78 percent of Americans born between 1980 and 1996 surveyed in a 2014 Harris poll said they would rather spend their funds on experiences than on purchasing goods. “Millennials feel that shopping in department stores is a chore,” retail analyst Walter Loeb noted in Forbes earlier this year. “The theatre is gone.”
This is a huge number. Of course what we don’t know from this Harris Poll is what non-Millenials report in a similar question; maybe this isn’t so shocking. But for a moment take this number at face value. Then combine this with another number in the same survey that shows 60% of Millenials share these experiences online and worry about “missing out”.
If I had to do something to attract Millenials as shoppers I would spend less time sorting out hip, cool, fun and more time thinking how I could make shopping a social, online, venue-based thing. Why isn’t shopping more like dining out or a concert?