Gen Z: Your Greatest Retail Opportunity or Biggest Threat?

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Gen Z is willing to spend 10% more on sustainable products, according to experience management company First Insight.

Shaping the future of retail

Generation Z is hitting the high street – and they know what they want from their shopping experience.

Born between 1997 and 2012, the digital native generation has come of age with a bulging bank balance to boot. According to the Bank of America, their income will hit $33trn by 2031 – surpassing millennials’ income.

“Retailers who speak Gen Z’s language will succeed both in converting them into customers and employees”

But to get in with Gen Z, your brand has got to resonate with them. As Attensi UK managing director Krister Kristiansen highlights: “Gen Z got their first smartphone when they were 12 years old – during their formative years – and they speak a different language.

“Retailers who speak their language will succeed both in converting them into customers and employees.”

Research, review, repeat

Being frequent social media users means that, in just a few taps, Gen Z consumers form a view not just of products, but also the in-store experience retailers provide.

They also love to widely share their views online, with Accenture finding that 70% have written reviews and 40% write reviews regularly.

A negative review at one store could mean waving goodbye to Gen Zers across the country, so it’s vital to provide consistent and scalable training, creating a benchmark across your organization.

Plus, if you’re able to track progress and measure staff against KPIs, you can quickly identify any areas where improvement is required.

Despite their dependence on digital, this demographic likes to get out and 81% prefer to shop at brick-and-mortar stores, according to management consulting firm Kearney.

Get it right and Gen Z will splash the cash, repeat the purchase and write a positive review.

READ THE FULL ARTICLEat América Retail.

 

retail  Gen Z  sustainability

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