Although Millennials may have less disposable income than the generations preceding them, simply profiling this consumer by income may not be the best strategy. While their predecessors may have been status seekers, Millennials view luxury differently. Quite simply, Millennials don’t buy luxury goods to impress others, they buy premium products because they believe they are better. Researchers found that today’s luxury retail consumer tends to be younger, urban, and well-informed about the brands she buys. Discover how this consumer learns about luxury brands, when she’s most apt to buy, and the influencers that matter most.
Consumers are feeling cautiously optimistic about the economy and analysts believe that their positive sentiment will translate into an opportunity for retailers this 2017 holiday season. Consumers are now digital-first shoppers, so it’s essential that marketers have a seamless omnichannel strategy in place. And don’t forget Amazon! Almost 70% of consumers say they plan to shop the site this holiday season. In our infographic, you'll learn how consumers are expected to shop, when they’ll start shopping, and where they’ll be looking for that perfect gift!
As retailers begin to reinvent the store experience for the digital age, they are experimenting with different ways to get consumers excited about their brand and into their stores. Today, 60% of consumers are digital-first shoppers so an experience that begins on digital must seamlessly translate to the physical store. Successful retailers are combining in-store and digital and finding ways to make these channels work together seamlessly. How? Personalized digital content and product suggestions peak consumers’ interest, but it’s immersive experiences that create a personal connection to a brand that keeps them coming back. In our infographic, we explore the strategies that get female consumers into retail stores.
We know in-store shopping isn’t dead yet, even as consumers increasingly buy online across most categories. Six out of 10 web shoppers make 21% or more of their purchases online—moreover, when you look specifically at Millennials, that number increases to 66%. But consumers still seem to be looking for that close connection with brands: new research shows that 59% prefer to research and 55% want to shop directly on brand sites rather than a multi-brand retailer. This is especially true for Millennials, who, more than other demographics, were more likely prefer brand websites to multi-brand retailers. This speaks directly to the perception that Millennials are looking to engage more with specific brands and deepen their relationships with them.
Consumer taste and shopping preferences are changing profoundly, even in the candy and confection category, where Millennials are expecting higher quality ingredients, an omnichannel, social-first shopping experience, and an authentic brand story. Gourmet candy boutique Sugarfina, founded by Rosie O’Neill and Josh Resnick, has embraced this new approach to become the fastest-growing confections brand in the country. Since launching online in 2012, they’ve opened 24 Instagram-ready retail locations and 14 shop-in-shops in North America, and have plans to expand globally within the next year. Sugarfina’s artisanal candy is made specifically for adults (rosé gummy bears and single-malt Scotch infused chocolates) and sourced from confectioners worldwide, with many products exclusive to Sugarfina. I had the pleasure of speaking with Rosie and discussing how her approach to product, branding, in-store experience, and omnichannel distribution has driven such phenomenal growth.