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ATLANTA — Cracking the millennials' code is key for many retailers and consumer packaged goods (CPG) companies and The Coca-Cola Co.'s Knowledge & Insights iSHOP Tracking Study aims to help solve the riddle.
According to the beverage giant's proprietary Individual Shopping Habits, Occasions and Perceptions (iSHOP) tracking study, the oft-sought-after generation spends an average of $281 per millennial, per month, and a total of $200 billion a year on groceries. Millennials also include 25 percent more beverages in their baskets and make more than 20 billion grocery trips a year across channels.
As for when they make those visits, 28 percent of their trips occur between 5 p.m. and 10 p.m., and more than 30 percent of their grocery trips occur during the weekend. The most common day for shopping, according to Coca-Cola, is Sunday.
The study also found that millennials shop quickly, impulsively and socially. For example, 9.9 million are primarily errand runners, 74 percent of their trips include no preparation, and 13.3 million millennials are interested in social interaction around shopping.
But what does this mean for retailers? According to Coca-Cola, retail operators should:
- Market to millennials in the moment;
- Deliver differentiated experiences;
- Cater to their impulsiveness; and
- Be on trend and on budget.
iSHOP is an ongoing study that covers all channels; shopper demographics, habits and attitudes; shopping occasions; and consumers' perception of retailers. iSHOP surveys shoppers of more than 300 retailers in the United States.