By 2030, two out of every three dollars will come from the pockets of millennials. So what does this mean for the future of the retail industry and creating atmospheres suited to generations Y and Z?
This generation will be highly educated, digitally addicted and decisive in where they will spend their time and money. In fact, Macquarie have found that more than 75% of this clientele want to spend their money on desirable experiences, rather than just looking simply at the products they will purchase.
As such, the in-store environment will continue to contribute to not only spending habits, but also to getting consumers in the door in the first place. Factors such as music, lighting, scent, layout and customer service all contribute to a customer’s experience. However, music may be one of the most powerful influences of not only time spent in store but also in influencing a millennial’s mood.
It has been shown that the mood of target consumers when entering a store will influence their buying decisions. But did you know that the right combination of background music has been proven to escalate expenditure, increase time spent within the store and cause millennials to leave with a more positive mood then when they entered?
That is music to their ears.