Millennial Parents Shop Differently Than Other Generations, Report Finds
Findings from the spring edition of the National Retail Federation’s quarterly Consumer View report provides insight into how millennial parents shop, spend and engage with brands differently than parents in other generations. Millennial parents turn to their smartphones at every point during shopping. The study found 78 percent use their phones to research products (compared with 58 percent of other parents), 75 percent to check prices or availability (also compared with 58 percent), and 71 percent to pay at checkout or place an order (51 percent). In addition, 71 percent will leave a review, process a return or chat with customer service after purchasing, compared with 43 percent of other parents. Eighty-six percent of millennial parents have used same-day shipping compared with just 67 percent of parents from other generations. And they’re willing to pay for convenience — only 53 percent expect free shipping on small orders under $50 compared with 66 percent of other parents.
Total Retail's Take: Millennials and parents, two of the most sought-after customer demographics by retailers. It therefore makes sense that retailers would want to know as much as possible about this audience in hopes of using that knowledge to capture a larger share of millennial parent purchases — and get them to spend more each time they do purchase. The NRF data uncovers some trends about millennial parents‘ shopping behaviors: they're on their mobile devices throughout the shopping experience; they generally lack time, so the easier and faster you can make the shopping experience — from browsing to checkout to delivery — the better; they're more likely than other customers to shop with brands that share their social and/or political values; and they're loyal to brands they like, even when presented with cheaper options. Retailers can use this information to tailor their experiences to capture a larger percentage of millennial and millennial parent customers.
Joe Keenan is the executive editor of Total Retail. Joe has more than 10 years experience covering the retail industry, and enjoys profiling innovative companies and people in the space.