Are Millennials and Gen Z more about convenience or price when they shop?
Condé Nast and Goldman Sachs have issued their annual Love List Brand Affinity Index, which seeks to discover the brands and retailers that connect — or not — with Millennials and Gen Z consumers.
The study found, not surprisingly, that members of these groups are increasingly going online and making use of mobile technology in their interactions with retailers. More than a third of apparel shopping is done online, with a higher percentage of males (42 percent) than females (35 percent) making purchases. Speed and convenience are two traits that are becoming more important in purchasing decisions for both genders.
“The retail industry is in the middle of a seismic transformation, and if you want to be a next-gen company, you need to adopt a digital and mobile-first strategy,” said Pamela Drucker Mann, chief marketing officer of Condé Nast.
“Amazon is the perfect example,” Ms. Drucker Mann added. “As Millennial and Gen Z consumers become a dominant spending force, their phones are their connection to the world, and it’s only getting easier for them to spend their money by using it.”
Amazon was named as the favorite clothing retailer by males in the study. Women in the study ranked Amazon as the top shopping app.
The national study, which surveyed 2,345 consumers, found that shoppers are becoming “more calculated” in their purchasing behavior.
Shopping apps such as Amazon’s are making it easier for consumers to conduct price comparisons. Target’s Cartwheel app was second only to Amazon among retailer shopping apps (sixth overall) on the list of apps that “Conde Nast girls” are using now that they weren’t using several months back. Other new apps making this year’s list included Poshmark, Ibotta, Mercari, Wish, and Ebates.
- Victoria’s Secret and Nike Rank Among Top Brands for Millennials – Bloomberg
- The Bottom Line: Victoria’s Secret among top brands for millennials, report says – The Columbus Dispatch
- Condé Nast and Goldman Sachs Release the 2017 Love List Brand Affinity Index – Condé Nast/Goldman Sachs
DISCUSSION QUESTIONS: Are shopping apps helping to create consumers who are more calculated in their purchasing decisions? How will this affect retailers as these consumers grow older?