Millennials are literally killing retail. But wait, it’s not actually such a bad thing. There’s plenty of stuff rising up to take the place of stuffy old brick and mortar stores that no one enjoys going to anyway. Online retail, thrift shops, and the sharing economy are where it’s at as far as Millennials are concerned.
Thrift shops are growing 20 times faster than traditional retail locations. Millennials don’t have a lot of extra cash thanks to the stagnating wages and student loan debt that have come standard in their generation. As a result, 30% of Millennials report they have shopped secondhand within the last year and 21% report they will shop secondhand in the future. It’s also a great way to go green and make sure you never show up to the festival wearing the same outfit as someone else!
Learn more about Millennial shopping habits from this infographic!