That was a major buzzword last year. You may ask why? Millennials, born around 1982 to 1994/5, are the future of shopping. However, not in the way that you would think.
Of course, millennials love to break the bank, but not in the ways one would expect.
Travel and leisure were on top of the many young adults’ bucket lists last year. Forbes’ recent study showed that the majority of the public is apathetic to domestic purchases, and is more inclined to shop in foreign countries.
So where is the mecca of retail in the world? Asia! In countries like China, South Korea, Japan, and Thailand, markets are unifying, and by 2021 Chinese tourists are projected to have spent $457 billion overseas.
Asian markets and buyers are essentially booming all over the globe. Last year’s Forbes review of Chinese markets and consumers showed a more complex set of shoppers. Not only are they shopping for luxury goods, but they desire a luxurious lifestyle. Shopping hasn’t always been about buying merchandise, it’s about the experiences. With a merging market, that experience is vital in retail business.
China has subdivisions of their districts based on income, as do most countries. Studies have shown, however, that all levels of income earning residents are spending nearly equal amounts of money on trips abroad. Most are using smartphones, and technology, as well as peer-to-peer services to help navigate itineraries and planning.
Social media is key in consumer relationships and awareness of goods and services. The prime focus here is the market of technology, travel, and experiences. The combination of these factors may shape our future for growth. The study also reflects that young adults, including both Millennials and Generation Z, use social media as their primary source of information.
So, what does this mean for a business owner? Tourism is a huge market. As time goes on, expectations are progressing, and as such business and marketing must stay fresh and inventive to survive.
Now that we have the internet, social media, and communication readily available to us, maintaining relationships is easier than ever. With growth accelerating, you can now interact with your shoppers, keeping your business ahead in the game. Cease to follow others, and instead stay fresh with a new way of thinking.
Featured Image via Wikimedia Commons