Tag: millennial

NRF’s Big Show Talks With Home Depot and Other Retailers About Millennial and Gen Z Engagement

Engaging the Gen Z Shopping CrowdSenior VP of Store Operations at The Home Depot, Marc Brown, joined a panel at the NRF’s Big Show this month to talk about the importance of engaging younger shoppers and the different methods they are undertaking to make that customer connection. The younger generation is particularly devoted to shopping at retailers who try to make a difference. Mr. Brown spoke about Home Depot’s long-term charity work, such as with Habitat for Humanity, helping veterans find housing and disaster relief efforts. “There’s a period of time where the business part doesn’t matter because you’ve got to get things back to normal for that community, “ he said.

With Millenials’ and Gen Zers’ heavy use of social media, this outlet is increasingly a growing part of the brand-consumer relationship. 55% of Gen Zers choose brands specifically because they are socially responsible or eco-friendly and 66% of consumers want retailers to take a stand on important political issues.

To read more on the buying behaviors of this younger generation of shoppers, check out our infographic, What Retail Needs to Know About Generation Z. Accelerated Analytics partners annually with many of its retail vendor customers to volunteer at a Habitat for Humanity build site in our home town of Sarasota, FL. You can read more about these efforts and the brands who partner with us, here.  Our customer, Kidde, also partnered with The Home Depot last Fall to distribute smoke alarms across the country.

Source: RetailDive.com

Home Improvement Spending Rising for Boomers and Millennials

The Wall Street Journal announced this week that Harvard University’s Joint Center for Housing Studies has reported an expectation of American spending on home improvements this year to top $316 billion. This latest boom in spending is being driven mostly by two groups on opposite ends of the age spectrum: baby boomers and millennials. Increasing housing costs are driving more Americans to stay in the homes Home Improvement Spending Going Upthey currently have and make upgrades, or buy older homes that require more renovations. The WSJ report states that baby boomers are staying in their homes longer and are living longer, so are doing more renovation projects. Due to this influx of DIY projects, home improvement retailers are continuing to report successes. The Home Depot will be announcing their Q2 results on August 15 and economists are expecting to see increases in year-over-year store comps. This follows Home Depot’s Q1 reporting of 6% increases in same-store comps. Last year Americans spent $296 billion on home improvements. If the growth to $316 billion is realized, spending this year will increase by 7%.

Sources: WSJ, HardwareRetailing.com