Millennials splurge on apparel, love shopping

The study defines “heavy purchasers” as those who bought three or more items in the same category. Millennial women also love dresses, as they’re 2.4 times more likely than Boomers to be heavy purchasers. When it comes to activewear, Millennials account for heavier purchasing than any other generation, with Gen Y at 20 per cent and Boomers at 11 per cent. And in the bra category, younger women constitute 26 per cent of the heavy buying, versus 18 per cent of Boomer females.

In an article in Stores magazine, RSR Research’s Paula Rosenblum, co-founder and managing partner, said even though the Millennial generation was weaned on fast fashion, they put a strong value on quality.

This dichotomy between what Millennials want and what they’ll buy is reflected in the Monitor data. When asked if they’d rather buy clothes that are more fashionable or higher in quality, 43 per cent of Millennials chose “more fashionable,” while 57 per cent said, “higher in quality.” But Boomers are more definitive, with 82 per cent choosing quality, versus 18 per cent who chose “more fashionable.”

In its report, “Balancing Multi-Generational Retail Strategies,” Synchrony Financial points out that Boomers — 65 million strong with the most disposable income — are a retail force that accounts for almost 50 per cent of retail sales compared to Millennials 10 percent. But stores and brands have to focus on all generations as to not be one-sided, the group advises. (SH)

Fibre2Fashion News Desk – India