People born in the 1980s and 1990’s, also known as millennials, differ significantly from the previous generation in pretty much every aspect. It’s not enough to say that the current 20-35-year-olds have a different outlook on life, it’s more of a generational gap between the digital natives and their parents. How does it affect the way they shop?
A common belief is that millennials mostly shop online and it’s the digital world where they look for the best offers. The younger they are, the more truth there is to this statement. While those who were born before the 1980’s appreciate the value of brick and mortar stores, the ones who grew up with the digital revolution next door mostly shop online.
They are also more conscious of the savings they can make but in a different way than the generations before them. Back in the day, it was a house and a car that exemplified how rich you were. Nowadays, it’s more about self-respect, personal development and the experience that young people value more. This is why a typical millennial might prefer to go on an exotic trip and sleep in an Airbnb room instead of putting a down payment on their mortgage.
Additionally, millennials place great importance on things like mental and physical well being, environmental responsibility and social diversity. It shapes the corporate world in regards to their career choices, and it changes the consumer culture in which more and more people return to local and ethically sourced products.
All of the above isn’t to say that millennials want to spend a lot of money on something they deem unnecessary. In fact, with the abundance of online services, young people know very well where to look for the best bargain deals. Coupon code websites such as Picodi are frequently visited by those who know how to save money and still get into possession of the most desired products. Again, being a digital native pays back in the form of the wealth of experiences at a more affordable price.
As people who aren’t yet attached to a family of their own prefer to rent a flat instead of buying it, they don’t necessarily want to surround themselves with products they don’t need. There is a visible rise in purchasing services such as holidays, treatments, courses and training. Personal growth over a multitude of objects and work-life balance over being a corporate slave – this is the current trend.
On a larger scale, it’s the millennials who shape the consumerism of the future. Their unlimited access to information and the newest trends can change how even the most prominent retail chains operate. Saving money in a completely different way has influenced price tags, corporate responsibility towards the environment and the change in direction with trends.