As we say goodbye to 2016 and move toward 2017, 3HTi offers a look at the “Millennial Mindset” megatrends which will define retail culture over the next 5-10 years.

  1. Lack of trust in big business, big finance, big government. Essentially everything big and opaque.
  2. Less inclination toward compulsive consumption and ownership, leading to a growth in the sharing, swapping and renting markets. Homeownership, automobiles, and other leading capital acquisitions will become less relevant.
  3. Desire to experiment and seek new, individualized, and unique products. They want more “special for me” personalized products and services, and show less loyalty to brands.
  4. Desire for authentic experiences vs. products will lead to increased popularity for travel, leisure, entertainment, eating out and outdoor sporting events.
  5. Desire to live in urban areas — the top 50 cities are growing at three times the rate of the rest of the country, and incomes are growing faster in these major cities (now more than 35 percent above the national average). This trend will continue but within the ever-larger cities, there will be a splintering into distinctive neighborhoods and communities, each appealing to different lifestyles and ethnic groups.
  6. Families will form later in life, and there will be fewer of them. Today 34 percent of children live with a single parent, 79 percent higher than in 1980 and 278 percent greater than in 1960, according to the Pew Research Center.
  7. The U.S. will increasingly fragment into ethnic, religious, and economic segments, as census data from 2015 shows that among kids under five years of age, white children were in the minority.
  8. The income gap will continue, polarizing commerce and shrinking the middle class. Between 2009 and 2012, the top 1 percent of earners captured 95 percent of total income growth.
  9. Time is the new luxury. Convenience must be embedded into everything in life. Americans work more than ever: Adults employed full time report work an average of 47 hours a week, up an hour and a half from 2006, according to Gallup.
  10. Mobility has wrought profound change. The world of stores, brands, services, entertainment, and information are all in a device that fits into consumers’ pockets. The consumer is the Point of Sale. Eventually, mobile will be the starting point of every purchase, and every interaction with the consumer. If you can’t engage consumers instantly on the mobile platform, chances are you’ve lost them.

This all adds up to continuing dramatic changes for retailers. 3HTi can help with technology solutions and the consulting to implement them. Get in touch if you want to talk about how we can help you tackle change in your business.