How Millennials Are Changing the Retail Industry
By 2020, millennial spending in the U.S. is projected to reach $1.4 trillion annually, accounting for 30 percent of total retail sales. While the impact of the millennial generation has long been talked about, most retailers have yet to adapt to meet the needs of this increasingly influential audience.
Millennials are defined by more than just their age. To truly understand millennials, retailers must take into account what differentiates them from other generations, their shopping habits, and their growing influence in an evolving retail environment.
While Gen Xers and baby boomers’ major spending years are behind them, millennial spending is just beginning. Baby boomers have entered retirement while millennials, who have held out on significant purchases and major life decisions, are just now getting married, buying homes, and having children.
Bart Mroz is CEO at SUMO Heavy, a digital commerce strategy firm. The company builds, connects, expands and invests in growing online retailers. This group of experienced strategists, consultants, designers and developers works to build solid brands and to create effective online retail solutions. Bart is an expert in e-commerce, business consulting, and technology strategy.