New Study Reveals Consumer Spending In A Bridge Millennial-Driven Market

Retailers are hard-pressed to attract and maintain loyalty, particularly in a digital era that sees consumers purchasing less

BOSTON--()--Americans spend approximately $400 billion on apparel and accessories annually, accounting for 8 percent of all retail spending in the U.S. For the Connected Consumer Report, released today, PYMNTS surveyed 2,500 Americans in February 2018 to learn about their apparel and accessory purchases from the 250 largest U.S. retailers.

The study revealed that Americans are spending less on clothing than they used to. Surveyed generations included millennials, Generation X and baby boomers, and an additional group, appropriately dubbed the “Amazon Generation,” emerged from the findings. Comprised of 30- to 40-year-old, maturing and more established millennials, this Bridge Millennials™ group offers particularly appealing potential to retailers.

Spending more on apparel and accessories than any other generation, Bridge Millennials are very mobile-centric in nature and shop both on- and offline. Forty percent either went online to find and buy clothes or perused in the store and then purchased online. Digital shopping, both online and in stores, has come to change the way consumers shop. Brick-and-mortar stores will need to focus on becoming more digitally efficient to attract and retain customers — especially the promising Bridge Millennials generation.

Ultimately, preferences across all groups came down to consumer-retailer interactions both in stores and online. Consumers value easy, accessible shopping across various channels, and 71 percent said they would purchase from a merchant that offered a more seamless and meaningful experience. Retailers are now working to perfect that consumer engagement in an increasingly digital world, endeavoring to make the situation meaningful and give all generations an optimum shopping experience.

Key Findings from the PYMNTS Connected Consumer Report :

  • Millennials make an average of 19.3 apparel and accessories purchases annually.
  • Twenty-five percent of the Bridge Millennials who buy online prefer Amazon.
  • Thirty percent of Bridge Millennials reported switching to or trying a new merchant in the past 30 days.
  • Fifty percent of consumers prefer omnichannel shopping experiences.

To access the PYMNTS Connected Consumer Report, please click here.

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Contacts

PYMNTS
Alexander Terzian, +1 774-219-6132
aterzian@pymnts.com

Contacts

PYMNTS
Alexander Terzian, +1 774-219-6132
aterzian@pymnts.com