Millennials are on pace to become the biggest generation in America, and as they mature, they’re spending more money on clothing and accessories, a new study reports.
Pymnts.com surveyed 2,500 U.S. consumers and found that “bridge millennials” — a term the study’s authors coined for the group of 30- to 40-year-olds straddling the gap between millennials and Gen Xers — are a significant segment for the fashion industry, making an average of 18.3 purchases annually and spending nearly as much their older, more established peers at $2,225 per year on average.
The group is particularly valuable to omnichannel retailers, with about half preferring to shop in brick-and-mortar stores and 48 percent saying they buy online after browsing either in-store or online. Predictably, though, Amazon still leads the pack among their preferred retailers; 25 percent said they prefer to shop from the e-commerce giant over other competitors.
Mobile and voice-assisted shopping are particularly popular among bridge millennials — a trend that’s consistent with consumers overall. Seventeen percent said they buy apparel and accessories on their smartphones, more than the broader, younger, and thriftier 22- to-37-year-old millennial segment, and nearly 5 percent shop using voice assistants like Amazon Alexa or Google Home — all of which is good news for retailers investing in new technology to support changing consumer habits.
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