Gen-Z Takeover

Generation Z, also known as Post-Millennials, "iGeneration", Plurals or the Homeland Generation is a demographic cohort following the Millennials born between mid-1990's and early 2000's. They have lived a life comfortably immersed in technology and have no idea how to function without it. Every demographic impacts the retail ecosystem in various ways - whether it's the baby boomers and frugal spending or millennials and social influencers. One significant way Gen-Z makes an impact is leaving a larger footprint that goes beyond their own age group:

However, Gen Z is physically present for only 1 of every 4 shopping trips. This doesn't provide a lot of opportunity for the retailers and brands to engage with the young consumer in person. This means retailers have to focus on customer loyalty through other channels - social media, your website, and other digital channels.

Millennials and Gen Z -- How They Differ on Social Media

Surprisingly, despite Gen Z being the first digitally native and tech-fluent generation born with lightning fast internet, streaming services and smart devices of all sorts, their social media sharing is vastly different than that of Millennials. In fact, this demographic shares more within smaller groups of trusted friends than on widely public platforms. Gen Z tends to gravitate towards platforms like YouTube, Snapchat and Instagram and although 86% of them use their smartphones multiple times a day retailers and brands often underestimate how mature and value-based they are:

What To Do

Brands should be proactive about getting consumer-generated content. Gen Zers love expressing their feelings and being heard. Nearly 40% of Gen Z say they give feedback such as writing online reviews. Ask your Gen Zers for feedback through surveys, product reviews and the abundance of two-way social media channels.

How Valuable are Millennials?

About $1.1 trillion - millennials are responsible for an estimated $1.1 trillion of the country’s $3.6 trillion consumer debt but earns somewhere around $33,880 a year - down 9% in just a decade. This generation includes 80 million members and accounts for nearly $600 billion in annual spending. Their tendency of accruing large sums of debt has led to a need to reconsider their approach on consumerism in a variety of ways:

Don't Tarnish Your Brand on Social Media

There are many ways in which a brand or retailer can tarnish their brand on social media:

Everything You Need to Know About Millennials and Shopping Behavior

Understanding your shoppers is a crucial step in retail innovation. However, gathering data yourself is often difficult and expensive. Although every brand should implement data analytics, here are some insights on the millennial generation to consider:

It’s also crucial to understand millennials loyalty to brands through social media:

How Millennials Shop - Told by Millennials

Attendees at the Interactive Customer Experience Summit asked millennials questions to understand the millennial shopper and the findings varied:

Millennials are hestitant downloading mobile apps because they don’t want their actions monitored and are on a mission to “get in and get out”. They are wary of using mobile payments because of privacy and it’s convenience factor being that of a traditional card reader. Surprisingly, they also prefer to pay in cash.

Their associations with specific brands:

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