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The Millennial generation still hasn't reached their full potential. According to Accenture via Forbes, millennial spending is projected to grow to a whopping $1.4 trillion in 2020. While this can be attributed to a variety of factors, research shows that retailers specifically built on discounts, digital roots, eco-friendliness, and subscription-based models are certainly a big part of the equation.
Today, discount retailers like T.J.Maxx and Nordstrom Rack are popular among millennial shoppers due to their valued experience of discovering the perfect deal, while digitally native brands including Away and ThirdLove have capitalized on using tools like social media to strategically capture millennial interest. Meanwhile, Patagonia and TOMS have found success in making strides toward a more green and sustainable business model, and subscription companies like Blue Apron and Netflix offer personalized simplicity in a world where instant gratification is king.
Each of the companies listed above has spent years meticulously researching millennial audiences to pinpoint exactly what today’s consumers are interested in, and how to in turn provide these products in a convenient, well-priced manner. As stated by Forbes, “This is a back-to-basics approach that all retailers and brands must master if they want to capitalize not only on the Millennial generation, but others as well.”
Learn more about millennial consumerism here.
Photo credit: Away
