Generation Z (Gen Z) was born in the era of the Internet, and Gen Z members have access to technology from a young age. Gen Z is known as the citizen of the digital age, thinking about money and economics, and is hoped to be the “captain” in the process of changing and building a developed world in the future. Therefore, we can say that the future of retail 20 years from now lies in Gen Z shopping habit. In this article, we would like to provide you with some information about Gen Z’s shopping habits to guide the development of your business in the future.
Who are Gen Z?
Gen Z (Generation Z) refers to the group of people born between 1995 and 2012. Gen Z is the next generation after Millennials (Gen Y) and before Generation Alpha (α), and is usually the offspring of Generation X (those born between 1965 and 1979). Around the world, there are about 2.6 billion people of Generation Z, accounting for about a quarter of the population.
Generation Z is said to be a better upbringing generation, but more prone to stress and depression than previous generations. They often have high expectations of themselves that are often not met. This is a new type of shopper and consumer that businesses have to get used to.
Gen Z shopping habit
Demand sustainable shopping
Because they are inheriting a better upbringing, Gen Z has a very good sense of the environment. They are people who care a lot about the planet and the future. Therefore, the products they buy will always be environmentally friendly and the way they are consumed will also be long-term to limit emissions, which is a great opportunity for businesses to grow their business sustainably because Gen Z will be willing to pay a lot for durable products.
Spend less generally
Many Gen Zers grew up seeing their parents suffer from great financial pressures and struggled during the 2008 economic crisis. As a result, they are increasingly more thrifty and more sensitive to price. Therefore, Gen Z shopping habits will not spend too much on unimportant factors.
The mobile-first, digitally native generation
Recent Gen Z shopping habits reflect that social media plays an important role. Generation Z was born in an era where there is always a phone in hand and a radically different approach to social media and digitization in general. Gen Z uses social media to find inspiration, research products, and connect with their favorite brands. Therefore, businesses should focus on developing and growing social commerce because its potential is endless.
Influencers have a great influence
Along with using social networking sites and shopping habits on e-commerce sites, Gen Z tends to trust influencers more than companies. They choose to follow social media influencers who have a high following and reach. Therefore, influencers have a great influence on Gen Z shopping habits.
Multiple payment methods
The development of e-commerce along with the widespread pandemic has made the main consumers who are Gen Z tend to pay via mobile and contactless payment. They also prefer multiple payment methods. Over the years, there have been many mobile payments apps that have grown in popularity and yielded great results. Companies with mobile apps have an edge and are more popular than companies that don’t.
How Gen Z shopping habits are affecting the retail industry?
It can be affirmed that Gen Z shopping habits are having a direct and huge impact on the retail industry. As the main consumers of the future, current Gen Z shopping habits are the goals and plans for businesses to grasp. It is sure that Gen Z shopping habits are currently catching retail trends to create the next 20 years of retail.
Conclusion
Capturing customers’ habits and consumption trends is not an easy thing, but if businesses want to get to the market in the future, they must learn this.
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