Defined by the Pew Research Center as those born between 1997 and 2012, Gen Z have accelerated a number of shopping trends Millennials started while simultaneously carving out several new ones of their own. And for retailers, the stakes are high to adapt. The generation's buying power is more than $140 billion, consulting firm Barkley Inc. estimates.
Here are four ways Gen Z is flexing its muscles. .
Redefining Value Shopping
Brand hunting used to, largely, center around the price, quality, and customer experience. But Gen Z wants more: brands that feel authentic in their messaging and support social causes important to them like racial equality and environmental protection, says The Center for Generational Kinetics, a Gen Z market research and consulting firm.
Gen Z ranks brand authenticity much higher as a factor in their purchasing decision than all other adults, data from eMarketer found. For example about eight in 10 said they would trust a company more if it used real customer images in its ads, according to a survey from WP Engine. In other words: less polished says Salesforce.com research.
Brands must be genuine and vocal about the causes they support and how they support them as well. That same WP Engine survey found that 72 percent of Gen Z shoppers were more likely to buy from a company that contributes to a social cause. And they claim they're willing to spend a bit more for that product, too. According to research from The Center for Generational Kinetics: some $14.45 more, on average, per $50 purchase (or $3.86 more than Millennials).
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Ray Romano
\"I read about three scripts, and at the end of each there was a little twist, a little turn, [and] it was funny.\"
Has J.K. Rowling Won the Culture War?
After years of backlash over trans issues, the Harry Potter author has received major business backing
Nothin' Lasts Forever
Taylor Swift's Eras Tour' ends its record-breaking run..
SPY IN THE SKY
CHINA FACES ACCUSATIONS of ESPIONAGE and WEAPONIZING OUTER SPACE as it BUILDS a NEW OBSERVATORY in CHILE critics say WILL BE USED for MILITARY PURPOSES
'This Murder Is a Symbol of the Times'
Conservatives and liberals agree on the state of the health care industry following the killing of Brian Thompson
The Defense Industry's Fight With ESG
EUROPEAN DEFENSE COMPANIES, ESPECIALLY smaller businesses, are being blocked from investment they sorely need by sustainability rules, a senior NATO official and several industry figures have said.
Margo Martindale
Jamie Lee [Curtis, producer] called me and she says, \"Jamie Lee Curtis here. I have a project for you. And you're gonna do it.\"
Malala Yousafzai
\"AFGHANISTAN IS THE ONLY COUNTRY IN THE world where girls are banned from access to education and women are limited from work.\"
In the Eyes of the Law
Jude Law is unrecognizable as an FBI agent on the trail of aneo-Naziterrorist group in real-crime drama The Order
Gonzo Intelligence
Instead of keeping a low profile, Moscow's spies are embracing the limelight and even being welcomed home by Vladimir Putin after their cover is blown