Why Generation Z is key to household purchasing decisions
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This year has been nothing short of a whirlwind, although it has highlighted a few important lessons for retailers: you need to be agile, connected to the digital world, and that Gen Z-ers might just rule the roost. For billions of people around the world, online has become the ‘new normal’, which has accelerated the need for brands to adopt (or adapt) digital strategies that go beyond just a presence. Known also as the ‘Digital Natives’, Generation Z has been leading this shift in consumer behaviour, in more ways than you might think...
What is Gen Z?
Members of Generation Z or Gen Z are those born between 1996 and 2009, although you’ll likely have seen variations of birth dates. To put it simply, we can characterise this group of people as those whose existence is marked by the Internet, and whose identity as consumers is intrinsically linked to social media.
Gen Z and social media
The possessions people own and the activities they take part in have always been organised around social identity, and this is even more true of Gen Z who have a habit of leaving nothing about their lives to the imagination. A recent study on the digital habits of students found that 90 percent of them are on at least one social media site, the most popular being Instagram, Snapchat and TikTok. This explains why this age group are almost 50% more likely than any other generation to use search engines or social networks to research products.
Gen Z in the household
As the vanguards of technology, they are often called upon by parents or grandparents to support with online purchases. Naturally, this has led in a shift in family dynamics with younger family members also offering their opinions on what is bought for the home. While parents traditionally held complete purchasing power, Gen Z now influence over 1/3 of household purchases, from specific brands to product features.
Despite their comparable youth, Gen Z appear to hold a considerable amount of financial clout – whether shopping for themselves or for the household. This is because of a shift in the way families shop, with children being much more involved with purchasing decisions than they were 30 years ago. As such, new opportunities in an all-inclusive family shopping experience have appeared, and it just may be the ticket.
Keep up to date with the latest retail news and insights as well as all things Spring Fair right here on the blog.
If you liked this article, you might also enjoy:
- 6 ways to make the most out of Black Friday 2020
- Exploring UK retail with Holly Worthington, Modern Retail
- Customer behaviour and Covid-19: how the lockdown has changed shopping habits
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