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What are millennial shopping habits generally and when it comes to household items specifically? What are expectations when it comes to product variety (is less more or more more?), product quality, and online shopping behavior.
The shopping habits of millennials majorly rely on technology and 63% of them preferring online shopping to in-store shopping. Their expectation on variety is that more is more because it enables them to compare prices and products. Inasmuch as majority prefer online shopping, 63% of millennials shop in-store for furniture and interior furnishings. Quality is important for the millennials, and they are also more likely to purchase from companies that support different causes, but price still plays a major role in their shopping behavior.
TRENDS IN THE SHOPPING HABITS OF MILLENNIALS
There are approximately 80 million millennials in the United States, and they spend $600 billion every year, which accounts for 28% of every day per-person spending. By the year 2030, their daily per-person spending is expected to be 35%. The shopping habits vary based on the age of the millennials. The older millennials aged 32 to 35 years are more likely to shop online using their smartphones as compared to the younger millennials aged 20 to 23 years. Price is an important influence for approximately 80% of the millennials, but they also look for other characteristics such as ethical production, local sourcing, and authenticity. Technology plays an important part in the shopping habits of millennials. 63% of them shop online using smartphones, and 84% also use their smartphones for shopping assistance when shopping in a store for household items. Research by Accenture also revealed that 68% of millennials require a smooth online to in-store experience
Brands are also an important part of the shopping experience for millennials. Most millennials follow brands on social media platforms but are still influenced by price. Two-thirds of the millennials are likely to switch brands if they are offered a discount of at least 30%. A little more than one-third of millennials follow brands for information on latest products and trends while 7% follow them to be part of the online community for the brand. The millennials consider the effect that a brand has on social issues and environment. 48% use brands from companies that support social causes while 45% are concerned about environmental stewardship when shopping for household items. However, price still plays an important part even for the common brands. When shopping online, 72% of millennials search for coupons while 52% do the same when shopping in a store. They also rely on reviews and recommendations from bloggers and YouTubers. 39% of millennials post product and brand reviews and 60% of millennials aged 24 years and below try products recommended by YouTubers.
SHOPPING FOR HOUSEHOLD ITEMS
Most millennials buy household items when they run out. They engage in pre-store planning before buying household goods, and their common behaviors include making lists, taking inventory, and talking to other people in the house. 55% of millennials make lists, 47% look around the house to see what they need, 32% ask others around the house, while 34% look for physical offers or coupons. 30% of the millennials look for offers and coupons online, and 19% consider the online reviews for the different products. The millennials buy paper products and cleaning supplies in person because they need to compare products and prices. 43% of the millennials also settle for alternative brands for household products when their preferred brand is unavailable.
SHOPPING FOR FURNITURE
Despite the heavy reliance on online shopping, millennials are more likely to shop in-store for furniture. 63% of millennials shop in-store for furniture and other interior furnishings. They constitute 37% of households buying furniture and spent $27 billion on furnishing their homes in 2014. They require touch-and-feel experiences when shopping for furniture, and 95% of them want to be actively courted by brands. However, the emails should not be sent too frequently since 70% are frustrated with too many emails from digital companies. The millennials are also living in smaller spaces and require smaller pieces of furniture that focus on design, functionality, and style. However, there seems to be a slight rise in the number of millennials shopping online for furniture. The online sales of furniture to the millennials is expected to rise from $15 billion in the year 2012 to $32 billion in the year 2018.
CONCLUSION
Millennials prefer online shopping except for products that require a touch-and-feel experience such as furniture. 63% of them shop online, and 84% still use their smartphones for shopping assistance when shopping in-store. A larger variety helps them to compare prices and products, and inasmuch as quality is important for them, price plays the major role in their shopping habits.