RETAIL
Millennial Generation Loves Internet, Vintage Clothing & Bricks & Mortar, Survey Says
The Millennial generation was born during a baby boom of the 1980s and 1990s and represents one of the biggest segments of the U.S. population—75 million people—according to the Brookings Institution.
Roth Capital Partners, LLC, a Newport Beach, Calif.–headquartered investment bank, surveyed 2,000 Millennials about how they shop and what they shop for in its recently released 8th annual “Roth Millennial Survey.”
It found that this generation spends heavily online. About 82 percent of Millennials purchase items online at least once a month. About 73 percent of Millennials are Amazon Prime members, and an increasing amount shop on Instagram.
However, the survey also found good news for bricks-and-mortar fashion retailers. About 57 percent of Millennials prefer to shop for fashion at physical stores. Digital commerce plays a significant role in how Millennials make decisions on fashion purchases. About 45 percent of millennials purchased apparel products that they initially discovered on Instagram.
“You read that bricks-and-mortar is dead. But people are still seeking fashion in retail stores,” Paul Zaffaroni, Roth’s head of consumer investment banking, said. “The takeaway is that you need an omni-channel model to serve consumers. You don’t want to be all online. You don’t want to be all bricks-and-mortar. You should be on Amazon, Revolve and in your own stores. The key to success is finding the right mix of retail, wholesale and direct-to-consumer.”
About 47 percent of the Millennials said that they purchase secondhand clothing.
The survey also named this generation’s favorite brands. Nike, Northface and Columbia rank among the most popular outdoors brands. Nike, Adidas and Under Armour rank among the most popular athleisure brands. Nike, Adidas and Vans are among the most popular footwear brands. The generation’s most popular intimates brands include Victoria’s Secret, Calvin Klein and Hanes.
