With the advent of a new generation, so do the demographics and shopping habits change as Millennials are now the big target for retailers going into the Christmas season.
Weaned on the computer and savvy of all things digital, the mindset of today’s younger shoppers has dramatically changed from their parents and grandparent’s generation, and retailers are struggling to keep up with the changing trends.
Big screen TV’s, long the stalwart of the previous generation and the pictures of long lineups and scuffles at the entries to the big box retailers on Black Friday is now turning into a shot from the past as Millennials, if they buy or own a TV at all, will be shopping online and not fighting the crowds.
And when they do venture out it is not to the Macy’s or the Best Buy’s but to go online for sites that offer bargain prices on sought-after merchandise.
According to the NY Times, a decade ago, the day after US Thanksgiving accounted for 6 per cent of all shopping for the holiday season, today that figure is just 4.3 per cent.
And less than a quarter of shoppers plan to shop in stores on Black Friday, down from 28 per cent two years ago as shoppers, again led by the Millennials who go online for their Christmas shopping Deals.
There is no doubt that Cyber Monday is now taking the mantle from the Black Friday crowds, and the Millennials are leading the way.