In this context, data from Tiendeo.it reveals that 90% of millennial mothers plan their purchases in advance, and 58% do so through online tools offering geolocalized offers and catalogs. However, when it comes to purchasing, these profiles continue to prefer physical stores: 8 out of 10 millennial mothers prefer the experience offered by traditional stores, especially for the opportunity to interact with products before purchasing.
Internet access is considered essential even during the purchasing process itself. It's now common for Generation Y to consult their mobile devices while in-store. Data from the Ascend agency reveals that millennials use their smartphones while shopping to stay up-to-date on prices and products and to download coupons.
Generation Y , despite having had better access to shop education, found itself having to enter a job market in the midst of an economic crisis. The difficulty of finding quality work and the precariousness many experienced when finding their first job have affected their way of consuming.
Despite the frivolous image that has been created in many sectors of society regarding Generation Y, millennials are consumer-conscious and meticulous when it comes to finding the best deals.
In fact, according to data from Tiendeo.it, millennials display a level of brand disloyalty similar to that of their parents. Furthermore, Generation Y is the most willing to abandon their favorite brand when they find a better price: 72% of millennials are influenced by existing promotions and offers, a fact that significantly impacts their brand preferences. By product category, the brands that least maintain the loyalty of Generation Y customers are: snack brands, chocolate, and diapers.
Centennials: Future Consumers Are Betting on Physical Stores
However, not all the keys to understanding Generation Y lie with Millennials . Many of this generation are parents, and their purchasing behaviors are influenced by the next generation: centennials , born since the late 1990s.
While they aren't yet the primary decision makers in household purchases, Retail Drive data shows they're already spending $143 billion a year. Furthermore, contrary to what one might imagine, the physical store isn't destined to die out with what's informally called Generation Z. In the last quarter of 2018, 95% of centennials made at least one visit to a shopping mall, compared to 75% of millennials and 55% of Generation X members .
Compared to Generation Y, centennials are even less brand loyal: they are, in fact, the generation that switches brands the most. Analysis by Tiendeo.it reveals that 7 out of 10 centennials switch brands if they find a better deal. Furthermore, only 12% of Generation Z members rely on private labels (or private labels), and they are the least likely to repeat this type of purchase among all consumer groups. Just like their predecessors, centennials consider offers and promotions to be crucial in their purchasing decisions: half of them pay attention to discounts and special offers, and based on these, they favor one brand over another. However, they are the generation least likely to engage in this type of behavior, partly because they are influenced by new products offered by brands and advertising.
We can thus observe that each generation is more susceptible than the previous one to switching brands in the event of a better offer.
We are faced with consumer profiles that are completely comfortable with online channels , where they move with ease throughout the entire purchasing process, using a variety of devices (especially smartphones). Precisely for this reason, retailers must take this behavior into account and use marketing tools that can help them offer new customers relevant and pertinent information, through the most appropriate channel and at the most appropriate time, so that it can influence their purchasing decisions.