The future of retail depends on the preferences of the rising generations of consumers — millennials and Gen Z shoppers. Turns out they like the traditional retailers, along with newer brands, that can provide the experiences they want.
Nordstrom tops the list of favorite retailers among that demographic, according to the 2018 Love List Brand Affinity Index, which was released recently by Condé Nast and Goldman Sachs. The annual research study examines millennial and Gen Z consumer preferences in the fashion, retail, luxury and beauty categories.
Nordstrom did so well because it ranked within the top 10 across all categories in the study. Sephora was a winner as well, coming in as the favorite retailer in the color cosmetics, skin care and fragrance categories.
Other retailers that are highly regarded by millennials and Gen Z shoppers include Victoria's Secret, Nike, Ulta, Kate Spade, Michael Kors, Adidas, Gucci and Coach. Besides Nordstorm, Macy's was the other highly regarded department store. Millennials and Gen Z shoppers are also fond of Target and Walmart, the study says.
“This study clearly demonstrates brands that have unique identities and create personalized experiences have more influence and win among next gen consumers,” Condé Nast Chief Revenue and Marketing Officer Pamela Drucker Mann said in a statement.
“Millennial and Gen Z consumers are looking for authenticity and innovation, not mass appeal, and we can see that in the brands that popped.”
The study also probed up-and-coming retailers among younger shoppers by asking, "Are there any fashion, athletic, or beauty/grooming brands that you are buying from or hearing about today that you weren’t focused on last year?"
At the top of that list was Fenty Beauty, followed by Glossier, Colour Pop, Fabletics, Fashion Nova, The Ordinary, Milk and Drunk Elephant.
The study surveyed a national sample of 1,489 U.S. consumers ages 13 to 34 and an additional sample of 1,174 Condé Nast “It Girls,” which the company defines as those who engage frequently with one or more Condé Nast brands, are influential among their peer groups and are first among friends to use new products and brands.
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