Recent research, that Sharon Vinderine penned on the millennial shopping habits market, indicates that customers are less inclined to be loyal to brands. Vinderine is not your average mom or every day CEO. As the founder and CEO of Parent Tested Parent Approved (PTPA), Vinderine has been on over 200 TV shows including the Steve Harvey Show, Headline News and Rachael Ray. Toy, Parent, and Retail Expert, Vinderine is ambassador for the Parent Tested Parent Seal of Approval, and work as it applies to millennials and brands.
She notes that Kleenex, Q-tips, Ziploc Jell-O and Band-Aid, despite being brand names, have become synonymous with entire product lines. Can you even think of an alternative name for how you would ask for a Q-tip, she asks? This type of complete category ownership has long since faded away, says the report, as customers are less inclined to be loyal to brands.
A survey of over 3000 moms, from the Parent Tested Parent Approved (PTPA) North American network, revealed that two-thirds no longer feel loyal to any particular national brand. Rather, they are driven by price, quality and social values. Consumers are no longer willing to pay a brand tax to have the “luxury” of buying a national brand. One simply has to look to the success of Brandless to validate this claim, she says.
Clearly, says the report, these genericized trademarks made their impact when loyalty to national brands was high and when private label products and retailers were still considered the low-cost, low-quality alternative.
Since then, private label brands have really upped their game and millennials, in particular, are buying what they are selling. In fact, millennials, who are known to be very value conscious and more open to trying new products, are one of the major groups driving the growth in private label sales, according to Nielsen's recent global Consumer Confidence Index reports, says the report.
Vinderine suggests several ways that brands can appeal to millennial consumers today, and really differentiate themselves from the competition.
Concluding, the report says that, while millennials are truly changing the face of retail, everyone will benefit from the changes. Immediate gratification, risk-free purchases and hyper-personalization are all elements that improve the shopping experience.
Her (Sharon Vinderine) full storycan be found here.