1、Page 1 The State of Consumer Spending: Millennials Flexing their Retail Market Influence in U.S. and U.K. May2019 The State of Consumer Spending: Millennials Flexing their Retail Market Influence in U.S. and U.K. First Insight conducted a consumer study in the U.S. and the U.K. on shopping habits, p
2、urchase behavior and influences driving purchase decisions. The results point to the growing power of Millennial shoppers, as their behavior contributes to the success and longevity of several retail models. The study found that: 1. Millennials are currently the biggest spenders per visit both in-st
3、ore and online in the U.S. and U.K. 2. Millennials are the most impulsive purchasers and more likely to add unplanned items to their carts than other generations in the U.S. and U.K. 3. The spending gap between online purchases and in-store purchases is much smaller in the U.K. than in the U.S. 4. M
4、illennials are currently using subscription box services the most in both the U.S. and the U.K. with more planning to subscribe in the coming year than other generations. 5. Fewer U.K. than U.S. shoppers overall plan to use subscription boxes in the next six months. 6. Millennials are the most likel
5、y generation to “flex,” or display brands to show a personal association with the brand, across every brand category in both the U.S. and the U.K. 7. Both U.S. and U.K. shoppers prefer to flex sports brands over luxury brands. First Insights findings are based on the results of a U.S. consumer study
6、 of a targeted sample of more than 1,000 respondents fielded in February 2019, and a similar study of 565 respondents in the U.K. fielded in April 2019. The study was completed through proprietary sample sources among panels who participate in online surveys. First Insight is the worlds leading cust
7、omer-centric merchandising platform that empowers retailers and brands to incorporate the Voice of the Customer into the design, pricing, planning, and marketing of new products. Through the use of online consumer engagement, the First Insight solution gathers real-time consumer data and applies pre
8、dictive analytic models to create actionable insights, which drive measurable value. Millennials Most Likely to Spend the Most Per Visit In-Store and Online in the U.S. and U.K. According to the study, Millennials surveyed in both the U.S. (74 percent) as well as the U.K. (58 percent) were most like
9、ly to spend more than $50/50 per visit in-store as well as online. This compares to 71 percent of Generation X and 65 percent of Baby Boomers in the U.S., and 42 percent of Generation X and 38 percent of Baby Boomers in the U.K. 74% 71% 65% 58% 42% 38% MillennialsGeneration XBaby Boomers Amount of t
10、ypical purchase when shopping in-store US; more than $50UK; more than 50 54% 59% 49% 50% 47% 33% MillennialsGeneration XBaby Boomers Amount of typical purchase when shopping online US; more than $50UK; more than 50 Page 3 Similarly, Millennials in the U.K. are also spending more than other generatio
11、ns online, as 50 percent of those surveyed spend more than 50 per visit, compared to 47 percent of Generation X and 33 percent of Baby Boomers. In the U.S., while Generation X shoppers are most likely to spend more than $50 when shopping online (59%), more than half of Millennials (54%) are spending
12、 as much, followed by Baby Boomers (49%). The Gap Between In-Store and Online Shopping is Closing Faster in the U.K. Versus the U.S. Across Most Categories. With the exception of clothing where in-store and online shopping is happening almost equally in both the U.S. and the U.K., the gap between on
13、line purchases and in-store purchases is much smaller in the U.K. than in the U.S. according to the study. For example, in the U.S., over 3 times more respondents shop in-store for groceries than online (89 percent versus 27 percent), whereas in the U.K., the difference is much slimmer (80 percent v
14、ersus 44 percent). In household appliances, more than twice as many U.S. respondents prefer to shop in-store than online (41 percent compared to 17 percent), versus U.K. shoppers who purchase appliances online versus in-store almost equally. A similar trend can be seen when considering the furniture
15、 and houseware category. Where twice as many U.S. consumers prefer to shop for these goods in-store (42 percent versus 21 percent), only 8 percent more respondents in the U.K. shop for these items in-store. Millennials Impulse Shopping More than Other Generations in Both U.S. and U.K. In both the U.
16、S. and the U.K., by generation, Millennials have the highest added-to-cart percentage rates both in-store and online. In the U.S., 87 percent of Millennials said they sometimes or always add items to their carts they werent planning to buy when shopping in-store. This compares to 86 percent and 78 p
17、ercent of Generation X and Baby Boomer respondents, respectively. U.K. respondents mirrored these responses closely, as 83 percent of Millennials said the same, followed by 76 percent of Generation X and 69 percent of Baby Boomers. 89% 80% 27% 44% 69% 67% 66% 65% 60% 53% 47% 39% 32% 24% 27% 24% 35%
18、30% 48% 42%42% 33% 21% 25% 62% 47% 27% 21% 41% 26% 17% 27% In-Store; USIn-Store; UKOnline; USOnline; UK Percent of respondents shopping for different types of items in-store and online Food/GroceriesClothingShoesAccessories: Watches/JewelryTech/GadgetsFurniture/HomewareHousehold supplies (paper towe
19、ls, toilet paper, etc.)Household Appliances 87% 86% 78% 83% 76% 69% MillennialsGeneration XBaby Boomers Always or sometimes pick up an extra item in-store USUK 78% 74% 53% 83% 69% 52% MillennialsGeneration XBaby Boomers Always or sometimes pick up an extra item online USUK The State of Consumer Spen
20、ding: Millennials Flexing their Retail Market Influence in U.S. and U.K. When shopping online, U.K. Millennials are actually more likely to sometimes or always add items to their carts (83 percent) compared to Millennials in the U.S. (78 percent). However, Millennials both from the U.S. and the U.K.
21、 far outpace other generations in their respective country. In the U.K., 69 percent of Generation X and 52 percent of Baby Boomers surveyed said they add items to their cart when shopping online. In the U.S., 74 percent of Generation X and 53 percent of Baby Boomers said the same. Millennials Bigges
22、t Users of Subscription Box Services in the U.S. and the U.K., but Far Fewer Respondents Overall Plan to Subscribe in U.K. Data around current usage of subscription box services are fairly similar when comparing the U.S. to the U.K., driven primarily by Millennial adoption. Twenty-five percent of re
23、spondents in the U.S. and 23 percent in the U.K. currently utilize subscription services. This is driven primarily by Millennials in both countries, as 31 percent of Millennials currently use to subscription boxes in the U.S. versus 21 percent and 8 percent of Generation X and Baby Boomers, respecti
24、vely. In the U.K., 32 percent of Millennials versus 22 percent of Generation X and 10 percent of Baby Boomers are currently subscribers. However, when considering longevity of the subscription box model, the data reflect a significant difference between U.K. and U.S. shoppers. While in the U.S., 32
25、percent of study participants intend to subscribe in the next six months, only 13 percent of U.K. respondents said the same. When looking at generational breakdowns, 38 percent of Millennials, 28 percent of Generation X and 22 percent of Baby Boomers in the U.S. plan to subscribe in the next six mon
26、ths. This is significantly more than U.K. respondents, where only 18 percent of Millennials, 9 percent of Generation X and 8 percent of Baby Boomers plan to subscribe. Of note, significantly more U.K. respondents said they “never subscribed” to subscription boxes than those in the U.S. Forty-nine pe
27、rcent of U.K. Millennials, 63 percent of Generation X and 84 percent of Baby Boomers reported they never subscribed to a subscription box service. In the U.S., however, 33 percent of Millennials, 48 percent of Generation X and 64 percent of Baby Boomers said that they have never subscribed. Both U.S
28、. and U.K. Shoppers Prefer to Flex Sports Brands Over Luxury Brands, with Millennials Flexing Most Often The study also examined which types of brands are being “flexed” most. Flexing is to wear or display brands to show a personal association with the brand. This can be done to display wealth or st
29、atus or to make a statement. While the assumption may be that most consumers prefer to 31% 21% 8% 25% 32% 22% 10% 23% MillenialsGeneration XBaby BoomersOverall Currently subscribe to at least one subscription box USUK 38% 28% 22% 32% 18% 9% 8% 13% MillenialsGeneration XBaby BoomersOverall Intend to
30、try a subscription box in next six months USUK Page 5 personally associate with luxury brands, the study found that sports brands are actually the most popular for flexing in both the U.S. and U.K., with Millennials the most likely to flex all brands across every category. In the U.S. and the U.K.,
31、respectively, an average of 23 percent and 24 percent of study respondents overall said they are flexing sports brands, versus 19 percent in the U.S. and 23 percent in the U.K. saying the same for heritage brands. By comparison, an average of only 17 percent of U.S. respondents and 21 percent of U.K
32、. respondents flex luxury brands. While the generation most likely to flex luxury brands is Millennials in both the U.S. (19 percent) and the U.K. (22 percent), they were even more likely to flex sports brands (26 percent in the US and 27 percent in the U.K.). Further, heritage brands were also more
33、 popular with Millennials, as 21 percent of Millennials in the U.S. and 25 percent of Millennials in the U.K. reported flexing these brands. When it comes to items being flexed, people in both the U.S. and the U.K. are flexing clothing the most (57 percent versus 51 percent of U.K and U.S. responden
34、ts, respectively), followed by shoes (35 percent of U.K. respondents and 42 percent of U.S. respondents), and accessories like watches, jewelry and bags (20 percent of U.K. respondents and 28 percent of those in the U.S.). When it comes to flexing technology gadgets, U.K. respondents flex them sligh
35、tly more at 24 percent versus 21 percent of U.S. respondents. 23% 19% 17% 24% 23% 21% Sports BrandsHeritage BrandsLuxury Brands Flexing by brand type USUK 26% 22% 13% 27% 22% 19% 21% 20% 11% 25% 21% 21% 19% 16% 9% 22% 20% 18% US MillennialsUS Generation XUS Baby BoomersUK MillennialsUK Generation XU
36、K Baby Boomers Flexing by generation and brand type Sports BrandsHeritage BrandsLuxury Brands The State of Consumer Spending: Millennials Flexing their Retail Market Influence in U.S. and U.K. Conclusion A consumer study by First Insight examined shopping habits, purchase behavior and influences dri
37、ving purchase decisions in new and traditional in-store and online shopping environments in both the U.S. and U.K. The study revealed that Millennials continue to be the dominant force in retail both in the U.S. and the United Kingdom, as their shopping habits can be a deciding factor in what makes
38、or breaks the success and longevity of old and new retail models. Across both regions, Millennials are spending more, are adding extra items to their carts more often, and are the most likely to adopt new retail models including subscription boxes as well as to flex the brands they love. Where Mille
39、nnials shop, how they shop and when they wear the brands they love are direct reflections of how they define themselves. To tap into this lucrative group of shoppers, retailers must be able to connect with this generation through the right shopping experiences and unique products at the right price.
40、 First Insight is the worlds leading customer-centric merchandising platform that empowers retailers and brands to incorporate the Voice of the Customer into the design, pricing, planning, and marketing of new products. For more information, visit: About First Insight First Insight Gretchen Jezerc SVP of Marketing Media Michael McMullan Berns Communications (212) 994-4660 Contacts
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