Retailers looking to boost their businesses should start heeding the demands of millennials, a report by investment research firm Bernstein suggests.
Millennials, the generation born between 1981 and 2000, will be the only section of society whose median income will grow over the next five years, with clothes spending expected to jump 20 percent, according to Bernstein. But in order to cash in, retailers need to focus on their online presence, and offer low-cost items—fast.
"When I look at trends in the retail sector, [and] who's been winning over the past few years, I think part of it is absolutely driven by the behavior of millennials, " Jamie Merriman , Sanford Bernstein's European General Retail Analyst, told CNBC Thursday.
And much of that behavior is online, Merriman explained. About 79 percent of millennials use social media like blogs, Facebook, Twitter, and Instagram, with many spending as much as 2-3 hours on these sites per day.