Recent studies revealed that the younger generation of today puts value to price and rewards more than ever and this greatly affects their brand loyalty and their purchasing behavior.
They say the youth of today are harder to please and to impress. While some say the age gap is a now challenge for business owners because it is a factor in knowing what young ones would want.
By far, price is now considered as the most critical factor when purchasing. Due to the wide array of brands offering the same products and services which are made almost the same, it has become so hard to identify who has the higher quality. This is why the price-tag became the basis of whether the item is worth it or not.
But, most of the time, when it’s hard to know what’s best to buy, these young people prefer on the safe zone by choosing prominent brands over private labels. At some point, they find assurance in knowing that this brand has made a name and established its credibility on the industry.
This poses a threat and a challenge to the new and rising businesses as there is a need for them to prove their self and create a good impression for them to be patronized.
However, aside from these factors, personal lifestyle also matters a lot. This means economic status and standing greatly affects an individual’s purchasing power. So, there are times that they tend to consider looking for lower prices when looking for something they want to buy.
Online trends on the other hand, possess a great appeal on these people’s preferences. Due to the access to information and data, it has been easier to disseminate fashion and lifestyle trends and photos which would define what this generation would purchase. It is also easier for them to communicate with one another exchanging ideas, comments as well as refer their favorite brands to their friends and peers. This is why online presence and influence is also important to brands as digital technology plays a major role into the life of most people today.
There is also an impact caused by shipping services and online shopping. It has raised the standards of purchasing, as well as promoted comfort and ease when it comes to shopping compared to the traditional ways which also affected their sales. Making them desperate of knowing what this generation really wants.
There are countless studies today about what’s marketable to Millennials and Gen Zs but believe it or not, the only best way to know is by interacting with them in the online world because that’s where they really express their aspirations. So, at the end of the day, it will all go down to social media which is one of the primary means of communication today. This is also where you will know personalities or “influencers” who are being looked up to by young people.