Don’t worry about the future of brick-and-mortar — Millennials still prefer to buy in a physical store, but it’s where and how they shop that retailers need to understand.In a survey of more than 500 individuals between ages 18 and 34 and those over 35 years old, Wells Fargo Securities concluded that Millennials and non-Millennials similarly value price, brand, quality and fashion. It’s everything else about shopping that’s different. Ike Boruchow is the lead analyst in the Wells Fargo report.The survey results show that the off-price channel — the number-one destination for Millennials and a high priority for non-Millennials — isn’t likely to risk losing customers over the next few years as younger shoppers become an increasingly important consumer base. But since only 60 percent of Millennials choose department stores compared with their older counterpart — where 80 percent prefer the channel — there is “potential risk to the department store model over time as a smaller proportion of shoppers prefers this option compared with older generations,” the report said. The risk factors include not seeing the same level of loyalty or traffic from Millennials as they get older. There was no surprise that 35 percent of Millennials — compared with 13 percent of non-Millennials — said they preferred fast-fashion stores, most likely due to the lower pricing compared with specialty apparel competitors.As for malls, one key takeaway from the study was that this channel is a primary destination for 43 percent of Millennial respondents. Less than 30 percent of the non-Millennials surveyed felt the same way. The spread becomes greater as 55 percent of Millennial respondents shop the mall stores and web sites, compared with less than 40 percent of non-Millennials who took the survey.“While the [mall] channel has faced its challenges, and while traffic data continues to reflect declines, the survey results indicate that the audience for softlines retailers still exists, and Millennials continue to shop in physical stores,” Boruchow said.As for how they shop, 64 percent of Millennials said their inspiration is from social media, compared with just 27 percent of the non-Millennial respondents. Further, the influence by social media is more important than any other traditional form of shopping inspiration, whether store content, friends or magazines. In addition to the importance of strength of brand equity, Millennials in the survey — at 41 percent — also cited having a social media presence as an important factor when it comes to shopping for apparel.And while digital touch points provide the initial inspiration, the next phase involving researching the product — education, price comparison — is also a big component of the Millennial buying process before they walk into a store to make their purchase. Sixty-five percent of Millennials said they do research — reading reviews, shopping trips or web site visits — before they buy. More than 80 percent of both Millennials and non-Millennials said they prefer to shop in stores. That said, the large Millennial base does represent a higher proportion of online shopping when compared to other demographic groups.The survey’s data also showed that Millennials “shop” 3 or more times per month, compared with the majority of non-Millennials who said they only shopped once or twice a month. Further, the survey found that when the Millennial respondents said they shopped online — nearly 60 percent said they bought more than 20 percent of their apparel purchases online — less than half made a significant level of purchases on their smartphones. And while most Millennials currently seem to have an affinity for going into a store, the expectation is that a greater proportion could likely shift to online particularly as technology continues to advance.
In honor the @CFDA’s announcement of @iamnaomicampbell receiving the Fashion Icon Award at the 2018 #CFDAAwards, which will take place on June 4, here’s a #tbt of the supermodel on @michaelkors’ runway in 1991. #wwdfashion #wwdarchive (📷: George Chinsee)
“I was making the guacamole when my scout saw me,” says model @stuckinteenage on being discovered just six months ago while working at @chipotlemexicangrill. Since then Williams has signed with @dnamodels, walked in her first show at @calvinklein and landed on the cover of @vogueitalia – a high point of any model’s career. To read @lisajlockwood’s full interview with the model on her experiences thus far, head to WWD.com – link in bio. (📷: George Chinsee)
“I love the idea of dialogue, period. It’s where I’ve always gotten my inspiration from: hearing other women speak, their journeys and their paths,” said @hereisgina, who delivered the keynote speech during @sxsw for @createcultivate in partnership with @fossil. For her two panels, Rodriguez chose female empowering, female-led and female entrepreneurs to focus on. Head to WWD.com to read more about her thoughts on Time’s Up, growing up in a family of women and why we “need a girls’ club.” #wwdeye #sxsw (📷: @jgreenery)
Leading luxury brand are shaking things up to keep up with streetwear. Case in point: the arrival of @mrkimjones as artistic director of @diorhomme. Jones, who succeeds @Kris_Van_Assche, is seen as one of the handful of designers who can actually straddle the luxury and streetwear worlds — which could lead to even more changes at established brands. What could this mean for the rest of the menswear landscape? Head to WWD.com to find out what experts predict #wwdfashion (📷: @franckmura)
“It’s like buying groceries. You’re going to buy the best mango, the best mozzarella, the best things. You have to, or others are going to take it all,” said @gabrielahearst on why she uses only the finest fabrics. Last week, Hearst received her first @cfda nomination for Womenswear Designer of the Year, and earlier this month she opened a permanent showroom in Paris. To read @jessiredale’s interview with the designer and find out why this is shaping up to be a big year for her, head to WWD.com. #wwdfashion (📷: @francoisgoize)
“It’s an interesting thing, playing a younger version of your mother. It’s an interesting concept. I adore my mom and love her in every capacity, but it was just something that had never crossed my mind,” says @anniemstarke on playing a young Joan Castleman in “The Wife.” The same role will be played by her mother Glenn Close. Read more about her growing up in the film industry as the daughter of producer John H. Starke and Close and what she has planned for the future #wwdeye (📷: @nataliamantini)
@asics is launching a new streetwear sneaker inspired by its latest ambassador, @steveaoki. The Hyper-Kenzen x Aoki, which will launch at @footlocker stores exclusively tomorrow, is a slip-on style that incorporates the brand’s proprietary Gel technology through beads integrated into the midsole for comfort and endurance. Read the full story on WWD.com.