“A millennial will let any little differentiator impact their buying decision. They will not rest until they find the perfect item,” said Gerald Tempton, president of Liquidation Channel. And with millenials representing about 80 million Americans, spending upwards of $600 billion a year, they are a group that businesses are zeroing in on. Millennials are being studied as much as their parent’s generation—the baby boomers. It is no wonder why. They are an incredibly influential demographic, and businesses that want to stick around need to tune into their shopping habits.
Tempton, Liquidation Channel president, said that the way millennials make their buying decisions is very different from past generations. With such rapidly changing technology, combined with increased buying power, these younger adults are a shopping force to be reckoned with. But businesses can only profit from millennials if they can keep them interested long enough to make a purchase. NPD Group, Accenture, alongside the Shullman Research Center recently explored what is driving these shoppers. Read more