“Retailers need to rethink the shopping experience if they want to better connect with today’s Millennials, according to a new study. In a survey of U.S. consumers by Toronto-based retail design firm Shikatani Lacroix, nearly half of Millennials (47 percent) said they value the experience a brand provides more than the actual product value, compared to 22 percent of boomers and 38 percent of Gen X. In addition, nearly 48 percent of Millennials feel more loyal to a brand that provides interesting experiences, compared to 35 percent of Gen X and 17 percent of boomers. And 42 percent of millennials indicated they enjoy experiences that allowed them to feel part of the story, compared to 38 percent of Gen X and 20 percent of boomers.“[Millennials] are very much experiential driven, and much more about being part of the narrative, so retailers have to start thinking about how to make the consumer part of the story,” said Jean-Pierre Lacroix, president and founder of Shikatani Lacroix. “Being part of an immersive experience is really important for millennials.”
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