Retail's risky obsession with wealthy millennials
Illustration: Aïda Amer/Axios
Millennials, now firmly in their adult years, have been blamed for “killing” everything from mayonnaise to fabric softener to department stores.
But a closer look at the data shows the emphasis on high net-worth millennials is skewing our perspective.
Why it matters: Wealthy millennials' exaggerated, idiosyncratic shopping habits fuel trends like meal-kits and grocery delivery. But in reality, these consumers represent a relatively small, yet powerful, piece of the market.
- According to a recent Deloitte study, high-income millennials were 24% less likely than other shoppers to shop in a store, but low and middle-income millennials behave like consumers of any other generation.
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