Proof-reading of the Transcription
Dear teachers,
I transcribed the movie clip posted on the link below:
Could you please proof-read the transcription below by listening to the video clip on the above?
*** Transcription ***
Shopping behaviors have changed so dramatically in such a disruptive way over the last decade. At Goldman Sachs research we've been tracking and studying Millennial consumers for years.
Millennial consumers are one of the most influential forces in the fashion industry today.
They command 25% of all spending dollars but that pool is growing. Over the next 15 years, in real terms, it will grow about 40%. Simply buy them aging as they marched towards Peak spending years in their early forties. There's three critical ways we see Millennial Shopping Behavior changing.
The first is the great Migration online. It's been happening but it's nowhere even close to done. So if you asked the millennial consumer what's the single biggest way that you’ve changed your shopping behavior over the last year, the most likely thing they'll say is I'm shopping more online and less in store. So that's the case for our most Avid online Shoppers and our earliest adopters just imagine what that means for older Generations would even bigger checkbooks following close behind.
And second related to that first part about online shopping is the influence of an Amazon has had. Amazon ranks as a favorite retailer destination for fashion product from clothing to shoes, handbags, even Beauty. It is especially true for men where they leave by a pretty wide margin but for women too. And we can see the impact of that from Amazon very rapid growth and market-share gains and apparel of the last few years.
Third is a really Innovative and vibrant set of all together new demand models. This is especially evident in... in apps in the app world so whether it's efficient exchanges for pre-owned product think through stores but kicked up several notches or buying direct from the factory so skipping the retailer, skipping the wholesaler altogether and buying straight from manufacturer. So looking ahead as relates to Millennials and their shopping behaviors it's going to be a wild ride as these new behaviors drive new demand models that up and the existing establishment in retail. And what's been really interesting to see is how established retailers have really changed their attitudes from one of maybe doubt and complacency to the urgency and investing ahead of the curve and that investment in of itself as a catalyst for more change.
*** END ***
Thanks and best regards,
David Kim
Top answer
Shopping behaviors have changed so dramatically and in such a disruptive way over the last decade. At Goldman Sachs research we've been tracking and studying Millennial consumers for years. Millennial consumers are one of the most influential forces in the fashion industry today.
- Shopping behaviors have changed so dramatically and in such a disruptive way over the last decade.
- At Goldman Sachs research we've been tracking and studying Millennial consumers for years.
- Millennial consumers are one of the most influential forces in the fashion industry today.
- They command 25% of all spending dollars but that pool is growing.
- Over the next 15 years, in real terms, it will grow about 40% s imply by them aging as they march towards p eak spending years in their early forties.
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Shopping behaviors have changed so dramatically and in such a disruptive way over the last decade. At Goldman Sachs research we've been tracking and studying Millennial consumers for years.
Millennial consumers are one of the most influential forces in the fashion industry today. They command 25% of all spending dollars but that pool is growing. Over the next 15 years, in real ter
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