Study reveals shopping, consumption habits of millennials
Millennials have some very specific preferences when it comes to shopping and making returns.
Of the 63% of millennials who purchase items online, 76% prefer to make returns in-store, and 76% of them stay and shop after making a return in-store, according to an annual survey by investment bank Roth Capital Partners.
The study, conducted in partnership with Mfour Mobile Research, also found that 47% of millennials are more likely to purchase digitally native brands and 73% are Amazon Prime members.
For the second year in a row, Nike, Adidas and Vans are the leading fashion footwear brands among millennials. Gucci is the most popular luxury goods brand. Millennials view Serta, Sealy, Tempur-Pedic, Purple and Casper as the mattress brands that best serve their needs
Key findings from the Roth Millennial Survey include:
• 45% of millennials have purchased apparel products from brands that they first discovered on Instagram;
• 53% are willing to pay a premium of 10% or more for socially responsible brand;
• 74% own reusable water bottles or tumblers, with YETI, Hydro Flask and Contigo being the most popular
• Approximately two-thirds use dairy alternatives, regardless of their income level, and 72% of those who use dairy alternatives are willing to pay a premium of at least 5%; and
• 24% of millennials use CBD, and purchasing decisions are most influenced by quality, value and friend recommendation.
“We are in the infancy of two very large market opportunities for brands and products in the CBD and cannabis industry,” said Scott Fortune, Director, Research Analyst at Roth. “The survey confirms the increasing use case for millennials to gravitate toward quality brands and products.”