{"id":5346,"date":"2019-12-05T20:44:16","date_gmt":"2019-12-05T20:44:16","guid":{"rendered":"https:\/\/genhq.com\/?p=5346"},"modified":"2022-08-27T11:23:47","modified_gmt":"2022-08-27T11:23:47","slug":"gen-z-is-poised-to-drive-dramatic-change-in-the-retail-experience","status":"publish","type":"post","link":"https:\/\/genhq.com\/gen-z-is-poised-to-drive-dramatic-change-in-the-retail-experience\/","title":{"rendered":"Gen Z is poised to drive dramatic change in the retail experience"},"content":{"rendered":"<p><em><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-full wp-image-5348\" src=\"https:\/\/genhq.com\/wp-content\/uploads\/2019\/12\/pic-a2.jpg\" alt=\"Gen Z in Retail\" width=\"1400\" height=\"531\" srcset=\"https:\/\/genhq.com\/wp-content\/uploads\/2019\/12\/pic-a2.jpg 1400w, https:\/\/genhq.com\/wp-content\/uploads\/2019\/12\/pic-a2-300x114.jpg 300w, https:\/\/genhq.com\/wp-content\/uploads\/2019\/12\/pic-a2-1024x388.jpg 1024w, https:\/\/genhq.com\/wp-content\/uploads\/2019\/12\/pic-a2-768x291.jpg 768w\" sizes=\"(max-width: 1400px) 100vw, 1400px\" \/><\/em><\/p>\n<p>Gen Z, our newest generation, have attitudes and preferences about retail that set them apart from previous generations. Per CGK\u2019s <a href=\"https:\/\/genhq.com\/annual-gen-z-research-study\/\">research<\/a>, Gen Z\u2019s fiscal practicality and digital dependency deeply inform their behaviors when it comes to shopping\u2014both online and in retail outlets.<\/p>\n<p>Retail leaders should pay urgent attention to how Gen Z approaches retail. Brands and stores that adapt to Gen Z\u2019s unique perspective on shopping will have an immediate advantage in winning the business of this large, diverse, ready-to-spend generation of emerging consumers.<\/p>\n<h2>Gen Z crave value and enjoy hunting for bargains<\/h2>\n<p>\u201cGen Z are very fiscally pragmatic and practical with their money. They are looking for value,&#8221; says CGK President Jason Dorsey in a recent Business Insider <a href=\"https:\/\/www.businessinsider.com\/gen-z-shopping-habits-kill-brands-2019-7\" target=\"_blank\" rel=\"noopener\">article<\/a>. &#8220;They don&#8217;t want to pay full price for anything.\u201d<\/p>\n<p>Jason notes that Gen Z hunts for value in two ways: buying from value brands or purchasing more expensive items that last longer and offer guaranties about the product\u2019s durability. Growing up with Gen X parents who struggled through the economic recession of the last decade, Gen Z learned to make getting \u201cgood value\u201d for their dollars a priority at a very young age.<\/p>\n<p>Retailers can use this insight about Gen Z to compete with online outlets by offering value that internet-only retailers can\u2019t provide. Gen Z often regard generous warranties and engaging in-store experiences as substantial value adds. Pivoting to these features will help traditional retailers overcome the pricing edge often enjoyed by online stores.<\/p>\n<h2>Digital dependency enables much deeper personalization with Gen Z<\/h2>\n<p>As digital dependents, Gen Z grew up with smartphones and social media. In fact, many of them have never known a time before social media or smartphones! Gen Z have come of age with unprecedented access to information about brands, prices, trends, and variety, and as a result brands have been trying to win their loyalty for years. However, given Gen Z\u2019s relative youth\u2014the oldest are now 24 years old\u2014brands that use deep personalization in messaging for Gen Z can attract them at this critical time in their development and purchasing autonomy.<\/p>\n<p>\u201cOur research shows that 65% of Gen Z are on their phones after midnight\u2014<em>every<\/em> night,\u201d says CGK CEO Denise Villa. \u201cThey\u2019re constantly absorbing real takes on brands, products, and prices. If a brand is overcharging, under-delivering, or otherwise presenting an image inconsistent with Gen Z\u2019s daily reality, they\u2019ll know.\u201d While this raises the bar for some brands, it simply means creating more transparency and consistency for others.<\/p>\n<p>Retailers can engage Gen Z and earn their trust by personalizing both products and the shopping experience. A new A.T. Kearney <a href=\"https:\/\/www.atkearney.com\/retail\/article\/?\/a\/selfcare-offers-brick-and-mortar-retailers-an-increase-in-traffic-and-mindshare\" target=\"_blank\" rel=\"noopener\">study<\/a> reports that 81% of Gen Z respondents prefer to purchase in stores, 73% like to discover new products in stores, and 58% browse in-store selections to disconnect from social media and live in the moment.<\/p>\n<p>\u201cGen Z are expecting retailers to have more information about them and make better marketing decisions when trying to engage them,\u201d says Jason (check out his Q&amp;A <a href=\"https:\/\/jasondorsey.com\/generations-video-qa\/\" target=\"_blank\" rel=\"noopener\">video<\/a> on Gen Z and retail). \u201cRetail leaders have an incredible opportunity to harness Gen Z shopping attitudes and tap directly into an emerging generation of consumers.\u201d<\/p>\n<h2>CGK is studying Gen Z\u2019s development as consumers across four continents<\/h2>\n<p>At CGK, we closely study Gen Z as they grow their consumer spending and influence around the world. The industries and consumer areas we focus on include retail, payments, banking and financial services, restaurants, and technology. We will closely monitor how this generation evolves and uncover specific actions and strategies leaders can implement to win Gen Z as customers, brand advocates, and trendsetters.<\/p>\n<p><em>Would you like specific strategies for creating a retail or brand engagement experience that attracts Gen Z consumers?\u00a0<\/em><a href=\"\/contact\/\"><em>Contact us here<\/em><\/a><em>\u00a0and we will gladly set up a call to see how we can be a resource for you. At CGK, we deliver customized Gen Z keynote presentations and research that enables leaders to understand and win this important generation of consumers. <\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gen Z, our newest generation, have attitudes and preferences about retail that set them apart from previous generations. Per CGK\u2019s research, Gen Z\u2019s fiscal practicality and digital dependency deeply inform their behaviors when it comes to shopping\u2014both online and in retail outlets. Retail leaders should pay urgent attention to how Gen Z approaches retail. Brands [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":5349,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[28,21],"tags":[],"class_list":["post-5346","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-gen-z","category-selling-and-marketing"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Gen Z is poised to drive dramatic change in the retail experience - The Center For Generational Kinetics<\/title>\n<meta name=\"description\" content=\"Gen Z, our newest generation, have attitudes and preferences about retail that set them apart from previous generations.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/genhq.com\/gen-z-is-poised-to-drive-dramatic-change-in-the-retail-experience\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gen Z is poised to drive dramatic change in the retail experience - 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