At a recent event, the associate director of KPMG Liz Oakes said that the millennial generation is driving digital advancement. She pointed out that they have rapidly changing expectations of money and payments, and 85 per cent own a smartphone and that they spend more money online than any other generation despite having less income.
It is therefore unsurprising that recent studies have recorded responses from millennials that say they would buy everything online if they could or that this generation, also referred to as Generation Y, carries $200 billion in annual buying power.
Oakes mentioned rapidly changing expectations, which is an important factor for retailers because if they do not ensure their business models embrace innovative technology, people will be turned off and immediately switch to other, more appealing service providers.
The infographic below from Merchant Warehouse (now rebranded as Cayan) shows the importance the millennial shopper carries with him and also stresses what happens if retailers fail to recognise it.
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