Generation Z (born from 1996 to 2012) are not just a younger version of millennials. They are arriving into adulthood with a much different outlook on retail and shopping. Their behaviors display different patterns and different approaches in comparison to other generations. But what exactly is so different?
- Generation Z is always shopping because they are always connected. Although, they tend to purchase products online, they are more likely to shop in physical stores as opposed to millennials. Millennials were the first generation to grow up in the era of online shopping, thus are more likely to shop that way.
- Generation Z isn’t typically paying attention to the brand of the products they seek out to buy. They like to stand out and are always looking for the next unique thing to own.
- Generation Z tends to find more value in splurging on experience rather than possession. It is more important to them to want to enhance their lives with memories. So, they are more likely to spend on travel and luxury.
This is not the first time a generation and their buying behaviors have been different from one another. For example, millennials were spending on experiences but not at the expense of physical products…especially when it came to apparel and footwear.
Gen Z are accelerating many trends that were started by the millennials. Some of which are engagement in social media and their inclination for authenticity. But as each generation rises to act on their own developed behaviors, companies will have to decipher their patterns and keep their strategies flexible for the next group of individuals to come.