Being an incredibly large generation cohort numbering 72.24 million strong, perhaps it’s millennials and not so much the aging baby boomers who are transforming the way Americans, and perhaps the rest of the world shop. The oldest millennials turned 40 during the height of the pandemic, so they were heavily influenced by the ‘stay home, stay safe’ global mandates that were put in place to stem the spread of COVID. And they responded accordingly. It’s time to explore exactly how COVID transformed how millennials shop.
eCommerce Took Off
Millennials are expected to enjoy purchasing power totaling USD 8.3 trillion by 2025. That is compared to the meager purchasing power of USD 6.4 trillion for Gen X and USD 1.1 trillion for baby boomers. If there’s one thing that characterizes millennials much more than any other generational cohort, except for perhaps Generations Z and Alpha, is the fact that some of them grew up during the start of the digital revolution.
So, their generation began to be shaped in profound and transformative ways by advanced and digital technologies. They started to use the Internet even before COVID made it the ‘appropriate and in thing to do!’
Some Unique Character Traits About Millennials
It should be noted that millennials still crave the physical interaction from shopping in physical stores. However, unlike their parents or even their older siblings, they are not content with simply going to a brick-and-mortar store to purchase a product or service. instead, they want to have the ultimate shopping experience when they visit a physical store.
That means they expect the store to have a pleasant and engaging environment that’s reinforced by aesthetic decor. They also expect to encounter friendly and professional sales reps and other staff who introduce various brands to them and encourage them to try them on before making the final purchase.
Additionally, these people came of age during and after the Great Recession. So, they have experienced declining wages and soaring inflation. That’s why they want to get a great brand for a competitive price. They expect vendors to be honest and upfront with their pricing schemes. However, they are willing to pay more for quality.
Online Shopping Took Off Like Never Before
Part of the reason for that was because Millennials were much more comfortable with digital and mobile devices. So, they were much more likely to use them while shopping. You may think that the only items that Millenials purchased online were durable goods like dishwashers and clothing. But that couldn’t be further from the truth!
Interestingly enough, Millennials purchased food items online. Take out became the new norm during the pandemic. Perhaps that’s why food delivery services like Uber Eats and DoorDash sprung up and flourished.
Millennials are also open to shopping for items and brands that no other generation has before. For example, about 22% of Millennials purchase groceries online during the pandemic for the first time.
Millennials Are Transforming How People Shop
Millennials are savvy and demanding. Many of them were in college at the beginning of the 21st century and they saw unsavory and unethical practices by the world’s top companies and retailers. That gave them a moral compass. So, they are perhaps the first generation in history to ‘do their homework’ before making a purchase.
What that means is that they are more likely to look the brands up online to learn more about them before buying. A large part of that is flocking to various social media platforms to get the ‘real scoop’ on brands. They also pay much more attention to advertising than previous generations.
Millennials are also not very brand loyal. So, they are open to trying new brands provided these can be obtained at bargain prices. Millennials are also open to ordering items online and then visiting physical stores to pick them up.
Shopping Will Never Be the Same
COVID may be here to say, but so is online shopping. You can thank the Millennials for starting that trend. Generations Z and Alpha are reinforcing the popularity of online shopping as well.
