Because millennials make up the largest portion of the workforce and are expected to spend $1.4 trillion in 2020, 5WPR Public Relations set its sights on understanding the generation’s biggest buying influences. Its new 2020 Consumer Culture Report is now available for download–and to shed some light on how the report’s topline findings will affect independent natural retailers, New Hope Network caught up with Dara A. Busch, president of consumer practice at 5WPR.
68% of millennials say they prefer finding new products in store to finding them online.
“This is great for niche, natural independent retailers,” says Busch. “However, in an age when (almost) everything can be purchased on Amazon, it’s pivotal for retailers to continue to work hard to bring customers in-store whether it be through promotional events, in-store only sales, sampling opportunities or other reasons.”
40% of millennials found a story about a product in the news, magazine or newspaper to be more impactful than traditional advertisements.
Busch points out that most of the time there’s a retailer mention when a brand is included in an online article or in a magazine, so readers can know where they can find the products. “With that said, the key here for natural independent retailers is to work alongside brands large and small to ensure all publicity is pushing [shoppers] to their store,” she says.
71% of millennials will pay more for a product if they know some of the proceeds go to charity.
Millennials put their money where their heart is and expect brands to do the same, so Busch recommends that retailers think of themselves as yet another brand to help them achieve this goal. “My suggestion for them is to dive deep, find that organization they not only care about but also align with, and give back,” she says.