Every industry has to evolve to maintain its relevance, and the retail industry is no exception. Businesses have to use the best technologies available to stay competitive. They also have to cater to the needs of their target audience. Today’s consumers have much higher expectations of retailers because they’re more informed than previous generations. Millennials were born and raised in the Internet Age, after all. They demand convenience and accessibility. They’re also more conscious about the brands they support. Retailers have to win them over to succeed in the long run.

Millennial Statistics
There are 87.5 million millennials in the United States today, with ages ranging from 18 to 29 years old. This is more than Generation X and baby boomers, who are at 83.7 million and 66.4 million, respectively. Millennials may be young, but they’re large in number. They also have substantial purchasing power. Many millennials are already in the workforce, while the rest are close to entering it. They will be the leaders of the future. Any business that wishes to do well must learn more about their habits, values and desires.

About a quarter of the millennial population can be considered digital socialites. They’re highly engaged online, particularly with social media. Most of these are women, with a 55 percent to 45 percent gender ratio. Another quarter is composed of dynamic media junkies. They’re extremely tech savvy, with high engagement in online video and streamed content. The majority of these are male, at 64 percent compared to females at 36 percent. Others are only moderately engaged in the digital world. Retailers can use this data to tailor their marketing strategies to each segment of the millennial population.

Smartphone penetration is highest among millennials at 85 percent. Ownership is pegged at 79 percent for Generation X and 54 percent for baby boomers. Millennials prefer smartphones to alternatives like laptops and tablets, whose adoption rates are at 78 percent and 50 percent, respectively. Their media consumption habits skew to the digital format. Millennials comprise the smallest percentage of magazine and newspaper readers. They also spend the least amount of time watching traditional television and listening to the radio. On the other hand, they’re second to Gen X in terms of internet use. Advertising executives must take note of these data.

What Attracts Millennials?
The millennial generation is often portrayed as happy-go-lucky individuals without a care in the world. This is entirely untrue. Despite their youth, millennials feel passionately about a number of pressing issues. They’re also conscious of the fact that the way they spend their money is a reflection of their values. Millennials’ purchases are often votes for the things they believe in. This is why they look for brands that share a common vision. For example, they might prefer local manufacturers that use sustainable materials rather than buy cheaper alternatives from elsewhere.

Millennials also believe in corporate social responsibility. This generation can be extremely devoted to a brand that gives back to the community. For example, they may support smaller sports brands if they provide sponsorship to grassroots athletes. Donations to charitable organizations are also appreciated. The same principle holds true for restaurants, retailers and other businesses. Millennials like to promote this virtuous cycle whenever they can. It doesn’t matter whether they’re the primary beneficiaries or not. It’s enough for them to know that they did well for the community or sector that they care about.

Diversity is also an important subject for millennials. Young people are more inclusive than those who came before them. They may shy away from businesses that are linked to discriminatory company policies, brand ambassadors, employees and executives. On the other hand, companies that champion diversity can earn a loyal following. Millennials aren’t shy about promoting their favorite brands in social media and other platforms where they have the attention of their peers.

Sarah Daren has been a consultant for small businesses in multiple industries including retail, health and wellness,  and education. She implements her health knowledge into every aspect of her life, including raising her two children. When she’s not watching the New York Yankees play, Sarah enjoys practicing yoga and reading a good book on the beach.