LAS VEGAS—Retailers and mall owners have their in-store salesstrategies centered right on Millennials; thegeneration ages 18 to 34. This fast-growing consumer segment totals80 million Americans who spend approximately $600 billion annually.Knowing how to attract Millennials' money is the name of the gamefor retailers and retail owners and investors attending theInternational Council of Shopping Centers (ICSC)Real Estate Conference (RECon) this week in Las Vegas, as they muststay ahead of both in-store and online channels to capture cashfrom the millennial shopper.

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JLL's Director of Retail Property MarketingJulieRickey, tell us exclusively, “Nearly half ofMillennials research products online and then they buy themin-store. They certainly use their comfort with technology to theiradvantage and it's often to compare prices, learn about the latesttrends and capture the best deal possible before they walk into aphysical retail space."

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In its latest report, Millennial Consumers: What You Need toKnow to Reach Them, JLL Retail has identified 10 actionsretailers or landlords can take to attract Millennials.

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She says Millennials are all about the best deals, and retailersknow they can influence them with a range of visual and directmarketing techniques. JLL research found that thirty-eight percentof Millennials are influenced by signs or displays in the store,versus 28 percent of all shoppers. Retailers are now revisitingtheir in-store strategies to add more visual enticement and loyaltyprograms as fifty percent of this young shopper segment areinfluenced by these programs, versus 40 percent of the generalpopulation.

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It makes sense that this young cohort is particularly sensitiveto bargains and e-coupons given the effective (U-6) unemployment rate for 18-29 year olds is15.5 percent(NSA). Many Millennials remainunderemployed or unemployed; and their household income varies, 23percent earn less than $25,000 while nearly the same amount, 24percent, earn more than $75,000.

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“For Millennials it's all about value, they are highly pricesensitive and will continue to put a greater emphasis on price andvalue. Those core values are not going to change anytime soon, soit's up to the retail industry to adapt to this shift in consumerdemand,” Rickey added.

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While they do want a good deal, Millennials still represent anenormous amount of buying power. By 2020, Millennials are expectedto spend $1.4 trillion, representing 30 percent of total retailsales. This is leaving retailers, marketers and brands trying tokeep pace with the fastest growing consumer segment.

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Geoffery Metz

Geoffery Metz is the content manager for ALM's GlobeSt.com, Credit Union Times and Treasury & Risk. Before joining ALM, he spent several years overseeing the newsroom at the financial wire service Business Wire, with special focus on multimedia presentation for the web.