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.
Whitepapers
Related reading
Open Banking: Going from regulatory mandate to global scale
Building the infrastructure to make open banking possible Open banking means different things to different people, but one thing is sure: it ... read more
Pandemic boosts P2P platform use
By Shari Krikorian, senior vice president, Mastercard
Tech innovation vital for mitigating airline crisis
The airline and travel sector’s coronavirus crisis may spark tech innovation in the industry, market participants predict. Customers will look to travel ... read more
Bank of England slashes interest rates amid coronavirus outbreak
By Aaran Fronda The Bank of England (BoE) has announced an emergency cut to the base interest rate from 0.75 percent to ... read more