Kasey Lobaugh, Deloitte It’s a convenient form of demographic shorthand to lump together all Millennials as a single coherent customer segment, but retailers would do better to focus on how much money these shoppers have versus how old they are, according to new research from Deloitte. “Millennials are a generational cohort but they are not a behavioral one,” said Kasey Lobaugh, Principal and Chief Retail Innovation Officer at Deloitte. “People behave more like their income than they do their age.” Lobaugh led a panel discussion, titled: The Consumer Is Changing, But Perhaps Not How You Think at the 2019 Retail Innovation Conference. He began with a preview of Deloitte research that applied an economic and behavioral lens to Millennials, and to shoppers in general. “The ‘noise’ in the industry is that customers are not spending on products in favor of services and experiences, that they are no longer loyal, and that they are time-starved,” said Lobaugh. While these descriptions may fit high-income Millennials in urban areas, “there are a whole bunch of consumers that are different from the Millennials living in New York City,” he noted.