According to Nielsen millennials make up about one-fourth of the US population while they wield about $1.3 trillion in annual buying power according to Boston Consulting Group. In other words retail brands should always show be showing love to millennials.
But since this is Thanksgiving Eve with the unofficially official start to the holiday shopping season less than 24 hours away, let's focus on the retail crush that is about to unfold over the next five days.
"Millennials love shopping in stores and online over Thanksgiving weekend for several reasons, including the opportunities afforded to them that allow them to splurge on ‘non-gifts’ for themselves and even the potential to sleep in on Black Friday after having spent the night before bouncing from store to store."
The quote comes from Prosper’s Principal Analyst Pam Goodfellow and falls right in line with findings from a National Retail Federation survey which revealed that 77.8 percent of 18-24 year olds and 77.4 percent of 25-34 year olds who said they definitely will or may shop online and in stores over the Thanksgiving weekend.
Additional findings include:
*Of those millennials who will or may shop over the holiday weekend, the survey found 84.3 percent of 18-24 year olds and 80.2 percent of 25-34 year olds say they will shop on Black Friday.
*One-quarter (25.4%) of 18-24 year olds will or may shop on Thanksgiving Day and nearly one-third (32.7%) of 25-34 year olds will make room for shopping after turkey and dessert.
*35 percent of those who are planning to or may shop on Saturday will specifically shop to support small businesses over the weekend.
*88% percent of 18-24 year olds and 91 percent of 25-34 year olds say yes or maybe when asked if they will shop online on Cyber Monday.
Saying Vs. Doing
Now, we all know there is a big difference between what a person says they're going to do vs. what they actually do. Take me for example. I say all the time I'm going to start exercising and drink less coffee but here I sit throwing down yet another cup of Joe while my stationary bike gathers dust.
But when it comes to holiday shoppers, however, the best laid plans often go awry. We found out that last year during our holiday research where we literally asked shoppers what they would do when it came to holiday shopping then went back and asked them what they really did.
You will be amazed at some of the differences. Download Turning 2014's Holiday Trends into 2015 Revenue and see for yourself.
And Happy Thanksgiving to you and yours!