The garment industry has seen a huge change in the years past. People are more open to checking out products online and buying them without the hassle of trying them on and going through the rigmarole of trial rooms and whatnot. Not only that, garments going the e-cmmerce route has meant that companies are able to sell their product at a lower price (since the overheads and other hidden charges needn't be factored in) and to a larger swathe of demographic.
At this point in time, the largest and more imapactful demographic in a company's fortune is the millennial. For those who don't know, a millennial is between 21 and 35 years old, and was born between 1982 and 1996. In the US alone, this population is at 80 million and their spending capacity hits about $600 billion. It is no wonder then that companies are catering almost exclusively to this demographic.
According to analysts, millenials are shopping online almost exclusively. However, this isn't the case as some studies show.A majority of millenials shop offlineRoughly 1/3rd of them make their purchases on a desktop computerAround 15% of millenials make most of their purchases online through their smartphone
If we were to divide through gender, then, more women than men shop in stores – but this can be attributed to the simple fact that women need to try on bras, and other clothing as opposed to men who buy by size and don't really get into the other details of what they're buying!
In the millennial group, there are two distinct age groups – 32-35 and 20-23. These two age groups are very distinctive in their spending, and not in ways that you would expect. Most people will expect the younger group to shop online and the older group to shop in a store. However, this isn't the case. The younger group is more likely to shop in the store (even if the same product is available online) than the older group.
Commonality with the older demographic
Ever since the term millennial burst into the scene, the internet has been flooded by articles about them, and how they are changing the work place, the internet, and so on. However, millenials aren't so different from older folks when it comes to money. For example, nearly 80% of millenials are influenced by the price of a product. Despite the fact that millenials want to buy ethically sourced and made products, as well as sustainable business practices, if something is at a discount, they're more likely to buy.
Take for instance those cheap Chucky shoes for sale! A Millenial is more likely to buy this pair of shoes as opposed to a brand they're drawn to because of the pricing of the shoe.
Are brands important?
Millenials are the social media generation. A majority of traffic online comes from this demographic and it is difficult to explain really how influential their presence is to brands and companies that are seeking to establish a social media presence. A lot of millenials follow brands online, however, they are more likely to be loyal is brands offer discounts.
Here are the stats:A large majority follows brands for discounts2/3rd claim that they will switch brands if they get a discount more than 30%Around 1/3rd of them say that they follow brands to keep up with trendsRoughly 7% want to be part of an online community of a brand, so they follow it on social media.So there you have it, a brief look into the current market influencers, the millenials.