Four in 10 millennial shoppers ask their friends before they spend more than £60: study
More than four in 10 (42%) millennial shoppers turn to Facebook to ask their friends' opinion before they spend more than £60, a study has found.
The survey, commissioned by Maybe*, a platform that advises consumers on shopping decisions, questioned 1,978 young adults aged between 16 and 34 years of age, in order to understand how this group of shoppers decides what to buy.
Between 65% and 80% of respondents said feedback validated their opinion.
Maybe* founder Polly Barnfield said: “Researching how consumers shop has opened our eyes to the variety of different ways people choose to purchase products. The report highlights that price, location and inspiration all impact how we shop. Whilst price and location are obvious factors, what’s really interesting is the amount of validation people seek.”
She added: “The majority of us like to ask for our friends’ opinion when shopping if they’re physically present, but it seems that many of us also like to broaden the scope of feedback, especially if we’re spending a lot. Facebook can be an easy mediator for a tricky purchasing decision.”
Dr. Diane Savory, former chief operating officer of SuperGroup , owner of the Superdry label, and who now chairs the GFirst Local Enterprise Partnership, also commented on the findings. “It’s understandable that as the cost of a purchase goes up, so does the amount of deliberation," she said. "What stands out most to me is that feedback from friends, family or even forums are so important when making a buying decision.”
She continued: “From a retailer’s perspective, this is something that they should be focusing on. If they can help shoppers validate their purchases with their peers, subsequently they’ll be more inclined to spend in store. I think it’s an important element of the shopping process that retailers are missing out on.”
Maybe* is working with Loughborough University, the University of Gloucestershire and the Nottingham Business School to establish retail and consumer trends and understand the gap between shopping and buying.
In light of the research, Maybe* and GFirst LEP along with Gloucester City Council, Cheltenham Borough Council, Stroud County Council and the Government have joined forces to launch a pilot project called ‘What do you think?’ (#WDYT) that aims to establish a dialogue between high street retailers and young shoppers in Gloucestershire.