A new study by GfK examines the buying behaviour of the 'Millennial Generation' across the world, taking in shoppers from the UK, Germany, Brazil, China, and more.
'The Shopper of the Future' reveals how young shoppers still appreciate brick and mortar shops (over half of respondents in each market think they will shop in-store as much as or more than they currently do so). However, the study also shows their high expectations of retailers, with most young shoppers expecting a 'gold standard' omnichannel experience, through which they can navigate seamlessly between physical and online stores.
This is highlighted by the growth of webrooming, in which customers research online before buying in-store - again, over half of young shoppers in each country do so, while a significant percentage of under 21-year-olds (especially compared to older shoppers) use mobile or tablet devices to research products.
Retailers can make the most of this omnichannel approach by replicating the social aspect of in-store shopping through engaging social media accounts. Customisation is also highly popular among young people compared to older shoppers; the Millennial Generation are happy to give personal data for a more tailored retail experience, so providing a truly personal approach can really have benefits.
"The Millennial Generation are happy to give personal data for a more tailored retail experience."
However, there are potential barriers to young shoppers buying online: the cost and reliability of delivery is a concern for consumers in developed markets, while security is a potential issue for those in developing markets. Building trust and offering benefits is crucial for incentivising young shoppers to buy online.
Download the whole report here to find out more about the shoppers of the future.