Millennials have been blamed for the death of many things. Among them are department stores, wedding dresses, high heels and even Harley-Davidson.
But Millennial shoppers in both the U.S. and U.K. are actually spending more money — both in store and online — than any other generation. They’re just investing in different things. Like subscription services and brand logos.
That’s according to “The State of Consumer Spending: Millennials Flexing Their Retail Market Influence in U.S. and U.K.,” a new study by First Insight, a data-driven merchandising platform for retailers and brands. The company recently expanded with offices in London and India.
“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 or breaks the success and longevity of retail models,” Greg Petro, chief executive officer of First Insight, said in a statement. “Retailers must be able to connect with this generation through the right shopping experiences and unique products if they want to capture the attention of this important generation of shoppers.”
The survey looked at about 1,000 shoppers in the U.S and 565 shoppers in the U.K. earlier this year and found that
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