Gen Z’s Need For Speed And How Retailers Can Keep Up
If retail was a target-based dart game, then hitting Gen Z would be the bullseye. Not because they have the most spending power or the most stable jobs, but for a variety of factors that make them, if nothing else, a good investment. Combined with millennials, the two youngest groups are poised to make up roughly 70% of the global population by 2028, according to a report emailed to Retail Dive by Cowen. That’s 70% of consumers who are digitally fluent, value price when making purchase decisions and lean on Amazon like a girl with a broken leg. “Today’s modern consumer is savvy,” Jeff Fromm, co-author of “Marketing to Gen Z,” told Retail Dive in an interview. “They carry a weapon with them and it’s not a phone — it’s a modern-day Swiss army knife.” The Swiss army knife that has widely become known as the smartphone ensures not only that Gen Z and millennials are more informed than their predecessors, but also that they’re partial to sites like Amazon, which give them all the information they need about a product in a short and simple manner. Cowen’s report on the two youngest demographics highlights not only the biggest trends coming down the pipeline, but also who’s sitting at the top — and who’s not. Read more at Retail Dive.
