Nike is the favorite brand of millennials in activewear, outdoor apparel, outdoor footwear, fashion footwear and climbing, according to a survey by Roth Capital Partners.
Under Armour, The North Face, Adidas, Timberland, Vans and Black Diamond also rank prominently, per the 2020 Millennial Survey. The eighth annual proprietary survey examines current trends, spending patterns and favorite brands across six consumer categories: apparel and footwear; home furnishings; health and wellness; beverage; healthy snacks; and CBD and cannabis.
Dollar Shave Club is the most used subscription service, followed by Chewy and Target, while Ipsy is popular with women, and Stitch Fix with men. Yeti is the most popular reusable water bottle and tumbler brand, followed by Hydro Flask and Contigo, with 74% of millennials reporting that they already own those products.
Millennials prefer traditional mattresses to bed-in-a-box brands, while Purple is more popular than Casper among survey respondents.
Roughly 47% of millennials purchase secondhand items due to their affordability and sustainability factors, with local thrift shops being the most popular, followed by thredUP and TheRealReal.
Fifty-three percent of millennials are willing to pay a premium of 10% or more for socially responsible brands.
“Millennials are seeking brands that share their values and speak to them directly in a personalized manner," says Paul Zaffaroni, managing director and head of consumer investment banking at Roth Capital Partners, in a release. "Institutional investors and strategic acquirers are actively pursuing these brands and have been willing to pay a premium for them."
The survey, conducted in partnership with MFour Mobile Research, features 209 questions and was completed by 2,500 millennial-aged women and men.
Sixty-three percent of millennials who purchase items online prefer to make returns of online purchases in-store, and 76% of them stay and shop after making a return in-store, while 47% are more likely to purchase digitally native brands that begin offering products in-store. Seventy-three percent of millennials are Amazon Prime members.
“Millennials will make up nearly three-quarters of the workforce by 2025 and are rapidly redefining consumer patterns. Investor awareness and study of millennial consumer behavior and preferences is an essential factor to projecting business earnings and setting valuations,” said David Bain, managing director, senior research analyst at Roth Capital Partners.