Post-Millennials’ Shopping Drawn to Convenience
Post-millennials are defined as those born between 1992 and 1999. The research polled 500 18-25 year olds during March 2017 and found that the majority was willing to spend money for increased convenience. More than half of the respondents (54%) would sometimes shop at a closer, but more expensive store over traveling to a cheaper one. Polls of consumers over 25 resulted in only 40% doing the same. Similarly, 52% of post-millennials were willing to spend more for easier to cook items, compared to 42% in the older category.
The top five time-saving poll responses for the 18-25 year old group: utilizing self-checkouts (77%), purchasing prepared meals (69%), saving time on cooking (68%), seeking smaller grocery stores (67%), and buying food-to-go (64%).
The discrepancy between post-millennials and those 26 years old and over shows that the trend will continue towards convenience in the future; if not accelerate even further. Other retailers can learn from the data and apply the insights to their own businesses. Brick and mortar locations in all retail segments have had to contend with the reality of an increased demand for speed and time savings as customers’ perceptions have been altered by the ubiquity of ecommerce.
The findings give operators further reason to future-proof their business models with urgency. Lessons can be learned from online models; as quality and trust in online offerings has approached that of traditional retail, customers have been increasingly willing to pay for the convenience offered by the model. Improving and emphasizing convenience in physical locations will ensure that the next generation will continue to want to spend its limited time utilizing retail establishments.