Walmart needs millennials for private brands success

Bentonville, Ark.-based Walmart is battling for millennials, and the company is upping its investments in its private label and digital connections to attract them.

According to CBS News, millennials, commonly defined as individuals between the ages of 22 to 37, are financially crucial to Walmart since they now earn more than similarly aged households have at any time in the past 50 years.

Millennials may have a reputation for splurging on the next $1,000 iPhone, but when it comes to consumer goods like groceries, they're much more likely to pick cheaper generics than brand-name products, according to CBS.

"We're seeing more private label acceptance maybe with this generation that's growing up today than with my generation. So what it's given us is an opportunity to get better in private label," Brett M. Biggs, chief financial officer at Walmart, said in a March company presentation reported by CBS.

Walmart has signed a slew of partnerships in recent years, such as the growing partnerships with digital brands like Buzzfeed's Tasty food network, which create viral internet food videos. According to CBS, these online partnerships are helping to attract younger shoppers in coastal cities, where Walmart hasn't had as strong of a foothold.

To read the CBS article, click here.