New data from e-commerce platform Shopify reveals three key factors millennial shoppers will look for this Black Friday.
A Shopify survey of 500 U.S. consumers indicates that personalization, unique in-store experiences, and social responsibility are all top-of-mind for many millennial consumers planning to make purchases this Black Friday/Cyber Monday weekend. Fifty-three percent of millennial respondents say a personalized shopping experience is important in deciding where to shop, compared to 42% of all respondents.
Millennials are similarly more likely to buy a product in person from a store offering a unique shopping experience (51% vs. 39%), prioritize shopping at stores that have demonstrated social responsibility (58% vs. 46%), and pay for a product if it produced using sustainable manufacturing (49% vs. 32%).
Interestingly, millennials are also the consumers most likely to shop over Black Friday weekend, along with consumers with families. More than four out of five (83%) millennials plan to make a purchase, making them the generation most likely to shop compared to Gen Xers (71%) and baby boomers (52%). In addition,85% of respondents with children living at home plan to make a purchase. Fewer respondents without children at home plan to purchase (58%).
Additional findings include:
• Respondents plan to spend $550 on average, with men expected to spend 65% more than women ($694 vs. $421);
• Fifty-four percent of respondents that purchased during Black Friday/Cyber Monday in 2018 plan to spend the same amount this year, while 29% plan to spend more;
• Sixty-eight percent of respondents plan to make a purchase, which represents a 17% increase over 2018;
• Forty-nine percent of respondents plan to shop online only, 8% plan to shop in-store only; and 43% plan to shop both online and in-person.
• Respondents who intend to make an online purchase listed sales (70%), free shipping (58%), time-saving (55%) and competitive prices (39%) as key motivations.
• Eighty-four percent of respondents expect that retailers will offer free shipping for their purchases.
• Of respondents who intend to make an in-store purchase, 60% indicated wanting to see/touch the product, while 50% indicated wanting to get the product right away as a key factor.