.5 percent of respondents citing financial stability, it is by far the most important aspiration for both Millennials and Gen X around the world.
With that being said, 28 percent of Millennials cite starting a family as their most important aspiration and 18 percent say that becoming a business owner is most
important, which ties directly back to Millennials seeking a personal and professional life balance. Surprisingly, in Germany and France, Millennials are most likely to live
alone (45 and 37 percent, respectively) however they also have the most desire of starting a family (15 and 28 percent, respectively).
- Health and Wellness: Millennials consider their body to be “the temple of me” and value both physical and emotional attributions such as being in good shape, feeling
good about themselves and being cheerful. Millennials share that they are more willing to follow a diet due to beliefs or social factors, as opposed to Gen X who are
likely to start a diet due to a physical condition. Beliefs such as animal welfare concerns, religious/cultural concerns and family/friend recommendations are most
likely to be followed by Millennials as well as lifestyle diets such as vegetarian, vegan, detoxes, and gluten free.
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.