Why are Millennials changing the shopping landscape so dramatically? Contrary to popular belief, Millennials aren’t actually out to ruin everything we love. Rather, this is the largest and most diverse generation in American history, and their preferences are driving major changes to retailers. They are strapped for cash and environmentally conscious, which is driving one of the biggest changes – the rise in secondhand stores.
Currently secondhand stores are growing at a rate 20 times faster than traditional retail. Millennials love a good bargain and they need to tighten their wallets anyway. They also would rather wear something used than something new because it’s so much better for the environment. The added bonus? They get to wear things that no one else has – a more economical answer than rare designer frocks.
Millennials are also putting brick and mortar stores out of business. They aren’t trying to close stores because they don’t like them. Rather, they are ordering more online than ever before in history and brick and mortar retailers are struggling.
There are also all kinds of new ways to get things you need thanks to smartphones. Instead of staying in hotels when they travel, Millennials opt to rent rooms on sites like AirBNB. Instead of renting a car when they travel, Millennials call for a Lyft. Instead of buying things Millennials rent them online. Millennials buy meals, groceries, and everyday necessities online. They stream movies instead of buying DVDs and stream music instead of buying CDs. There’s even a growing trend of thrift shopping online!
Millennials are shaking up the way retailers get their goods to market, and they are doing it in a way that benefits the needs of the consumer much more than the needs of the retailer. Learn more about the newest Millennial shopping habits from this infographic!
Image source: Mergein