How Millennials Are Changing Retail Patterns

Posted by Lynn Byrd on Thursday, October 12th, 2017 at 8:03am.

Millennials:

I recently read an article in the Wall Street Journal about Millennials that I found interesting. One of several facts is that the millennial segment of our population (75.4 M) is larger than the Baby Boomer population (74.9 M).  While there seems to be some debate as to the exact date range Millennials were born it appears that individual’s age 24 – 27 fall into the category, and they’re peaking in their need for careers, and for homes.

In order to appeal to this generation, retailers need to provide a seamless customer-facing retail experience. Whether this is online or in-store, millennials seek customer service professionals who understand their preferences and make recommendations tailored to their specific needs.

 

Millennials want a customer-centric experience in which they feel wanted and valued. Whether it is in-store or through social media channels, showing interest in these shoppers creates loyalty. In order to do this, retailers need to closely examine what they’re currently doing with customer data, and ensure this information is being utilized to deliver a more personalized in-store experience. This can include where customers shopped last, what was purchased, and their motivation to convert.

Retailers are targeting this age group by offering classes on everything from gardening to home and auto repair. According to the article Millennials may have lived at home longer and didn’t spend much time helping mom and dad in the yard, the garden, or making home/auto repairs.

The requirements and needs of different generations vary greatly, and I’m glad to see that retailers are taking that into consideration. We in the Real Estate industry need to do the same.  By providing good information, and educating we can insure that the Millennials make good choices when purchasing a home. 

 If there's a broad topic you would like us to address or if you have any questions specific to your situation you can contact us anytime at 

(423) 247-8121 or Ask Abbott

The Byrd Home Team

RE/MAX RESULTS | 423.247-8121
1567 N.Eastman Rd Suite 14 
Kingsport TN 37664
Each office independently owned & operated.

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