A new survey from Citi Retail Services offered up some thoughts in a release announcing the results.It’s back-to-school shopping season, and retailers are excitedly working through the rush that marks the end of the summer season. The holiday shopping season will be a huge focus before we know it, and retailers across the nation are determined to sprint towards it on a high note. While tremendous deals will always go a long way towards packing today’s budget conscious consumers in, the various demographics weigh other factors when making their decisions on where to shop.
For example, what is the all-important millennial demographic looking for as they get their little ones ready for the big day? Thanks to a new survey from Citi Retail Services, we have some valuable insight into the millennial mindset. Leslie McNamara, Managing Director and EVP of Business and Market Development for Citi Retail Services, offered up some thoughts in a release announcing the results.
“More millennials are entering parenthood, which is having a profound impact on retailers. These parents place tremendous value on their children’s opinions when shopping and are not as swayed by brand on big-ticket items like electronics,” she explained. “Retailers can incorporate this into their approach when marketing to millennials, whose habits may defy generalizations as they enter the next stage of their lives.”
For raw numbers, a whopping 72 percent of millennial parents plan to do their back-to-school shopping at brick-and-mortar retailers as opposed to online. Drilling down even further, an astonishing 91 percent of this demographic place a high value on their child’s opinion when making purchasing decisions at this time of the year. Retailers that are gearing their marketing towards the teen and under crowd just may be onto something.
“Millennial parents are still relatively new in the back-to-school market, so it is important that retailers evaluate and shape their retail experience to reflect how these parents actually approach shopping,” McNamara added. “Perception is key when understanding this demographic, and when it comes to factors like budgeting, the length of the season and child-input, there is still much to uncover with respect to the rationale and thinking of millennial parents.”
The survey reveals that millennial parents are leaning on traditional stores as a way of sticking to their budget. Other factors that are getting them out of the house and into the store include the ability to test items or try on clothes, to be able to get their children’s opinion on the spot, for the ease of comparing products, and to get better deals. This is all outstanding news for brick-and-mortar retailers, and an encouraging sign as we race towards the holiday shopping season.