What's In Store For 2015?

By Ron Bowers, Frank Mayer and Associates, Inc.

Millennials controlling 70% of the spending power in the U.S. creates vast uncertainty amongst retailers; but with the strongest economy in years, optimism prevails as we begin 2015.

For many retailers, the Millennial consumer is an enigma: they are more suspicious of who to trust and yet, more likely to be influenced by apps and social media than any other generation. Only 19% of Millennials (versus 40% of Baby Boomers) say that, “generally speaking, most people can be trusted” (PewResearch). However, in order to make buying decisions, consumers look to a retailer’s online presence and social influence before considering a purchase.

This generation’s spending habits are moved by its self-paradox. Millennials are self-focused and at the center of their own global communications. It is vital for them to have a positive self-image while finding a sense of belonging when purchasing consumer goods. They desire self-preservation and a personal connection to a product or service.

So, what does this mean for retailers?

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