“Millennial and Gen Z consumers are embracing luxury fashion. The average luxury consumer in these generations owns nine luxury fashion items across accessories, apparel, and footwear, according to A Millennial Approach to Luxury, a recent report from The NPD Group and Stylitics. But, they have a different style when it comes to the purchase journey. This younger luxury consumer favors the convenience and extensive browsing ability afforded to them by online shopping, but also appreciates the luxury in-store experience.”
“Millennial parents, just like parents from the generations that preceded them, are increasingly looking to restaurants to take on the task of cooking for their families. Millennials with children increased their restaurant visits by 5% in 2018 compared to prior year, reports The NPD Group. Their visit increase is in comparison to flat traffic growth for the total foodservice industry in 2018, according to NPD, which tracks on a daily basis U.S. consumers’ use of restaurants and other foodservice outlets.”
Have you been beating yourself up about not finding the magic formula that will help your younger employees achieve a good work-life balance? You’re not alone
“According to the latest Mobile Connectivity Report from NPD Connected Intelligence, 5G awareness has reached nearly two out of three consumers, totaling 64%, at the end of the second half of 2018. This is up from 44% at the end of the first half of 2018.”
“Unsatisfied with health care’s status quo, millennial and Gen Z consumers in the U.S. are paving the way for non-traditional care models, such as retail clinics, virtual and digital services, according to results of an Accenture survey.”
“The oldest of Generation Z will be 22 years old this year and they are just beginning to make their mark on dining out and eating trends, finds The NPD Group, which tracks on a daily basis all aspects of how consumers eat. Gen Zs made 14.6 billion restaurant visits in 2018 and now represent 10% of total food service traffic. A large percentage of this generational group have been raised to put a greater emphasis on the quality of food, whether it’s clean, fresh, or nutritionally beneficial, as well as its flavor and function. Their attitudes and behaviors about the foods they consume are now being reflected across grocery shelves and cases.”
“Compared with Generation X and older generations, millennials are at the start of their adult buying journeys,” reports Nielsen. “And as a result, this generation’s spending power is only going to increase over time. So while some of the buzz around this group’s digital savviness has faded, this group’s growing spending prowess isn’t something that marketers should lose sight of.”
Lee Caraher is the best-selling author of two books titled The Boomerang Principle–Inspire Lifetime Loyalty from Your Employees and Millennials & Management. She’s also the CEO of Double Forte, a national PR/Communications agency headquartered in San Francisco and New York. In this episode, we discuss: how your career can suffer from poor communication; managing to hold teams accountable for information they receive; and managing how you talk to millennial workers.
Member of Generation Y (29- to 38-year-olds) are just as much, if not more, excited about online shopping via mobile device than the younger generations, according to recent research from GfK!
A new survey released by the Diamond Producers Association (DPA) and KRC Research found that over 53 million Americans (21%) plan to purchase a diamond between Thanksgiving and Valentine’s Day, with men and millennials most likely to purchase these authentic symbols of love this holiday season. Of Americans who plan to buy a diamond, more than 20 million plan to buy a diamond engagement ring.