News5050 – Market Report
December 31, 2017
Millennials have been instrumental in the shift online for many brands. As a demographic, they prefer to shop online and socially rather than conventional methods such as high street browsing. Convenience and price competitiveness are the primary driving factors, which benefits online. This has consequences for business, with online pureplays prospering and more traditional outfits who haven’t adapted to more online trends suffering. Department stores have suffered greatly, as they have been unable to adapt to new trends, forcing closures in the UK and US. Some have begun to invest in their online offerings in order to survive. Millennials have also been instrumental in the success of apps in the “gig economy” with businesses such as Airbnb, Deliveroo, and Uber coming to the fore. The effect of this has been a regulatory gap varying between cities and countries, and the rise of the gig economy as these rent seeking companies look to exploit legal gray areas to drive labor costs down.
Key Questions Answered
– What products do millennials favor?
– Why do millennials favor and purchase the types of products that they do?
– How are they different from previous generations?
– How is this affecting the food, marketing, technology and retail industries worldwide?
– Learn about the key drivers behind millennial consumer behaviour and how companies are learning to tailor their products to suit.
– Examine which types of industries and businesses are doing particularly well with millennials and which are not.
– See how millennial consumer behaviour is changing our highstreets and online spaces.
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