Retailers should be aware of some specific millennial shopping trends, according to a new survey.
According to “The State of Consumer Spending: Millennials Flexing their Retail Market Influence,” a study of more than 1,000 U.S. consumers by First Insight, millennials (born 1981-2000) are most likely to spend more than $50 per visit in-store (74%). This compares to 71% of Gen X and 65% of Baby Boomers.
Gen X shoppers are most likely to spend more than $50 when shopping online (59%), followed by millennials (54%) and Baby Boomers (49%). However, millennials have the highest added-to-cart percentage rates in-store and online. Almost nine in 10 (87%) millennials said they sometimes or always add items to their carts they weren’t planning to buy when shopping in-store. This compares to 86% and 78% of Gen X and Baby Boomer respondents, respectively.
When shopping online, 78% of millennials sometimes or always add items to their carts they weren’t planning to buy, compared to 74% of Gen X and 53% of Baby Boomers.
Twenty-five percent of respondents subscribe to subscription boxes, driven primarily by millennials (31%), with Gen X (21%) and Baby Boomers (8%) trailing. Overall, 32% of study participants intend to subscribe in the next six months, including 38% of millennials, 28% of Gen X and 22% of Baby Boomers.