Artem Zmitrovich
As a drop shipper, it is essential to understand your end-users to see better figures on your sales charts. In this era of internet technology, the millennials have demonstrated a heightened influence on the marketplace and have elevated their buying power. Their way of shopping is significantly different compared to how the older generations (Gen X and Baby Boomers) make a purchase. To gain more understanding of the Millenial Shopping Habits, the Forbes Agency Council had conducted research through an online survey.
We specifically wanted to gain insights on how different generations, millennials specifically, are making decisions across a number of categories and prove or disprove several common ideas about this generation. In March, we conducted a 15-minute online survey of 1,628 millennials and 906 Gen Xers. Here are some highlights from our data.
Who Are the Millennials?
According to Pew Research Center, anyone born between 1981 and 1996 falls under the Millennial generation. This year (2019), their ages range from 23 to 38.
Millennials are said to be slow on their way to adulthood. However, recent research said that millennials are taking a firm grip on establishing better foundations on their own. Their buying behavior reflects their journey towards adulthood that has faced several socio-economic issues.
They are called the “connection generation” because they are born in an era when TV cables, cellphones, and the internet were introduced. They have a clear preference for brands that offer value for their money. Their shopping choices are centered on communications and entertainment.
To help many businesses in the dropshipping arena, we have come up with an infographic to better explain the buying habits of the Millennials.
Get To Know Your Buyers – The Millennial Shopping Habits
Millennial Shopping Habits – DSM tool
Resources:
Defining Generations
Understanding Research on Millenials
Who are Millennials?
2019 Millennial Buyers Trend
Millennial Spending Habits
