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Shocker? Millennials Love Brick-And-Mortar Retailers, New Survey Finds

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Shocker? Millennials Love Brick-And-Mortar Retailers, New Survey Finds
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The seemingly non-stop closures or bankruptcies of brick-and-mortar stores would lead some to conclude that the retail sector is in serious trouble. But this doesn't seem to be the case, according to a new study.

Millennials still love going to the mall and physical stores, as 71 percent of those surveyed by First Insight visit multiple stores during shopping trips, CNBC reported. Millennials are flocking to stores that offer some sort of "treasure hunting experience" — likely off-price retailer chains like TJX Companies Inc (NYSE: TJX).

"The store is still alive and well," RetailMeNot chief marketing officer Marissa Tarleton told CNBC. "The majority of consumers say they still want to go into the store, and retailers are still seeing a lot of activity in stores."

Ironically, baby boomers were found to be bigger online shoppers, the survey also found. Fifty-seven percent of those surveyed indicated that they are searching online to find the best possible deals. While this may seem like a large number, the fact is baby boomers are, contrary to popular belief, very much technologically savvy.

"The retail industry has been operating on the outdated assumption that boomers are shopping for deals primarily in-store and millennials are searching for deals mostly online," Greg Petro, CEO of First Insight told CNBC.

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Posted-In: First Insight retail retailers RetailMeNotCNBC Media Best of Benzinga

 

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