To appeal to Gen Y, or millennial-age shoppers, 7-Eleven is going heavy this holiday season on pop culture, pro sports, tech and toys, gadget-y stocking stuffers, video games, DVDs and gift cards. The convenience store chain also says it is pricing the items to compete with big-box and online retailers.
Millennials value convenience more than their Baby Boomer parents, according to “Trouble in Aisle 5,” a study of grocery shopping patterns by Jefferies investment bank and AlixPartners business advisory firm. This age group is more willing to shop a variety of retail outlets rather than relying on the traditional supermarkets. That includes convenience stores where a higher number of Gen Y shoppers purchase everyday essentials and fresh foods than boomers.
Coming of age in the recent recession, this up-and-coming purchase-power generation also is more price-sensitive than boomers. Gen Yers expect value, but not at the expense of quality, according to 7-Eleven.
“Millennials are all about creating their own personal brand by what they buy, wear and collect,” said millennial Nick Triantafellou, 29, a 7-Eleven non-foods merchandiser. “We know this age group already shops our stores and is more likely to treat themselves with an impulse buy. They won’t just buy to be buying, though. They are looking for something different, something that speaks to them personally and also is high quality.”
7-Eleven research shows that two out of three toy-buyers in its stores fall in the millennial age range. Triantafellou sees that as reason enough to target his category to this demographic.
“Millennials have long coattails,” he said. “They are the early adopters, and the other age groups, both younger and older, follow their lead. Look at Facebook, Spotify and iTunes. It’s actually not a new phenomenon, this age group is typically the trend setter, and it’s a challenge to stay on the leading edge of what’s trending at any moment.”
In the feature photo at top: For holiday gift giving, 7-Eleven targets millennials with hot toys like collectible Pop! Television vinyl figures and plush Domo toys, gift cards, high-end chocolates, electronic toys, wireless phones and accessories. Merchandise varies by store.
