Millennials are changing the shopping landscape, and if retailers don’t take notice they will be left in the dust. This is the first generation to experience widespread usage of student loans, and as a result they have an average of $30k in student loan debt by the time they graduate with an undergrad degree. To top it off, they are making less than their age group did just 10 to 20 years ago, and the cost of living is going up. In short, they are strapped for cash and their shopping habits reflect that.
One of the most notable differences in the retail habits of Millennials versus other generations is the uptick in secondhand shopping. In fact, secondhand stores are growing at a rate 20 times faster than other retail outlets. Millennials are trying to save money, but they also like the uniqueness of secondhand items as well as the environmental aspect of buying used.
Millennials are more interested in doing business with companies that have a commitment to environmental or other causes, which is another major generational shift. What’s more, they will often pay more to achieve this end goal. Learn more about the shopping habits of Millennials from this infographic!
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