First, there were Baby Boomers. Generation X quickly followed, then Millennials, and the most recent addition, Generation Z. Growing up all too quickly, Generation Z are those who were born between 1995 and 2015. Many in this generation are educated, married, and having children of their own. A number of the younger segment of Generation Z still live at home. Whether residing on their own or living with family, the shopping preferences of this generation are undoubtedly an integral factor in the way that retail is approached today.
NRF’s Fall 2019 Consumer View surveyed parents. 87% of those surveyed indicated that their purchase decisions were influenced by their Generation Z offspring. This is partly due to the easily accessible knowledge available today. In years past, one had to go to stores to find out more about products. Today, one only has to visit the internet to find a plethora of information on almost any product and comparable items. Highly loyal and ethnically quite diverse, many Generation Z shoppers enjoy mall shopping. They will travel to score deals. Another influential factor in their spending habits is many Generation Z’s are savers who are not willing to incur debt.
What does this mean for retailers? Knowing your customer is always beneficial in making sales. If your customers are part of Generation Z, providing a brick and mortar option to them can help your business. Remember that also having an online option may be better for your bottom line. Additionally, keep in mind that more than one generation may influence the shopping habits of your customers. Be prepared to address all of them as best you can. Have product information easily accessible. Provide purchasing options that mesh with the mentality of your customers, such as interest-free financing or layaway options.
Generation Z is the future of shopping. Look forward to the next generation because who knows? It might be Generation Me.
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