By Kelly Scott, Retail Industry Marketing Lead, NetSuite Oracle
For all the colossal change the retail industry has undergone in recent years, the retail revolution is only getting started, according to Dana Telsey, CEO and Chief Research Officer at Telsey Advisory Group (TAG).
Thanks to changing consumer behavior and the new ways of purchasing, retail sales are continuing to grow, Telsey said at recent Grow Live events in New York and Los Angeles.
With consumer confidence at a high, brands and retailers need to give consumers a reason to spend.
Millennial spending habits
Disposable income is the highest it’s ever been with the emergence of the millennial generation, both from inheritance from the baby boomer generation as well as the changing buying behavior, Telsey explains.
Where are millennials spending their money? According to Telsey, categories such as healthcare, wellness, and recreation, along with the experiential purchases, have seen a monumental increase over the past few years. Whether it’s a meal kit service like Blue Apron or wellness service like Drybar and Barry’s Bootcamp, Generation Z is spending more money on looking and feeling better.