Millennials Spending Money Differently From Parents

Millennials Spending Money Differently From Parents

Before, businesses made profit by putting up shop somewhere in the city, beautifying their storefront and waiting for customers to come in. They took their printed ads, hired salesmen and distributors to spread word of their business.

This process is not how money is made out from millennials. The new generation has buying habits which are way different from the previous generation. This is what businesses will have to understand in order to succeed in the modern times.

All those empty store units in Orchard Road are not only driven away by high rents. They are also influenced by the millennials’ consumption behaviors below.

Millennials are shopping online

The millennials’ concept of shopping is checking out websites like Amazon, Modcloth and Asos. It is convenient and quick without fighting through big crowds in the malls.

These millennials are doing everything from browsing shopping sites to playing games to reading news and posting updates on social media on these devices.

Singaporean millennials spend 3.4 hours on average per day using their mobile phones, and businesses need to capitalize on this idea by creating websites or mobile apps through hiring a professional solutions provider like Vimi to boost their sales. Because without online presence, businesses are missing out.

Millennials are wary of advertising

Since millennials are used to being flooded with ads while on the internet, they get more suspicious.

There are numerous scandals regarding online influencers paid to endorse a company’s products. Businesses need to exhibit authenticity, to build trust and to spread word through organic means which takes time.

Millennials are willing to spend more for experiences

Singaporeans are willing to pay more than just the material goods themselves. On a recent report, it was noted how Singaporean millennials travel a lot and they prioritize this spending. An UOB survey also reported that millennials’ spending habits is shaped by the love for traveling and dining out.

It is clear that millennials no longer just spends money on cars or designer handbags. He also spends on overseas holidays, restaurants, bars and activities.

Retail businesses who consider their stores as sites of experiences can profit from millennials.

Filed under: Management

Saturday, August 27, 2016

 

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Saturday, August 27, 2016