Global consumer retail leader and private brand pioneer, Daymon Worldwide, today released “The Next World: How Millennials Will Shape Retail,” a worldwide Millennials market research study. The research explores the nuances and values of this generation to gain a better understanding of how they will shape the future of retail. Conducted in April 2016, the global research project surveyed more than 7,000 Millennials and Generation Xers in five continents and 14 countries across the globe.
“By the year 2030, there will be more Millennials than any other generation, including Baby Boomers, in the United States,” said Daymon Worldwide Vice President Vasco Brinca. “We have never experienced a generation like this, in large part because they have grown up with economic uncertainty, high unemployment, and are always-on digitally. It is critically important to study this generation and their culture today to discover the impact they’ll have on the world’s future.”
Daymon Worldwide’s Millennial research assesses Millennials in three major areas: their attitudes and beliefs, their shopping missions and consumption behavior, and their perception of brand and private labels.
Shopping Missions and Consumption Behavior
Millennials are found to be unstructured shoppers that shop frequently and for a long period of time. When shopping for groceries, Millennials shopping missions are for immediate needs compared to Gen X who shops in order to stock up for a few days.
Brand and Private Brand Perception
Millennials are less loyal to and are disaffected by brands compared to Gen X. Twenty-nine percent of Millennials and 35 percent of Gen X say they “usually buy the same brand, but will try others on occasion” and 26 percent of Millennials say they are likely to “buy whatever brand they feel like at the time.”
The study also reveals impactful data around Millennials’ attitudes and beliefs, their online habits, parenting and family trends, work/life balance and health and wellness behaviors.