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The rise of the Millennial spending spree

  • News
  • November 5, 2015
  • Ben Matthews
The rise of the Millennial spending spree

This increase in spending is despite the economic turmoil of the GFC and subsequent unrest, which has caused Millennials to be cautious buyers.

Millennials are more willing to upgrade their tech devices, such as new phones, despite cutting back on takeaways and new clothing.

Millennials have become defined by technology. Nielsen’s research indicates that around 70 percent of Millennials will search online for hard-to-find products, and unlike previously generations, Millennials are likely to express their opinion of a product online.

According to analysis from Adweek blog SocialTimes, Millennials are also more likely to trust the opinion of their peers, making them great brand advocates.

Social media can help deepen Millennials’ loyalty. Retailers should use social media to connect to their customers online.

Nielsen’s Millennials in 2015: Retail Deep Dive report shows Millennials want a more authentic yet affordable shopping experience.

The average wage of a Millennial is US$13,000 per year, while the ‘upscale Millennial’, a label coined by Nielsen, earns around US$157,500 per year.

The general population earns around US$25,600 per year.

Despite wanting personalised and affordable deals, Millennials also do not want to compromise on quality.

Millennials are more willing to spend more if a product is locally made.

Retail NZ launched its ‘#BuyKiwi’ campaign this year to entice New Zealanders to shop locally and support Kiwi retailers.

Millennials are spearheading the “buy local” movement in the United States, a US$26 billion industry.

Nielsen reports that over half of those making and selling their own goods are Millennials.

Locally-made goods allow for a customised and personal shopping experience, with half of Millennials willing to buy something if it is customisable.

Because Millennials are more educated than previous generations, they take their time when making a purchase.

Almost half of Millennials will look at four different stores before deciding to buy something.

A third of Millennials will only make a purchase if they have a promotional code.

Retailers can help engage with Millennials by telling them how and where the product is made.

By sharing the story of their brand, retailers can make Millennials feel part of the creation process.

Millennials are also concerned about whether a product can be resold.

Retailers should therefore highlight a product’s quality, durability, and classic styling. 

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Military-style semi-automatics ban announced

  • News
  • March 21, 2019
  • The Register team
Military-style semi-automatics ban announced

As of 3pm on March 21, a wide range of semi-automatic weapons have been reclassified under section 74A(c) of the Arms Act as requiring an E endorsement on a firearms license. This means they can no longer be sold to those with A-category gun licenses, and their purchase now requires police approval.

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Retailers gather for insights at NZ Retail and The Register's breakfast

  • News
  • March 21, 2019
  • The Register
Retailers gather for insights at NZ Retail and The Register's breakfast

NZ Retail and The Register’s sales and marketing breakfast saw dozens of Kiwi retailers come together to network, sharing tips and tricks and absorbing expert advice.

Read more
 
 

Who stole Christmas?

  • News
  • March 21, 2019
  • Kelly Withers
Who stole Christmas?

Results are starting to trickle in from Christmas 2018/2019, and for many retailers, they're a little disappointing. Paydar chief executive and co-founder Kelly Withers explores the data.

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Social scoreboard

Zavy and The Register have worked together to create a scoreboard that compares how the top 25 traditional media advertising spenders in New Zealand have performed on social media over the past 30 days, updated in real time.

 
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Chinese businesspeople raise millions for Christchurch victims

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  • March 21, 2019
  • Radio New Zealand
Chinese businesspeople raise millions for Christchurch victims

A group of visiting Chinese businesspeople have raised $2.35 million for victims of the Christchurch mass shooting.

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Hunting & Fishing New Zealand voluntarily pulls military-style assault weapons from sale

  • News
  • March 20, 2019
  • Sarah Dunn
Hunting & Fishing New Zealand voluntarily pulls military-style assault weapons from sale

In the wake of the attack on Christchurch’s Muslim community on March 15, strong calls for changes to New Zealand’s gun last have been made. Trade Me was the first retailer to act, halting the sale of all semi-automatic weapons on its platform, and it has now been joined by Hunting & Fishing New Zealand.

Read more
 
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