The Top Five Myths Retailers Believe About Millennial Shoppers

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Myth #5: No one uses cash anymore -- everything is done on cards.

TRUE -- 68 percent of consumer respondents reported using credit or debit cards primarily, but 25 percent admit that their payment methods vary between paper (cash, coupons) and plastic (debit, credit).

According to Accenture, millennials are expected to spend approximately $600 billion annually. This is a significant market, one that retailers must ensure they are part of. Yet millennial shoppers are a unique breed with very specific preferences, often leaving many retailers scratching their heads as they explore new engagement methods. Merchant Warehouse and Retail Pro International recently completed a survey around millennial shopping preferences with the goal of identifying where this knowledge gap exists and, in turn, helping retailers more effectively identify ways to attract and engage millennial shoppers. Based on the data, Merchant Warehouse and Retail Pro International identified the top five myths retailers believe and put them to the test: are they true or just a myth?


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