Teen Vogue Introduces the Multi-Channel Millennial: 2012 Retail Study Findings
NEW YORK, Dec. 11, 2012 /PRNewswire/ -- In order to understand Millennials' value, mindset, habits, and engagement across multiple retail channels, Teen Vogue—the leading monitor of Millennial fashion and beauty enthusiasts in America—has identified and profiled a subsegment of shoppers called Multi-Channel Millennials. These are shoppers who:
*Research products and merchandise through the Internet and social media;
*Shop weekly in-store and online or on mobile devices; and
*Communicate with retailers via social media
According to the survey:
Multi-Channel Millennials Are the Future of Retail
They are more passionate, more active, and bigger spenders.
- Multi-Channel Millennials spent an average of $3,128 on clothing, shoes, and accessories in the past year; that's 26% more than total Millennial shoppers.
- 83% of Multi-Channel Millennials intend to spend either more or the same amount next year, while only 17% intend to spend less.
Digital Enhances—Not Replaces—the In-Store Experience
Multi-Channel Millennials use new technologies to enhance the brick-and-mortar experience. They have created a new purchase cycle where the purchase is bookended by technology. Multi-Channel Millennials…
1. RESEARCH ONLINE
In addition to making purchases, Multi-Channel Millennials typically use the Internet to do the following while clothing and accessories shopping:
75% browse a store's website before going to it
72% find a store's locations/hours
69% research products/merchandise
68% sign up for newsletters/blogs from retailers
67% learn about in-store events/promotions
2. SHOP IN-STORE AND ONLINE
If a Multi-Channel Millennial is near a retail location but also has the ability to shop on its website…
50% always/usually choose to shop in-store
47% shop both in-store and online
3% always/usually choose to shop online
3. SHARE VIA SOCIAL MEDIA
Multi-Channel Millennials communicate and stay up-to-date with their favorite retailers via social media. They are…
74% more likely than non-Multi-Channel shoppers to download shopping apps on their smartphones
46% more likely to follow them on Pinterest
23% more likely to follow them on Twitter
15% more likely to "like" them on Facebook
10% more likely to "check in" at retail locations
Value Drives Every Decision
Multi-Channel Millennials demand that retailers demonstrate a value proposition in every transaction—beyond discounting—to show what makes a purchase "worth it."
When shopping in-store, a Multi-Channel Millennial is most likely to make a purchase…
Based on the price/if the item is on sale (59%)
If it is a limited-edition item that is likely to sell out (22%)
If there is a buy one, get one/gift with purchase/other offer (19%)
When shopping online, a Multi-Channel Millennial is more likely to make a purchase…
If there is free shipping (41%)
Based on the price/if the item is on sale (37%)
If there is a buy one, get one/gift with purchase/other offer (13%)
If there are free returns (9%)
67% would rather spend the same amount of money on one high-quality item than five lower-quality items.
Luxury Is the Next Frontier for Multi-Channel Millennials
Millennials' affinity for luxury brands translates to accessories and beauty purchases today and will transition to clothing purchases tomorrow.
- 92% love mixing luxury brands with everyday items.
- 90% say they consider spending on fashion an investment and money well spent.
- 81% love to look at ads for luxury goods.
The Influence Factor
Multi-Channel Millennials are independent and influential shoppers. They connect with marketers—and each other—through vehicles that deliver "word-of-everything" media, PR, and digital outreach and seek out sources that can deliver a multi-channel content platform.
- 78% of Multi-Channel Millennials decide completely where they shop; their parents have no influence.
- More than 1 in 3 Multi-Channel Millennials says, "I shop to influence others."
- 92% say they look for shopping ideas and inspiration in Teen Vogue.
About Teen Vogue
Teen Vogue, a Conde Nast publication, a division of Advance Publications, which operates in 25 countries, is the number one source of fashion and beauty news for style-conscious teens and 20-somethings everywhere. In the United States, Conde Nast publishes 18 consumer magazines, two trade publications, and 27 websites that garner international acclaim and unparalleled consumer engagement. The Teen Vogue brand brings the sophistication and authority of Vogue to a new generation of savvy young women who desire to be on the cutting edge of fashion, beauty, and culture. Launched in February 2003, Teen Vogue publishes ten issues a year and has a circulation of more than 1 million readers.
SOURCE Teen Vogue