Photo: Flickr / Adam Tinworth
Millennial shoppers, more so than their parents, are struggling to make ends meet, according to a new survey.In a survey, 25 per cent of millennials — those age 18 to 34 — reported not having enough money to cover their basic needs compared to 17 per cent of adults 35 to 54, and 13 per cent of adults 55 and older, according to a report released Monday by WSL Strategic Retail, a New York-based firm which tracks shopper behaviour and retail trends.
The Internet-based survey also found that 80 per cent of millennials believe it’s important to the get lowest price when shopping. The survey of nearly 2,000 respondents conducted for 12 days in December also found that 60 per cent of those 18 to 34 are likely to choose a lower priced item over their usual brand if they can save money.
Because price is such an issue for millennials, 57 per cent make a point to search online for discounts before shopping and 63 per cent stick to the brands and stores they know they can afford, the report said.
Millennials have been “hit hardest by the recession that has left them struggling to find jobs and pay down student loan debt,” said Candace Corlett, president of WSL/Strategic Retail.
The findings present a significant challenge to brands and retailers who have, for years, thought of millennials as their “golden ticket” to growth, according to Wendy Liebmann, CEO of WSL Strategic Retail, which published the report, titled “How America Shops.”
“Businesses must begin rethinking their strategy to lure these shoppers to buy,” added Liebmann. “At the same time, they must reevaluate the power of this generation to support new brands and stores.”