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Millennials driving retail trends says report

A number of key themes for the future of retail are emerging, according to a new report from brand and retail consultancy The Market Creative.

The company’s Retail 2020 report has been created in conjunction with forecaster James Woudhuysen, who addresses issues such as the future of robots in retail.  It also looks at the changes being driven by younger consumers and what they will demand.

Three emerging trends are the pace of technological change, including data and geo-targeting; how consumers are in charge of the retailing relationship; and the fightback by brands which are creating rich experiences to tempt customers.

“Fast forward four years from now and we’ll see a very different set of shoppers who have adopted a very different way of shopping,” says The Market Creative managing director Sue Benson. “We’ve reviewed the whole retail landscape to identify the future themes and trends marketers need to be aware of. The report should be a handy reference tool for anyone planning their activity for 2020.”

The report says that millennials – consumers aged roughly 14 to 35 years of age – are confident shoppers, with 62 per cent using online research to know what they want before entering a store. Three quarters of this group still uses bricks and mortar stores, with 45 per cent spending at least an hour a day browsing retail websites. But more than four fifths of this group says their purchasing is influenced by online content written by consumers.

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