|By Marketwired .||
|November 8, 2012 12:01 AM EST||
BOSTON, MA -- (Marketwire) -- 11/08/12 -- Restaurants, apparel retailers, and shopping malls should provide more tailored offerings to capture the hearts and wallets of the Millennial Generation, also known as Generation Y, according to new research by The Boston Consulting Group (BCG).
BCG's Center for Consumer and Customer Insight, in partnership with Service Management Group (SMG) and Barkley, surveyed 4,000 U.S. Millennials (defined as those 16 to 34 years old) and 1,000 non-Millennials (ages 35 to 74) to find out how their attitudes and spending habits differ. The results appear in a new article Millennial Passions: Food, Fashion, and Friends, which is available at bcgperspectives.com.
According to the survey, U.S. Millennials love to spend on away-from-home food and fashion. They dine and shop in groups; crave exciting, exotic dining experiences and experiential, lifestyle shopping environments; want to share their experiences with friends; and exert a strong influence over others -- family, friends, and even total strangers -- thanks to their intense use of social media.
Their attitudes, needs, and preferences are often quite different from those of non-Millennials as well as those of one another, so restaurants, apparel chains and malls need to develop more tailored offerings to attract them, the survey found. Below are more detailed findings.
Restaurants Are High on Millennials' Spending List
Restaurant meals and drinks are high on the list of what Millennials like to spend their money on -- ranking above consumer electronics, apparel, footwear, beauty and cosmetic products, and accessories.
They eat out more often than non-Millennials (3.4 versus 2.8 times per week), regardless of their income or household composition, and they prefer fast, fast-casual, takeout, Asian, exotic, and organic foods more than non-Millennials do. They're more likely to get food to go than to dine at the restaurant -- particularly at breakfast. Millennials spend slightly more than non-Millennials on average; indeed, a subgroup spends considerably more.
Millennials are much more likely to eat out with friends and coworkers (reported by 65 percent of Millennials compared with 43 percent of non-Millennials). They want to feel that they are "exploring something new" and that they can "easily catch up with friends."
Millennials visit mainstream casual restaurants but prefer fast-casual options such as Panera Bread, Chipotle Mexican Grill, and Pei Wei Asian Diner. "Regardless of price point, Millennials expect a great dining experience," said Chris Egan, the chief operating officer at SMG and a coauthor of the report. "Affordable fast-casual and fast food restaurants with locally sourced goods, exotic flavors, and service levels historically reserved for higher-quality restaurants will most likely garner a disproportionate share of Millennial dining spending."
Shopping for Clothing -- in Groups -- Is a Favorite Millennial Activity
Forty-seven percent of Millennial women reported shopping more than twice a month, compared with 36 percent of non-Millennial women. This difference in shopping frequency was even more striking among men (38 percent for Millennial men versus 10 percent for non-Millennial men). Millennial men spend twice as much on apparel per year as non-Millennial men; Millennial women outspend non-Millennial women by a third.
Fashion magazine articles and editorials, retailer websites, apparel brand websites and social media, fashion blogs, and store associates are top sources of trusted information on trends, products, and brands for Millennials.
As with dining-out preferences, Millennials tend to shop in groups and consider the opinions of others more than non-Millennials.
Millennials and non-Millennials prefer different apparel brands. Among the Millennial favorites: for women, Old Navy, Forever 21, Target private brands, Express, Aéropostale, Hollister, and H&M; for men, Nike and adidas. "Dual gender" favorites are Gap, American Eagle Outfitters, and Abercrombie & Fitch. Levi's, a non-Millennial favorite, is popular among Millennials, but less so.
Millennials prefer an experiential, lifestyle environment (such as that offered by Hollister or Abercrombie & Fitch), like to receive help and approval from fashion consultants rather than just basic sales assistance, and value store environmental factors more than their non-Millennial counterparts.
Retailers, Malls, and Restaurants Can Win Over Millennials
To win over Millennial consumers, the article says, retailers and shopping malls will need to consider several factors. They should emphasize group-shopping experiences, create in-store events and social forums, use mobile apps and social media, integrate their in-store and online offerings so that Millennials can compare prices on their smartphones or return their online purchases in stores, and in general make shopping fun, fast, and easy. Malls will want to ensure that they have the right mix of stores and restaurants to drive traffic.
For restaurants, the keys to success will include faster service (along with ready-to-eat and to-go options), fast-casual formats, and happy-hour, late-night, and bar experiences. Technology should again play a central role -- options such as online reservations and self-ordering systems will appeal to Millennials. And social media will matter to restaurants as well. Finally, menus themselves should include unusual, exotic, organic, or local ingredients, including "crowd sourced" options.
To stay relevant to Millennials over the next three to eight years and retain their popularity with the succeeding generation that will begin to emerge in stores and online in this time frame, stores and brands that target teens and young adults must reinvent themselves.
"For brands that appeal more to non-Millennials, as well as luxury and accessible-luxury brands and multibrand, multicategory formats like department stores, the challenge is fundamentally different: how to introduce their goods and brands to Millennials at the appropriate life stage and with authentic and relevant products," Christine Barton, a partner at BCG and lead author of the article, said. "And, importantly, when to do so, given that Millennials are not their core customers today, but will be in ten years."
To succeed, all companies must use language, marketing messages, causes, and spokespersons that relate to members of this generation.
Millennials' Impact Will Be Significant -- and Not Just on Their Peers
Millennials have a strong influence on each other -- they value experts but have redefined "expert" to mean someone with firsthand experience, often a friend or peer, not a critic or academic. "Millennials' impact will extend beyond generational lines," said Jeff Fromm, an executive vice president at Barkley and a coauthor of the report. Millennial brand preferences and buying patterns are early indicators of trends among non-Millennial consumers. Millennials live their lives on social media. Their attitudes spread quickly among their peers, then reach across generational lines. For example, non-Millennials report influencing the spending and product and brand preferences of spouses and kids; by comparison, Millennials perceive their influence to be over parents, siblings, grandparents, classmates, coworkers, roommates, and even complete strangers.
"Interestingly," Barton said, "Millennials report more likelihood to broadcast negative experiences or to look for 'knockout' criteria on a brand or product online compared, for example, with non-Millennial women, who report willingness to post positive as well as negative reviews and stories."
Research on Millennials can begin close to home. "Most retailers and restaurants already have access to a powerful tool: the Millennials on their own staff, who can be a valuable source of advocacy, insights and new ideas," Barton said. "Quick research close to home can be the key to winning over the Millennial generation."
To arrange an interview with one of the authors, please contact Alexandra Corriveau at +1 212 446 3261 or [email protected].
About The Boston Consulting Group
The Boston Consulting Group (BCG) is a global management consulting firm and the world's leading advisor on business strategy. We partner with clients from the private, public, and not-for-profit sectors in all regions to identify their highest-value opportunities, address their most critical challenges, and transform their enterprises. Our customized approach combines deep insight into the dynamics of companies and markets with close collaboration at all levels of the client organization. This ensures that our clients achieve sustainable competitive advantage, build more capable organizations, and secure lasting results. Founded in 1963, BCG is a private company with 77 offices in 42 countries. For more information, please visit bcg.com.
About BCG's Center for Consumer and Customer Insight
The Boston Consulting Group's Center for Consumer and Customer Insight applies a unique, integrated approach that combines quantitative and qualitative consumer research with a deep understanding of business strategy and competitive dynamics. The center works closely with BCG's various practices to translate its insights into actionable strategies that lead to tangible economic impact for our clients. In the course of its work, the center has amassed a rich set of proprietary data on consumers from around the world, in both emerging and developed markets. The Center for Consumer and Customer Insight is sponsored by BCG's Marketing and Sales and Consumer practices, with support from the Global Advantage practice in emerging markets. For more information, please visit BCG - Center for Consumer and Customer Insight.
Barkley believes that creativity and innovation can change the world. As the nation's largest employee-owned advertising agency, they are fiercely independent and committed to adding GOOD. Barkley's goal is to help build the biggest future possible for their clients. They provide fully integrated advertising services as well as specialized services through four partner companies: Crossroads, PR and Cause Marketing; Blacktop, Branding and Design; Barkley REI, Interactive Marketing; and Grenadier, Strategic and Creative. For more information, please visit http://barkleyus.com/.
About Service Management Group
SMG helps its clients drive business results by improving customer loyalty and employee engagement. SMG has a rich history in innovation, providing proprietary data-collection, reporting, and insight tools for front-line and executive levels. Each year, SMG collects and evaluates over 70 million surveys in 65 countries and 29 languages for more than 225 brands. To request more information about SMG, email Joe Sciara at [email protected] or call 816-448-4500.
Bcgperspectives.com is a new website -- available on PC, mobile phone, and iPad -- that features the latest thinking from BCG experts as well as from CEOs, academics, and other leaders. It covers issues at the top of senior management's agenda. It also provides unprecedented access to BCG's extensive archive of thought leadership stretching back almost 50 years to the days of Bruce Henderson, the firm's founder and one of the architects of modern management consulting. All of our content -- including videos, podcasts, commentaries, and reports -- can be accessed via PC, mobile, iPad, Facebook, Twitter, and LinkedIn.
SYS-CON Events announced today that B2Cloud, a provider of enterprise resource planning software, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. B2cloud develops the software you need. They have the ideal tools to help you work with your clients. B2Cloud’s main solutions include AGIS – ERP, CLOHC, AGIS – Invoice, and IZUM
May. 5, 2015 12:00 PM EDT Reads: 4,436
The Internet of Things Maturity Model (IoTMM) is a qualitative method to gauge the growth and increasing impact of IoT capabilities in an IT environment from both a business and technology perspective. In his session at @ThingsExpo, Tony Shan will first scan the IoT landscape and investigate the major challenges and barriers. The key areas of consideration are identified to get started with IoT journey. He will then pinpoint the need of a tool for effective IoT adoption and implementation, which leads to IoTMM in which five maturity levels are defined: Advanced, Dynamic, Optimized, Primitive,...
May. 5, 2015 11:45 AM EDT Reads: 1,118
There is no doubt that Big Data is here and getting bigger every day. Building a Big Data infrastructure today is no easy task. There are an enormous number of choices for database engines and technologies. To make things even more challenging, requirements are getting more sophisticated, and the standard paradigm of supporting historical analytics queries is often just one facet of what is needed. As Big Data growth continues, organizations are demanding real-time access to data, allowing immediate and actionable interpretation of events as they happen. Another aspect concerns how to deliver ...
May. 5, 2015 11:00 AM EDT Reads: 5,759
SYS-CON Events announced today that MangoApps will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY., and the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. MangoApps provides private all-in-one social intranets allowing workers to securely collaborate from anywhere in the world and from any device. Social, mobile, and easy to use. MangoApps has been named a "Market Leader" by Ovum Research and a "Cool Vendor" by Gartner...
May. 5, 2015 11:00 AM EDT Reads: 4,353
The world's leading Cloud event, Cloud Expo has launched Microservices Journal on the SYS-CON.com portal, featuring over 19,000 original articles, news stories, features, and blog entries. DevOps Journal is focused on this critical enterprise IT topic in the world of cloud computing. Microservices Journal offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. Follow new article posts on Twitter at @MicroservicesE
May. 5, 2015 11:00 AM EDT Reads: 2,907
Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 16th Cloud Expo at the Javits Center in New York June 9-11 will find fresh new content in a new track called PaaS | Containers & Microservices Containers are not being considered for the first time by the cloud community, but a current era of re-consideration has pushed them to the top of the cloud agenda. With the launch of Docker's initial release in March of 2013, interest was revved up several notches. Then late last...
May. 5, 2015 11:00 AM EDT Reads: 3,883
WebRTC defines no default signaling protocol, causing fragmentation between WebRTC silos. SIP and XMPP provide possibilities, but come with considerable complexity and are not designed for use in a web environment. In his session at @ThingsExpo, Matthew Hodgson, technical co-founder of the Matrix.org, discussed how Matrix is a new non-profit Open Source Project that defines both a new HTTP-based standard for VoIP & IM signaling and provides reference implementations.
May. 5, 2015 10:45 AM EDT Reads: 4,365
So I guess we’ve officially entered a new era of lean and mean. I say this with the announcement of Ubuntu Snappy Core, “designed for lightweight cloud container hosts running Docker and for smart devices,” according to Canonical. “Snappy Ubuntu Core is the smallest Ubuntu available, designed for security and efficiency in devices or on the cloud.” This first version of Snappy Ubuntu Core features secure app containment and Docker 1.6 (1.5 in main release), is available on public clouds, and for ARM and x86 devices on several IoT boards. It’s a Trend! This announcement comes just as...
May. 5, 2015 10:45 AM EDT Reads: 2,233
The security devil is always in the details of the attack: the ones you've endured, the ones you prepare yourself to fend off, and the ones that, you fear, will catch you completely unaware and defenseless. The Internet of Things (IoT) is nothing if not an endless proliferation of details. It's the vision of a world in which continuous Internet connectivity and addressability is embedded into a growing range of human artifacts, into the natural world, and even into our smartphones, appliances, and physical persons. In the IoT vision, every new "thing" - sensor, actuator, data source, data con...
May. 5, 2015 10:30 AM EDT Reads: 5,378
The WebRTC Summit 2015 New York, to be held June 9-11, 2015, at the Javits Center in New York, NY, announces that its Call for Papers is open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 16th International Cloud Expo, @ThingsExpo, Big Data Expo, and DevOps Summit.
May. 5, 2015 10:15 AM EDT Reads: 3,141
The Internet of Things is not new. Historically, smart businesses have used its basic concept of leveraging data to drive better decision making and have capitalized on those insights to realize additional revenue opportunities. So, what has changed to make the Internet of Things one of the hottest topics in tech? In his session at @ThingsExpo, Chris Gray, Director, Embedded and Internet of Things, discussed the underlying factors that are driving the economics of intelligent systems. Discover how hardware commoditization, the ubiquitous nature of connectivity, and the emergence of Big Data a...
May. 5, 2015 10:00 AM EDT Reads: 5,554
SYS-CON Events announced today the IoT Bootcamp – Jumpstart Your IoT Strategy, being held June 9–10, 2015, in conjunction with 16th Cloud Expo and Internet of @ThingsExpo at the Javits Center in New York City. This is your chance to jumpstart your IoT strategy. Combined with real-world scenarios and use cases, the IoT Bootcamp is not just based on presentations but includes hands-on demos and walkthroughs. We will introduce you to a variety of Do-It-Yourself IoT platforms including Arduino, Raspberry Pi, BeagleBone, Spark and Intel Edison. You will also get an overview of cloud technologies s...
May. 5, 2015 10:00 AM EDT Reads: 3,919
SYS-CON Media announced today that @WebRTCSummit Blog, the largest WebRTC resource in the world, has been launched. @WebRTCSummit Blog offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. @WebRTCSummit Blog can be bookmarked ▸ Here @WebRTCSummit conference site can be bookmarked ▸ Here
May. 5, 2015 09:45 AM EDT Reads: 3,419
Scott Jenson leads a project called The Physical Web within the Chrome team at Google. Project members are working to take the scalability and openness of the web and use it to talk to the exponentially exploding range of smart devices. Nearly every company today working on the IoT comes up with the same basic solution: use my server and you'll be fine. But if we really believe there will be trillions of these devices, that just can't scale. We need a system that is open a scalable and by using the URL as a basic building block, we open this up and get the same resilience that the web enjoys.
May. 5, 2015 09:45 AM EDT Reads: 5,915
In his session at WebRTC Summit, Peter Dunkley, Technical Director at Acision, will look at creating interactive communications via the web by adding messaging, file transfer, and group communication (group chat and audio/video conferencing) into the web experience. He will also discuss potential applications of this technology in areas including B2B, B2C, P2P, and gaming. Peter Dunkley is Technical Director at Acision. He graduated from The University of Edinburgh in 2000 with a BSc (Hons) in Computer Science. After graduation Peter worked on a PSTN switch developing signalling stacks for SS...
May. 5, 2015 09:39 AM EDT Reads: 391
It's time to put the "Thing" back in IoT. Whether it’s drones, robots, self-driving cars, ... There are multiple incredible examples of the power of IoT nowadays that are shadowed by announcements of yet another twist on statistics, databases, .... Sorry, I meant, Big Data(TM), tiered storage(TM), complex systems(TM), smart nations(TM), .... In his session at WebRTC Summit, Dr Alex Gouaillard, CTO and Co-Founder of Temasys, will discuss the concrete, cool, examples of IoT already happening today, and how mixing all those different sources of visual and audio input can make your life happier ...
May. 5, 2015 09:15 AM EDT Reads: 603
What exactly is a cognitive application? In her session at 16th Cloud Expo, Ashley Hathaway, Product Manager at IBM Watson, will look at the services being offered by the IBM Watson Developer Cloud and what that means for developers and Big Data. She'll explore how IBM Watson and its partnerships will continue to grow and help define what it means to be a cognitive service, as well as take a look at the offerings on Bluemix. She will also check out how Watson and the Alchemy API team up to offer disruptive APIs to developers.
May. 5, 2015 09:15 AM EDT Reads: 2,175
SYS-CON Events announced today that Site24x7, the cloud infrastructure monitoring service, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Site24x7 is a cloud infrastructure monitoring service that helps monitor the uptime and performance of websites, online applications, servers, mobile websites and custom APIs. The monitoring is done from 50+ locations across the world and from various wireless carriers, thus providing a global perspective of the end-user experience. Site24x7 supports monitoring H...
May. 5, 2015 09:15 AM EDT Reads: 2,490
Chuck Piluso will present a study of cloud adoption trends and the power and flexibility of IBM Power and Pureflex cloud solutions. Speaker Bio: Prior to Data Storage Corporation (DSC), Mr. Piluso founded North American Telecommunication Corporation, a facilities-based Competitive Local Exchange Carrier licensed by the Public Service Commission in 10 states, serving as the company's chairman and president from 1997 to 2000. Between 1990 and 1997, Mr. Piluso served as chairman & founder of International Telecommunications Corporation, a facilities-based international carrier licensed by t...
May. 5, 2015 09:00 AM EDT Reads: 843
We heard for many years how developing nations would be able to develop mobile-phone networks quickly, perhaps even leapfrog developed nations, because their lack of traditional, wired networks would not inhibit them from deploying the new technology. Now there is talk of history repeating itself with the Industrial Internet--a key aspect of the emerging Internet of Things. For example, Guo Ping, Deputy Chairman of the Board of Chinese electronics giant Huawei, said in a recent report from the World Economic Forum, "The Industrial Internet will afford emerging markets a unique opportunity ...
May. 5, 2015 09:00 AM EDT Reads: 472