Almost three-quarters of millennials prefer shopping in stores to transacting online, according to new research from CBRE, What Do Millenial Shoppers Really Want?. In a report surveying the lifestyle habits of 13,000 people aged between 22 and 29 across 12 countries, there was a clear preference for shopping physically, rather than virtually, and this is “unlikely to change dramatically in the future”.
Close to 50% of those surveyed want to have a product immediately — and want to be able to touch, feel and test the object of desire in a shop. While this clearly represents both a challenge and opportunity for physical retailers, in terms of availability and meeting expectations, online penetration varies from market to market. Millennials in countries that have an established international network of retailers said that they were more likely to use the internet to shop than those in markets where retailers are more locally focused.
Click-and-collect lingered in third place when it came to online fulfi lment, with home delivery
being the preferred option of two-thirds of respondents, followed by delivery to place of work.
Perhaps unsurprisingly, the report also highlights the fact that this generation of young adults are facing significant challenges in finding affordable places to live, largely due to a combination of the high cost of residential property and a lack of suitable jobs.
Andrew Phipps, head of EMEA & UK retail at CBRE said: “The fact that millennials have
joined the workforce during a time of global economic change has had a profound impact on places they work, live and play. From a retail perspective it is a certainty that the physical store retains its position of importance in
the shopper’s journey.”