New York — Retailers are not fully understanding the needs of millennials, who are expected to outspend baby boomers by 2017, according to executive search firm Berglass + Associates.
The firm surveyed 121 U.S. businesses across retail sectors and found that many are employing business strategies and tactics that do not apply to millennial consumers.
This includes nearly half of respondents being unaware that millennials will outspend boomers annually within five years and overemphasis on online advertising to reach the younger demographic, according to Berglass.
The study also found that 60 percent of respondents are not conducting any research or analysis of millennial consumers. In addition, only 36 percent of respondents from companies with physical and e-commerce sites offer seamless shopping experiences, even though this demographic expects channels to be integrated.