Millennials are becoming retailers’ largest demographic in both population size and market influence with significant buying power due to their constant access to technology. Over 85% of millennials own a smartphone compared to 71% of the total U.S. population, and their mobile-first experiences are set to reshape the economy and change the ways in which consumers trade. Already, a quarter of millennials recently surveyed report 100% of their online purchases were on smartphones — and marketers in retail are taking note, but in some cases, not fast enough.
Are Retailers Prepared for the Millennial Effect?
Shopping preferences of millennials are unique and often include a combination of both online and offline.
