3 Key Updates on Generational Buying Habits
The retail and ecommerce landscape are constantly shifting.
One of the biggest changes we’re seeing now is the buying power of Gen Z and how they choose to exercise it.
As a retailer, etailer, or both, you’re probably wondering what you can do to capture their attention and turn them into loyal brand advocates.
What do you need to know about Gen Z trends in 2021?
Let’s find out.
First: Let’s Define Gen Z
This might seem like a no brainer (anyone born after 2000, right?) but it’s a little more nuanced than that. Some studies define it as anyone born after 1998, while some go as far as anyone born after 1992. That’s a big 5-year difference!
And it’s important to note that while some Gen Zers may be millennials, not all millennials are part of Gen Z—and that’s a significant difference.
Khoros puts it this way: “Though it may be tempting to lump Gen Z and Millennials together, it’s crucial that marketers understand how and why these generations have unique consumer behaviors, driven by unique cultural and technological environments.”
And just how unique are those environments? While millennials can remember a time before everyone carried smart phones, “Gen Z was born into an inexorably connected digital world.”
1. Constantly Connected
It may seem like beating a dead horse, but the amount of time Gen Z spends online cannot be understated. “In fact, a recent study found that 74% of Gen Z members spend five hours or more every day online.”
That’s a lot of time spent engaging with other people, brands, and businesses online. Making sure you have a social media presence and an ideal strategy to target your audience can go a long way in netting sales.
But just because the latest generation spends a lot of time online, that doesn’t mean they’ve shunned physically shopping entirely.
In fact…
2. Gen Z Overwhelmingly Prefers to Shop In-Store
You read that right. While Gen Z spends a lot of time on social media interacting with friends, family, and businesses, they’re bringing new life to brick-and mortar stores.
According to CNBC, “81% of Gen Z prefers to shop in stores, and 73% like to discover new products in stores.” Those are some impressive numbers!
But this doesn’t mean we can slack on our online presence.
While Gen Z may shop in store, Khoros reports that “47% of U.S. Gen Z consumers research items on mobile devices while shopping at brick-and-mortar locations.”
So, while they may be shopping in your store, they’re looking at online listings, reading reviews, and asking trusted friends and family members about products while they’re shopping.
3. Authenticity Above All Else
Gen Zers know when a brand or social media channel is canned, cagey, or unresponsive.
Trust is important, and while building that trust may take time, it’s crucial in capturing Gen Z sales.
IBM puts it this way: “They want to actively share their opinions, collaborate, and co-create with brands. In the process, they expect brands to be highly responsive to their needs. Pragmatic and alert to unfounded hype, Gen Zers also want brands to be transparent, trustworthy, authentic, and relevant. Retailers or consumer goods companies must establish an environment of trust” when reaching out to them.
Scratching the Surface
Of course, your portion of the Gen Z market and how you interact with them is specific to your niche.
What are your customers looking for?
What social channels can you find them on?
How can you build trust with them? For more industry trends, retail tips, and analysis, make sure to visit the Petra blog.