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Deloitte study: Busting the myths of millennials in retail

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NEW YORK — It’s time to stop assuming all millennials care about is avocado toast and Instagram. Matter of fact, it’s time to stop focusing on millennials period. While marketers often generalize consumer profiles, a recent Deloitte study shows that targeting consumers by attitudes about shopping rather than age/stereotypes might lead to more when it comes to marketing.  Some myths the study debunked include:

  • Myth 1: Gen Z predominantly shops online: In fact, they don’t shop online even a majority of the time! All age groups, including Gen Z, prefer a mix of online shopping and shopping in physical stores. Gen Z reported shopping in a physical store for food and beverages 68% of the time, household care products 58% and personal care items 51%, only favoring online shopping for apparel & footwear.
  • Myth 2: Younger generations aren’t interested in traditional brands: Study results reveal that interest in brands is alive and well—87% of Millennials and Gen Z adults report purchasing name brands. In key areas of health foods, nutrition, and grooming products, this group prefers well-known name brands over store brands, likely because they are averse to taking risks with these products. Ironically, it’s Gen X and Baby Boomers who were found to be less interested in brands, having grown to accept store brands.
  • Myth 3: Older generations don’t “like” social media: The study shows that consumers in all age groups are exposed to at least onesocial media platform a day and at least seven in 10 consumers engage on Facebook. Millennials and Gen Z adults were found to use social media to research products and interact with brands, while Gen X and Baby Boomers typically don’t create content, but use social media to read reviews and product ratings before purchasing new products.

To  view the full study click  here, and an infographic depicting brand growth through a cross-generational approach to consumer profiling here.


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