Bloomberg reports on a new research from Forrester saying that "retailers should stop wasting so much time trying to win over millennials because they’re often broke. Instead, they should target older shoppers with more money to spend."
The story goes on: "The bulk of consumer spending has shifted from those younger than 45, who now make up a smaller percentage of the population and are strapped with student loans, to those 45 and older, who have equity in their homes and bigger incomes. The recommendation runs counter to retailers’ frenzied push to court millennials, the generation born after 1980, with new gadgets and fashion trends."
The report also says that retailers "need to stay lean if they want to be competitive in coming years ... The chains that are able to cut costs without compromising customer service will win."
The story goes on: "The bulk of consumer spending has shifted from those younger than 45, who now make up a smaller percentage of the population and are strapped with student loans, to those 45 and older, who have equity in their homes and bigger incomes. The recommendation runs counter to retailers’ frenzied push to court millennials, the generation born after 1980, with new gadgets and fashion trends."
The report also says that retailers "need to stay lean if they want to be competitive in coming years ... The chains that are able to cut costs without compromising customer service will win."
- KC's View:
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Score one for aging Baby Boomers...
