MHI Solutions - Volume 4, Issue 2 - (Page 68)

INDUSTRY FOCUS: RETAIL Generational Differences Drive Buying Patterns T here is a sea change coming, one that will require retailers to respond. And when they do, they'll no doubt be leaning heavily on companies throughout the supply chain to assist. "Right now, Baby Boomers are providing the large proportion of sales for retailers," said Sue Yasav, vice president, research insights leader at Synchrony Financial. But it won't stay that way for long. "According to Pew Research, Millennials are now the largest generation in the U.S. workforce... and they are entering their peak consumption years. Soon they will be a huge shopping force, and the way they interact with retailers is very different. They are digital natives, and retailers will need to consider that." Boomers and Millennials do share one thing in common: sheer size. Boomers, those born between 1946 and 1964, number about 76 million. Millennials-those born between 1980-2000-are slightly larger at 80 million. (Nestled in between is the oft-overlooked Generation X, at about 50 million.) Jeff Fromm, president of Futurecast and author of Marketing to Millennials, said Millennial is a mindset, not necessarily a birth year. "They believe in fairness and inclusivity," he said. "They use mobile technology to simplify their lives. They use peer networks to get information. They are always looking for more useful solutions and they have big thirst for adventure." According to Yasav, understanding that mindset is key to targeting this population. "Retailers who excel in this space know the similarities and differences between Millennials and other generations. They deploy different strategies to drive traffic." BY SANDY SMITH 68 MHI SolutIonS * Q2 * 2016

Table of Contents for the Digital Edition of MHI Solutions - Volume 4, Issue 2

CEO Update
Emerging Technologies Produce Business Benefits and Talent Challenges
Developing a Talent Management Strategy
Collaborating with Education
Love your Supply Chain Career?
The Power of Mentoring
Eleven Ways to Diversify the Supply Chain: Insights from the Field
How Do You Build A Successful Career in Supply Chain?
Donated Equipment Gives High School, Community College Students Hands-On Experience
Industry Focus: Retail
MODEX 2016
2016 MHI Innovation Award to be Presented at MODEX 2016
Industry Trends
Economic Market Analysis
The Jobs, Wages, Output and Taxes of the Supply Chain
Safer Handling
Solutions Group Update
Fulfillment Update
Solutions Spotlight
Scholarship Winners: Where Are They Now?
MHI News
Index of Advertisers

MHI Solutions - Volume 4, Issue 2