Millennials Are Driving Retail Growth With Major Purchases

According to a survey by TD Bank, the Millennial generation led in “major purchases” in 2019 and responded as most likely to make similar, large-ticket purchases in the next six months. On average, Millennials told TD Bank they had made four major purchases in the last year. In contrast, Generation X and Baby Boomers combined averaged 2.8 major purchases during that time. “Retailers should take notice, as Millennial purchasing habits are driving the retail world,” said Mike Rittler, general manager of retail card services, personal lending and business development at TD Bank. “The myth that Millennials aren’t out there putting money into the economy is just that: a myth.” However, while Millennials are ready to spend, survey data showed that Millennials are also “extremely thoughtful” when making major purchases. On average, Millennials reported they will spend 4.4 hours researching a major purchase, more than other generations. Additionally, Millennials reported to being more likely to research financing options and financing in-store than older generations. “Millennials are a discerning and price-conscious set of consumers, and while it may not be easy to earn their business, retailers should take notice,” said Rittler. “Improve the customer experience, focus on digital sales options and incorporate strategies and programs

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