Millennials crave authenticity and don’t settle for mediocre companies.
That’s according to a recent Vision Critical report, “The Everything Guide To Millennials,” which found that when it comes to retail, millennials trust big retail brands the most, more than other adult groups do. Twenty-three percent of millennials said they are very trusting of popular retail brands, compared to 5 percent of Gen X consumers and 1 percent of baby boomers.
Gen Y consumers associate with retailers that cater to their personal values, support communities and prioritize the environment. By providing millennials with a heightened personal experience and meaningful products, retailers win the approval of today’s most demanding, yet game-changing shopper demographic.
Individuality is also key for millennials when it comes to products. They want items that are fashionable, affordable and express their unique attributes. What makes this shopper demographic different from their older counterparts is that they are concerned about where products are sourced and if brands hold sustainability to the highest standards. Seventy-one percent of Millennials said it’s important that products align with their beliefs. Meanwhile, Gen X (66 percent) and boomers (68 percent) didn’t prioritize this attribute quite as much.
Trusted big retail brands know how to hook in millennial consumers with social media engagement. According to the report, “Millennials are one step ahead of retailers. While shopping in-store, they check online retailers to see if they can get a better deal.” Although millennials may like big retail brands’ Facebook posts or retweet them, these favored companies are aware of their competitors’ communication with this shopper demographic.
To secure millennial shoppers, major brands provide them with a personalized experience, whether it’s showing their looks on Instagram or inviting them to collaborate on new merchandise. Millennials love involvement and big name retailers that provide them the opportunity to speak up will succeed in today’s digital market.
Demanding and conscious, millennials may be a difficult shopper demographic to understand, but it isn’t impossible for brands to take note of their retail mindsets. To Gen Y consumers, retailers that align with their lifestyles, engage in social media platforms and encourage transparency about their environmentally-friendly efforts, are relevant and will be the ones that remain successful in the years ahead.