The brands doing the best job attracting spending among millennials in the US are Sephora, Nike and Victoria’s Secret, according to a new report, with these retailers’ strong online presence a key contributor to popularity.
Millennial shoppers are reaching their prime spending years, with Gen Z coming in pretty close behind, according to a new study from Conde Nast and Goldman Sachs Group. The 2017 Love List Brand Affinity Index ranked which brands were most popular among younger US shoppers.
The companies doing the best job are Nike, Victoria’s Secret and Sephora, with its online presence cited as a key contributor to its high ranking. Among the gents, Amazon.com was voted their favourite retailer across all categories, and it was the top shopping app among younger women.
The annual research study examines millennial and gen z consumer preferences in the fashion, retail and beauty categories. Broadened to include a larger selection of consumers and behaviours, this year’s study clearly shows how millennial and gen z consumers are increasingly interacting with brands through online and mobile shopping technology.
More than one third of apparel shopping is conducted online, 35% for women and 42% for men, and consumer values are shifting to focus on efficiency, speed and convenience.
“These next generation consumers were born with their phones in their hands, they’re addicted to technology and expect a level of efficiency and immediacy in everything they do,” said chief marketing officer of Conde Nast, Pamela Drucker Mann. “Looking at what they’re doing is like a preview for all shoppers.”
The survey included 2,345 US consumers aged 13 to 39, 99 fashion brands, 77 retailers and 78 beauty brands, and it surveyed both aided and unaided brand sentiment in the areas of clothing, footwear, handbags, lingerie, athletic wear, accessories, beauty and grooming.
The study also found that consumers in the US are spending more online across categories, they are making more calculated purchases and those survey said shopping apps are making it easier to price compare.