A recent Resonate survey found that millennial females value shared experiences, and learning and knowledge in their day-to-day lives, significantly more than other groups.
The survey, which spoke with 42,000 millennial females, discovered that this consumer group preferred Forever 21, H&M, Urban Outfitters and Express as their favorite apparel retailers. And the brands Steve Madden, Journeys and DSW topped the list for the group's favorite shoe stores.
"In such a competitive marketplace, retail brands must speak to the deep values and motivations of their customers to win," said Bryan Gernert, Resonate CEO. "Understanding what drives one of the most sought after consumer audiences–female millennials–will determine which retail brands come out on top this holiday season."
According to the Boston Consulting Group, half of female millennials shop for apparel more than twice a month.
The study revealed that 56 percent of female millennials have children in the household and prioritize buying differently because of this. In addition, the same percentage of this group value work beyond income.
The group is also highly influenced by social media. As many as 35 percent are more likely to value sharing experiences and 17 percent more likely to value learning and knowledge in their daily lives. Therefore, they are 79 percent more likely to be heavy users of social media—especially platforms such as Instagram, Snapchat and Pinterest. In addition, 46 percent of female millennials download retailer apps and 57 percent follow retailers on social media to get the best discounts possible.
Retailers are closely watching millennials as an important demographic this holiday season. The recently released "2014 Holiday Shopping Behavior Survey" from Simon Malls shows 89 percent of millennials who intend to buy one or more gifts, plan to do so at the mall this holiday season.
According to another holiday survey by PunchTab, 77 percent of millennials are looking for recommendations from family and friends for gift advice, especially on social networks. Nineteen percent of millennials will look to Facebook this holiday season, 14 percent to Pinterest and 7 percent to YouTube. Millennials even prefer webrooming to showrooming by 5 percent.
-See this Resonate press release
-See this Resonate Insights blog
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