According to a report from Cowen, by 2028 Gen Z and millennials will make up 70% of the entire global population, making it more vital than ever to win over the world’s young consumers. However, swaying this fickle group doesn’t come easy. To keep up with young consumers’ shopping needs, retailers must be constantly evolving, and fast (but don’t try too hard—Gen Z likes to keep it authentic, and can sniff out brands who aren’t). We’ve put together the highlights of Cowen’s study outlining Gen Z’s buying habits. Read more below:
- 90% of consumers aged 18 to 54 named Amazon as their primary shopping channel. Their key to success? A convenient price check capability, and the company’s “constant striving to reinvent and improve,” according to RetailDive.
- User reviews were ranked the third-highest influencer in a purchase decision, coming right behind a need or want.
- 30% of 18- to 24-year-olds check Amazon before buying online, and 25% do the same in retail stores.
- H&M was ranked the top apparel brand for 18- to 35-year-olds, “suggesting that retailers which create and release new fashion lines quickly will likely play well with the younger generations.”
- A third of millennials have purchased from a brand they discovered on a social media platform such as Instagram and Facebook.
- While Pinterest is considered the most influential social media platform, Instagram was named the most likely to attract buyers to a company’s official website, as opposed to purchasing through a third party such as Amazon.
It’s safe to say that whoever controls young consumers, controls the retail world.
For more info, check out RetailDive.