Retailers Don't Understand Millennials, November 2013 [CHART]
A recent study from Women’s Wear Daily (WWD) and Berglass+Associates takes on “retailers’ readiness for the Millennial generation,” arguing – via a survey of senior retail executives – that many are unaware of key points about the generation, such as its spending power and purchase decision influencers. Given that the definition of Millennials varies widely from one study to the next and that behavioral tendencies don’t always have fixed age breaks, it makes some sense that retailers could have trouble with the pop quizzes. It’s harder to understand why many retailers aren’t even researching this generation.
One of the main points the study makes is that three-quarters of respondents underestimate the spending power of Millennials, which the authors put at $200 billion, citing 3rd-party research. It’s unclear the methodology used to arrive at that figure, though tracing the source down the internet rabbit-hole leads to this book, published in 2009. The book used for its definition of Gen Y a birth range of 1978-2000, which would translate roughly to 13-35-year-olds as of this year. That’s certainly a wide age range: the Pew Research Center, for example, uses an age range of 18-29 for its definition of Millennials. Read the rest at MarketingCharts.