Hardware Retailing The Industry's Source for Insights and Information
For years, retailers across many industries have focused on drawing in millennial consumers. However, a new report by Forrester Research Inc. recommends shifting some of that focus back to older consumers. What’s the difference between the two? Money to spend!
The Forrester Research report, titled “The Future of Shopping,” looked at income and demographic changes over the past 40 years. It found that the “bulk of consumer spending has shifted from those younger than 45, who now make up a smaller percentage of the population and are strapped with student loans, to those 45 and older, who have equity in their homes and bigger incomes.”
While millennials still make up a large portion of the consumers, this group has less ability to spend. An article by Bloomberg says that in order for retailers to stay profitable, they need to understand attracting millennials shouldn’t be their entire focus.
The report also found retailers looking to stay competitive will need to become lean. The Bloomberg article says those able to cut costs without compromising customer service will win.
Click here to read the full article by Bloomberg.
