Millennials, described as “confident, connected and open to change” by PewResearch, are living up to their characteristics according to TPN’s Seasonal Pulse New Year 2014 study.
Among all generations, millennials are the most likely group to “change it up” this Valentine’s Day. Thirty percent of millennials are planning to celebrate the romantic holiday differently than last year (see graph below), providing a huge opportunity for marketers to influence their plans – especially if millennials are trying to impress a new special someone.
Further, 21 percent of millennials plan to stay home and cook a special meal this Valentine’s Day. As notorious foodies who are always online, millennials will be hunting down new meal inspirations across social media and the web. Grocery retailers and online brands should be targeting this generation as they plan for their night in.
While 29 percent of millennials do plan on going out for a meal, those staying in, including myself, won’t have to make a last-minute reservation or spend an arm and a leg on food. Maybe it’s me, but I think millennials may be on to something.
Source: TPN Seasonal Pulse, New Year 2014
For more information regarding TPN and our Seasonal Pulse findings, please visit www.tpnretail.com.
Google released its top-searched items of 2013, and Kohl’s, JCPenny and Nordstrom graced the top spots on the apparel brands and retailers list. Following the top three included Forever 21, Old Navy and Macy’s.
What do these retailers have in common? All were searched along with terms that indicated shoppers were looking for a deal or price reduction. For example, Nordstrom shoppers were most likely looking for Nordstrom Rack in their searches.
But this trend of looking for good deals is not exclusive to online retailers. Shoppers are also more likely to negotiate prices in-store, thanks to multiple resources.
Brick and mortar shoppers now have an arsenal of never-ending resources in the form of smartphones. Price-checking in-store, or showrooming, has quickly become the norm, and retailers have had no choice but to find creative ways to fight back and ensure in-store sales remain strong.
Best Buy is one of those retailers and is offering a price-match guarantee this year. What does this mean? Customers can bargain. Prices are no longer set in stone. If a shopper finds a cheaper price online, Best Buy will work with them to keep that sale in-store.
The future of retail is changing rapidly and with each new technological advancement, shoppers get smarter about what they are willing to pay for products and services. Brands and retailers will also have to continue to get smarter, adopting new technologies and policies that will ensure both in-store and online channels thrive.