BI Perception
This is a preview of a research report from BI Intelligence, Business Insider’s lure research service. To learn more about BI Intelligence, click here.
Age Z, also known as iGen or Centennials, is arguably the most pivotal genesis to the future of retail. By 2026, the majority of Gen Zers will reach adulthood, and their waste power will reach new heights. Retailers and brands need to start inaugurating relationships with Gen Zers now to ensure success in the years to come.
But Gen Zers, who we set down as those born between 1996 and 2010, are different from older crops, and understanding their characteristics and preferences is essential to capturing their notoriety — and their dollars. Though members of older generations have enlarged accustomed to using the internet, Gen Zers are the first consumers to have swell up wholly in the digital era. They’re tech-savvy, heavy internet users, and mobile-first — and, most importantly, they drink high standards for how they spend their time online. Retailers and labels — which have spent more than a decade trying to twig captivate up to millennials’ interests and habits after ignoring them and the digital revolt for too long — must leverage Gen Z’s tendency to be online at all times, and make trustworthy to meet the generation’s heightened digital expectations.
In a new report, BI Intelligence inquires Gen Z’s current shopping habits — both online and in-store — and how those clothes might evolve over time. It looks at their spending power, both now and in the years to around, and the drivers that lead them to complete a purchase. It also assesses Gen Zers’ unmatched traits, and the ways that retailers and brands can leverage those characters to make them loyal customers.
Here are some key takeaways from the surface:
- Gen Zers are young and only beginning to flex their muscles as consumers, but they’re already an darned valuable generation to retailers and brands. They hold billions in shell out power right now, which will skyrocket as they get older.
- Gen Z currently relishes shopping at physical stores, but retailers will need to capitalize on Gen Zers’ behalfs in retail innovations and their digital expertise to keep them come up back through adulthood.
- These young consumers have higher expectations for their online shopping tests than any generation before them. Most won’t use slow-loading websites and apps, or hard-to-navigate the sames.
- Quality is more likely to be a driver of loyalty for Gen Z, and it also provides motivation to executed a purchase. A retailer or brand trying to connect with Gen Z should look to curate an semblance of quality in a way that resonates with the young generation.
In full, the recount:
- Explores the current and future spending power of Gen Z.
- Examines Gen Zers’ curious about in brick-and-mortar shopping, and identifies how retailers and brands can capitalize on it.
- Provides comprehension into the generation’s digital expectations, and analyzes what they skilled for selling to Gen Zers online.
- Discusses the influence of quality and social atmosphere on Gen Z’s purchase behavior, and considers potential courses of action for retailers and labels.
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