Millennials to the Rescue
That’s because 2020, according to trade group ICSC, is shaping up to be a decent year for retailers, thanks to steady consumer confidence. In particular, marketing to millennials could be a pivotal best practice for retailers in 2020.
“ICSC is forecasting retail sales growth of 3.7 percent in 2020 and, according to our recent survey, consumers are planning to spend on big-ticket items such as vacations and household items — an indication that consumer confidence remains strong,” ICSC President and CEO Tom McGee wrote in Forbes.com.
McGee offered some observations to help retailers plan for and navigate 2020:
- More than two-thirds of millennials expect a major life event to take place this year. Whether it’s moving into a new home or expanding the family, you know that will mean lots of trips to the mall for millennials.
- Speaking of malls, a strong majority of consumers say shopping centers “are assets to their communities.” That’s good news in an era when some fear shopping malls are going the way of the old general store.
- Busy consumers increasingly embrace omnichannel.
“As the share of spend increases in omnichannel, it becomes an opportunity for retailers to get current customers to spend more while also attracting new customers,” McGee observed. “By placing the focus on the customer’s needs and reducing friction, loyalty is achieved.”