Consumers are a moving target, powered by major generational shifts. How does the do-it-yourself supercenter adapt to the way Millennials shop for their homes? As Generation X enters their 50s, how might an older women’s apparel retailer respond? And then there’s Generation Z. Where to begin with a group of consumers that’s largely unknown, digitally native and now at the cusp of maturity?
Retailers that ignore generational change risk obsolescence. Paint each generation with the same brush, and the consequence could be obliteration of the nuanced customer targeting that led to success in the first place. Recently, L.E.K. Consulting surveyed more than 3,800 Americans, including roughly 2,200 Millennials aged 18 to 34, about their shopping preferences.
This Executive Insights delves into important insights on how retailers can win the generation game.