Here at Faviana, we have endless amounts of inspiring women around us. Hearing how they do it all with their motivation leaves us with great tips that we can apply to our own lives. You may even learn a thing or two for yourself! We had the pleasure of welcoming Pamela Weinberg to our office a few months ago to speak about personal branding. Today, we’re here to share Caryn Pang‘s perspective on Women of Faviana: Millennial Shoppers!
Caryn Pang’s Background
Caryn Pang is a results-driven, retail executive with an extensive background in sales, merchandising, and multi-store management. She is super passionate about the ever-changing world of retail, driving her success with innovation and empowering others to be their best. Considering herself an “out-of-the-box” thinker, she analyzes retail businesses at both a macro and micro level with a forward-looking vision.
Not only did her excitement about the global fashion management industry land her as a student, but a curious teacher as well. Caryn studied consumer behavior in apparel, merchandising, and design while obtaining her PhD at Iowa State University. Now, as an Adjunct Professor at LIM teaching college students about the fundamentals of retail and fashion merchandising, she is bringing her passion for the retail world “full circle.”
Caryn has traveled extensively throughout Asia and Europe, strengthening her keen sense of the complexities and sophistication of various global retail markets. Furthermore, her work with the Fashion Institute of Technology enabled her to research and analyze customer retention strategies for Christian Dior Haute Couture. This granted the multicultural business woman the opportunity to present her strategic findings directly to their CEO.
On top of being an Adjunct Professor at LIM and a guest lecturer at FIT, Caryn gained knowledge through other retail experiences. This included careers with Saks, Neiman Marcus, the TJX Companies, and Macy’s. We were lucky enough to listen to the business-driven professional ourselves and hear her knowledge of the fashion industry gained throughout.
Caryn gave us her perspective and informative insight on the purchasing behaviors of Millennials today. We learned that this age group of Generation Y (born 1981-1995) wants freedom and flexibility. They don’t want to be tied down to a house or a marriage right away. The most important aspect is that technology is extremely important to them. From social media to smartphones, we are super tech-savvy. Post Millennials, or Generation Z (born after 1995) are even labeled as “technoholics “since they are glued to their devices.
Positive Buying Behaviors
People are so quick to bash Millennials, but we learned that this age group is thriving. 89% of us may shop from our phones and be addicted, but we make up for 34% of the workforce – and increasing. We may have no loyalty when it comes to brands, but we always buy items with a purpose and a smart intention. Yes, we are extremely tech-savvy, but we get brands out there with word-of-mouth, influencer marketing, and posting on our social.
Furthermore, Millennials are sensitive to price, which makes us save money and complete smart shopping. We actually care less about material things and focus more on experiences with instant gratification and uniqueness. It’s no doubt Millennials love excitement and are very transient. I mean, what’s better than making memories of a lifetime?
Did you learn as much as we did from Caryn regarding Millennial shoppers? Share with us your thoughts by tagging us on Instagram @glamandgowns, and Faviana’s Instagram @Faviana_NY, Snapchat @Faviana_NY, and Twitter @FavianaNY. Also, don’t forget to subscribe to our Youtube channel for more fun vlogs!