The rise of online shopping has been seen by some as presaging the demise of the physical store. However, a new report based on national survey results shows that Generation Y isn't ready to give up shopping on foot.
"Despite being far more tech-savvy than previous generations, Generation Y, the 80-million strong cohort of Americans between the ages of 18 and 35, has not forsaken shopping in stores for online purchasing – as long as retailers keep their offerings 'fresh' and interesting, says a new report [PDF] from the Urban Land Institute (ULI)."
"The report explores the shopping preferences of Gen Yers, who associate shopping with socializing, and who place a high value on living close to retail," writes Robert Krueger. "It notes that while Gen Yers enjoy shopping and dining out, they tend to bore easily, compelling retailers to constantly update their merchandise and find new ways to engage these consumers."
“Gen Yers have grown up with information technology, and they are accustomed to stimulation in the form of music, light, color, and action,” commented ULI Chief Executive Officer Patrick L. Phillips. “Retailers need to continually change their looks, services, and merchandise offerings in order to keep up with this trend-oriented generation.”
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