New York — Compared with older generations, millennials award higher brand equity to all retail channels, except hardware and home stores, according to The Harris Poll.
Noting millennials are breathing life into retail, the polling firm reports that while brand equity in retail has held steady with time, a different pattern emerges when comparing millennials to baby boomers. For example, the younger demographic gives off-price retailers a equity score that is 4.9 points higher than boomers. Similar results are seen for sporting goods retailers, luxury department stores and electronics outlets.
Further, off-price merchants were the only retail sector to increase its brand equity compared with the year prior, Harris Poll reports.
“Strong brand equity — including greater familiarity with your brand, a greater bond with your brand, a better perceived quality of your brand — translates into a larger share of wallet,” says Joan Sinopoli, vice-president of brand solutions. “It’s no secret that the retail industry is undergoing tremendous challenges, but knowing how to best cater to different customer segments is critical. As a result, several retailers are working to revamp their stores into ‘millennial playgrounds’ to help woo and wow desired customers.”