Shopping isn't a necessity for millennials, who prefer to spend their money on traveling, dinner, and bills, instead of clothes and shoes.
Wall Street Journal staffer Sara Germano provides insight on why millennials aren't big on retail, and how retailers can still attract them even in the midst of declining holiday sales. Large companies like Macy's and Whole Foods Market are finding cheaper alternatives to attract millennial customers, such as bringing in high-end brands or launching smaller, less expensive store chains. However, many millennials are more focused on paying living expenses and saving for future travel. The attitude may be linked to low wage growth.
Americans under age 35 form the largest age demographic of the U.S. workforce, according to the Pew Research Center, though their individual earning power is still growing. More than 60% of millennials who are employed full-time, year-round make less than the U.S. median income of $46,480, according to data from the U.S. Census Bureau.