Spending patterns for young shoppers are changing, and for retailers to stay relevant they must take note of this. A study from Criteo recently found that younger shoppers are being influenced to buy and spend more via their smartphones as their mobile and social media behaviour aligns with their shopping activity.
The study which surveyed over 2,000 UK consumers, also found that one in five 25-34 year olds would be happy spending more than £250 via their smartphone, whereas a tenth of 18-24 year olds would be happy purchasing a car on their smartphone.
Brands need to compete on more than just prices across social media and mobile, with personalisation, experiences, and freebies all influencing millennials mobile shopping habits.
These findings come from a new UK-wide consumer study which explores shopper behaviour that most impacts loyalty in the UK as part of a comprehensive study into the lifetime value of customers.
The study also found that millennials could draw an end to the price wars, with them being the least likely to be swayed by price when it comes to a repeat purchase (9% less than the average Briton) but the most likely to be incentivised by free personalisation, added experiences, and freebies.
The rise in mobile shopping can be put down to the heavy usage of social media by millennials, with 64% of people who use social media platforms at least once a week having made a purchase on a smartphone, which is 40% more than the less social-savvy users.
All the findings from the study show that the younger customer is evolving radically and now consists of many data points. To keep up, brands and retailers need to engage with customers across a wider range of devices and channels than ever before.