Eric Coffman, an attorney in the real estate practice with Gunster

MIAMI—Millennials are the largest generation in US history with over 92 million people born between 1980 and 2000. By comparison, there are approximately 61 million Gen-Xers and 77 million Baby Boomers.

There's no lack of speculation about how Millennials are impacting the retail market. And there are some new studies to back up those predictions. But what does it all really mean?

GlobeSt.com caught up with Eric Coffman, real estate law attorney and shareholder in Gunster's Fort Lauderdale office, to get his take on Millennials and retail markets in part two of this exclusive interview. You can still read part one: What the Next Six Months Hold for the Retail Sector.

“Millennials are generally reluctant to purchase the large retail items typical of the Baby Boomers like cars, homes, and luxury goods because of generally lower incomes and student loan debt,” Coffman tells GlobeSt.com. “However, their overall size has given them more buying power collectively than the boomers—an estimated $200 billion in 2017.”

Coffman's research shows Millennial estimated buying power will reach $1.4 trillion annually by 2020. What's more, he shares, this demographic is more likely to make online purchases, shop multiple sites and blogs for pricing and product reviews, and display less brand loyalty than previous generations.

“Convenience and cost are the driving factors in their purchasing—and this carries over to restaurants and grocery stores,” Coffman says. “Spending time with friends and family and leisure activities associated with dining and fitness are more important than work and career.”

What about lifestyle retail? Coffman points out the Millennials are the fittest generation in history. Wellness is a daily, active pursuit, he says, and they exercise more, eat better, and smoke less. Most importantly, fitness and wellness are areas they are willing to spend money for compelling brands. (Find out how developers are reaching buy-ready Millennials.)

“Developers and retailers should be embracing the Millennial generation and working to provide a seamless retail experience, personalized interactions, fully connected shopping, integrated merchandising and flexible fulfillment and delivery options,” Coffman says. “Fitness, restaurant, and entertainment uses—historically the bane of traditional retailers due to parking congestion are part of the new normal in any successful retail project.”

There's no lack of speculation about how Millennials are impacting the retail market. And there are some new studies to back up those predictions. But what does it all really mean?

Instant Insights /

Should Retailers Embrace the Millennial Generation Or Not?

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