As a generation have millennials become reckless and irresponsible with their spending behaviours.
Can retailers take advantage of millennials needs to spend money experientially
I am a recent graduate of Fashion Business and Promotion. I am an aspiring fashion buyer and believe the key importance of mastering buying comes from understanding of the consumer. Therefore both my Final major project and dissertation were consumer focused.
Millennials are a key consumer tribe these days with a huge amount of spending power. Therefore through my dissertation I studied this generation and their spending behaviours. It was discovered that the millennial generation was incredibly competitive with each other; this was driven by social media bragging. This has created a generation of consumers who are willing to spend money in order to become more optimised.
Millennials seek gratification through likes and followers by sharing the spending through social media. This extravagant spending by millennials has allowed further opportunities for retailers to take advantage of millennial generation and their willingness to spend. It was also discovered that millennial spend more money on experiences rather than product, this creates the opportunity for retailers to market product experientially.
My dissertation highlighted that consumers are now looking to become more optimised. Therefore my final major project focused on this strive for optimisation. This created the idea of a luxury health and wellbeing centre for affluent consumers. This concept came from the lack of health and fitness clubs available for affluent consumers. Great depth of study in to the consumers wants and needs created the unique concept The Athena Retreat. The Athena Retreat is a health and fitness club concept targeted at late millennials and generation X women who are on high income and are looking to better themselves as in terms of fitness, nutrition and wellness.
These two final year studies have allowed my to gain great understanding into two dominant consumer groups. This has given me a wider perspective of what is expected from these consumers, this I believe will make me very relevant to work within fashion buying.