Milennials look for value

A lot of thought goes into how to save money

A new IRi study called Millennial Shoppers: Positive Mindset Points to Future Growth, offers advice for retailers on how to capitalize on Millennials and provoke purchases in retail stores, on websites or via mobile.   
For example, since this tech savvy group are more price-sensitive than consumers overall (84% vs. 75% say “price is a key driver of brand decisions”), a lot of thought goes into how to save money:
    •    54% use shopper loyalty discounts
    •    53% use coupons from home
    •    46% refer to in-store circulars
    •    37% react to signs and displays in-store  ?15% acknowledge online advertising
And Millennials save in other ways too, reports IRi, check this out:
    •    70% compare shelf prices on everyday items
    •    66% compare prices across retailers in the same area
    •    58% choose a store that has the lowest price on needed items
    •    50% comparison shop on retailer websites
    •    47% seek out store brands
Why the frugal attitude? Well according to data this is all understandable: 26% of Millennials report “difficulty affording groceries today,” notes IRi.  Although that IS better than the 38% who said this a year ago.  This upswing reflects their relatively optimistic view of financial prospects, based on a steadying of unemployment and under-employment rates
To make use of this data and to cash in on  Millennials, retailers will need to offer the values they demand, and fill the role of the engaging, transparent, socially responsible merchant they prefer to buy from.