Millennial shopping data reveals a very different retail future

In their lifetimes they have always had eBay and iMacs, and India and Pakistan have always had the bomb. Gretzky and Elway have always been retired, and Vladimir Putin has always been in charge at the Kremlin. We’re talking about those entering college this year.

Each year, brand executives from all over the globe pore over a simple collection of facts compiled by a trio of researchers at a small Midwestern liberal arts college. Their work, known as the Mindset List, has been incorporated into sales presentations and customer relations policies aimed at understanding the Millennial mind (especially those between the ages of 18 and 35-years-old). Research has shown that the up-and-coming generation is the trend-setter for the older generations.

According to local marketing expert Jessica Dunyon, “this list of the mindset is about the money. So there’s 70-million millennials right now…and people are expected to spend approximately a million dollars over their lifetime and that translates to $70 trillion, so that’s a lot of zeros. That’s why that number becomes so compelling and what that list is and how you market to that group of people. And one thing that millennials are not interested in is ownership.”

On KVNU’s For the People program on Wednesday, Dunyon told host Jason Williams that applies to shying away from owning things like homes, cars and bikes. Millennials are more interested in the experience, more interested in the social aspect of things. She said that results in behaviors such as sharing a car through such modes as Zip cars or use of Uber taxi service. You can hear the entire topic on Podcasts on For the People at www.610kvnu.com.

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