New York — The future of retail will require a hybrid approach interweaving internet sales with brick-and-mortar shopping to reach millennial consumers, who are quickly gaining massive purchasing power with annual spending hitting $600 billion, according to online coupon services provider CouponFollow.
The company reports that 60 percent of millennials search for coupons before shopping and 69 percent search online for coupon codes, spending an average of three minutes seeking out deals.
Further, nearly 80 percent of the cohort report that finding the best deals impact their online purchasing decisions, and more than half follow brands on social media to get early access to deals and promotions, according to CouponFollow.
“At the intersection of retailers and consumers, CouponFollow is in a unique position to look across shopping trends,” says Michael Parrish DuDell, chief strategy officer. “By understanding why, when, and how this savvy generation of empowered consumers choose to spend, retailers and brands will be able to better position themselves for success, despite recent industry struggles their peers have been facing.”