Seventy-four percent of milliennials in Singapore said the top factor driving more purchases is product consistency and reliability, end-to-end loyalty agency ICLP said in a press statement on 14 February 2017.
In addition, 73 percent would buy more if retailers rewarded them better, and 67 percent would do so if the retailers better understood their particular needs and requirements.
This is according to a survey of 300 Singapore millennials by ICLP. The survey findings underlined the fact that millennial shoppers don't merely seek out novelty.
Compared to generations born before 1980, more of Singapore's millennials also place am emphasis on personal recognition by brands and retailers. This is likely a reflection of the impact of digital technology in shaping expectations of smarter data-driven propositions.
Thirty-two percent of millennial shoppers consider it important for retailers to make relevant recommendations that are specifically tailored to their interests, while only 20 percent of older shoppers do.
"What the millennial consumers feel today gives us a glimpse of the future of retail in Singapore," said Bruno Tay, Country Manager, ICLP. "The current lack of emotional engagement, coupled with the emphasis on consistency and personalisation, points to fundamental gaps that brands and retailers need to fill."
"It calls for innovation that is purposeful and focused. For one, with the vast amount of data available today, they ought to step up their digital capabilities, so they can understand and recognise every consumer as an individual, nurture each relationship, and inspire devotion," Tay added.
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