Demystifying the Millennial's Perception of Retail Store Attributes
Volume: 13 Number: 1 Year: 2013
Dr. Smita Singh
The Indian economy with its liberalisation in 1991, introduced the domestic customers to new ways of shopping and raised expectations by pampering the hitherto cloistered Indian. The generation which grew up in this customer-centric atmosphere were the Millennial (currently 13to30year olds) who not only savoured the attention lavished on them, but became more demanding and discerning than the earlier generations. Identified as self-reliant with a strong sense of independence and autonomy, Millennial enjoy the experience of shopping. However, all Millennial are not the same. Studies have revealed finer lifestyle differences within the generational cohort of Millennial. These specific lifestyle preferences are bound to influencehis store perception. Thus, the intention was to identify the lifestyle groups within the larger generational cohort of the Millennial and to understand the millennial consumers with respect to the retail store attributes and their shopping pattern. Also to explore whether the lifestyle of the Millennial affects their perceptions of the attributes of the retail outlets they visit and to suggest strategies to the retailers in light of the findings. Five distinct Millennial lifestyle groups were identified as were five store attribute perceptions. Each lifestyle correlated with a certain store attribute perception. Based on this strategies are forwarded for retailers.