As many people may have heard, millennial’s preferences are killing many things. From bar soap to the diamond industry, it seems that many industries are at risk to decline.
Many department stores have seen a great decline in the past decade. Sears released its annual report earlier this year and lack of sales has now threatened the company’s future.
In fact, the Sears company have announced that they will be liquidating all Canadian locations before closing the stores. This includes Sears and Sears Home stores.
In the past 6 years, Sears Holdings have seen a loss of about 10 billion dollars.
There are many reasons why department stores are seeing a dramatic decline in sales. The millennial generation is leading the brigade.
Online shopping has boomed in recent years. With websites like Amazon Prime and Wish, it’s has become difficult for stores like Sears to compete with prices. Many users like that they do not have to wander through a store to find the item they are looking for.
Lindsay Harry-Percet is a millennial mom of two, and she says that it makes her life easier.
“It’s convenient. I don’t have to go through aisles looking for one toy. I click, add it to my cart and checkout within minutes. In a way it’s saving me money.”
Being eco-friendly is another driving force. It takes over 1500 gallons of water to produce enough cotton for one pair of jeans.
Consignment and thrift stores are seeing an increase in younger clientele.
Jacquie Smith, a retail manager at Value Village, says that the younger crowd is very aware of the impact of clothing.
“Essentially, people care a lot about the environment. Shopping at secondhand stores is a great way to do your part in being green.”
Smith also says that consignment stores are the best way to find unique pieces.
“Thrift shopping is much more than saving money. It’s a way for people to get creative with their wardrobe as well. Most times we see really one of a kind pieces, and people love to look for vintage pieces that add something unique to their look.”
It has been proven that younger generations like to shop where they see transparency. If a company is viewed as authentic and trustworthy, they are more likely to drawn in the millennial demographic. In a study done by Label Insight, 94% of consumers said they would be more loyal to a company with full transparency.
While the study was focused on food products, the major points it concluded are relevant to shopping habits.
Younger generations, like the millennials and Generation Z, like to feel good when they shop. If a brand can provide positivity through their products, the likelihood of people buying from them increases.
