A research report has proven that Generation Z, also known as iGen or Centennials, is presumptively the most vital set of generation that would build up the retail industry in the future.
Not to mention, most of the Gen Zers will be in their adulthood stage by 2026. As much as they change, of course, their spending will and power changes, too. Thus, as early as now, brands and retailers shall start building a good connection and brand awareness to the Gen Zers to guarantee success in the future.
However, Gen Zers—who are basically referred to as those who were born between 1996 and 2010—actually are different from all other generations. In line with the basic principles of marketing, a brand or a retailer shall know and understand the characteristics, preferences, behavioral schemes, and all the psychographics of their target market to take captive on their heart, and of course, their pennies. In this substance, Gen Zers are the primary generation who have born in the digital era making them tech-savvy and heavy mobile and internet users. Since they were born in the internet world, it created in them a heart with high standards on how they will spend their time surfing the net. Hence, retailers and brands—who are currently having a hard time captivating the attention of the millennials when it comes to digital marketing—shall expect more hardships with Gen Zers. Though they may be online-at-all-times and are easier to connect with via internet, brands and retailers must double their efforts to reach them as their digital expectations are higher than that of all other generations.
In conjunction with it, the new report covers the following:
- Gen Z’s spending power—both now and in the succeeding years;
- Gen Z’s shopping habits on both online and in-stores, and how these habits might evolve in the next years;
- the Gen Zers interest in brick-and-mortar shopping and how retailers and brands can capitalize on it;
- the insight into the generation’s digital expectations and what they mean for selling to Gen Zers online;
- the influence of quality and social media on Gen Z’s purchase behavior, and considers potential courses of action for retailers and brands;
- Gen Zers’ unique traits how can retailers and brands cope up with those characteristics to create a loyal customer in them;
- and the pushing elements that would lead them to complete a purchase.
To give you a snapshot of the report, here are some pointers to ponder on:
- Gen Zers are already an immense, valuable generation to the retailers despite their age. They’ve got billions of spending power in their hands now that will surely burst forth as the years make them older.
- Gen Zers are currently into shopping in physical stores. On the other hand, brands and retailers shall still invest in retail innovations and make sure that they meet the generation’s heightened digital expectations to keep them coming back up till their adulthood.
- Gen Zers are more meticulous with regard to their online shopping experiences compared to all other generations before them. Hard-to-navigate and slow websites and apps are no good with them.
- Gen Zers are particular to quality—this is more likely their drive to complete a purchase. Thus, to actually catch their attention, brands, and retailers much establish an image of quality to be on their list.