Should high street retailers start considering the wants, needs and expectations of tomorrow’s clients, now? Editor of Kitchens & Bathrooms News Philippa Turrell makes a compelling case
With continued uncertainty over the next Prime Minister, Brexit still lumbering on and a shift in the retail landscape with the demise of Bathstore, thank goodness retailers can count on their customers.
The affluent Baby Boomer generation, with high levels of disposable income and willingness to invest in their home, has long been the focus for the kitchen and bathroom industry. But is this now old news?
Marketeers and now manufacturers are already looking at the next global spending power – the Millennials (born between 1981 to 1996, according to US Research Group PEW).
So shouldn’t retailers follow suit and be looking at attracting the next generation into their store?
No longer children or students, the millennial consumer is reaching the age where households are formed, babies are being born and money is being spent on settling down and not just going out.
As reported in the FT, they are the biggest global generation and have more spending power than Baby Boomers. And by 2020 Millennials will have a collective spending power of $1.4trillion.
The Millennial consumer differs from the Baby Boomer and therefore have different expectations.
Read any report and it will tell you they are more adventurous, enjoy experiences more than just owning stuff, value authenticity and are more tech savvy having grown up with the internet and social media.
To attract this group of consumers, it may need a change in retailing mindset. But for the switched-on retailer, millennials present new and exciting opportunities to entice them, and are a profitable consumer group to explore.
The kitchen and bathroom retail channel is perfectly poised to meet the need of the Millennial, offering Instagrammable environments which can be replicated in a customer’s home.
They can offer retailtainment through Virtual Reality CAD and showrooms already provide the basis of pop-up events, such as cookery and wine tastings,
Simply keeping an eye on social media, retailers can easily tailor their offer to meet the tastes of the adventurous foodie Millennial consumer.
Think plant-based cuisine, thorough to low or no-alcohol cocktails and pickled foods such as Kimchi and Kombuchi tea.
Creating a destination store with an #instaperfect environment and offering retailtainment not only attracts the Millennial consumer, of course.
If retailers have a razor-sharp focus on the experience they offer in store it will benefit all consumers, no matter the age group.