Imperial College of Business Students Reveal Shopping Habits of Millennials
Students at the Imperial College of Business at the Imperial College of London published a report last month that revealed the shopping habits of 18 to 34 year olds.
The students were from the MSc in Strategic Marketing program, and the report was part on a consulting project for eBay Enterprise.
Three out of four consumers from the 18-34 demographic considered convenience of delivery the greatest influence over their online shopping choices. A quarter of these shoppers reported during surveys that they would not buy from retailers that did not offer flexible delivery, proving the importance of delivery options for businesses who wish to retain this vital customer base.
Another revelation in this report was that flexible delivery could have an impact on the amount that people purchase, as consumers increase their total amount spent in order to receive expanded delivery options. Enda Breslin, European Head of Business Development for eBay Enterprise, said, “Our research with MSc Strategic Marketing students from Imperial College Business School shows that retailers that do not offer a choice of delivery options could be leaving money on the table. Millennials’ spending power is increasing every day – by 2025 they will make up seventy-five percent of the global workforce, so retailers should aim to meet their needs now to grow their market share in the medium term.”
The report revealed that flexible delivery is now expected as standard. Around half of the younger consumers surveyed are unwilling to pay extra for the service. Program director of the MSc in strategic marketing Omar Merlo said, “This consulting project with eBay Enterprise enables our students to apply the marketing tools and concepts learned on their degree to a real client brief. The MSc Strategic Marketing is an innovative program that equips students with the most valuable skills needed in marketing today, in areas such as strategic market management, consumer behavior, branding, social media and digital marketing.”
About the Author
Maggie Boccella
Maggie Boccella, a lifelong resident of Philadelphia, is a freelance writer, artist and photographer. She has consulted on various film and multimedia projects, and she also serves as a juror for the city's annual LGBTQIA Film Festival.
