I’m sorry, I’m sorry, I know I kept you hanging with this one, but I had to build up the suspense...these next two generations are currently the talk of the town after all! Last week, we explored what makes Baby Boomers and members of Generation X tick, particularly when it comes to how they like to shop. This week, it’s time to get in the minds of the people from generations that seem to eat, sleep, and breathe tech. So exactly do Millennials and Generation Z shop? Buckle up.
Aaahhh the buzz word on everyone’s tongue. This group, pegged as the “me me me generation”, accounts for people born between the early 1980s and the mid-1990s to early 2000s. It’s no secret that retailers need to take a mobile first strategy when targeting Millennials, as they use social media as their primary source to find and hear about products, special deals, and shopping news (in between selfies, of course 😉).
Price plays the largest role in the purchasing decisions of this group. In fact, it holds more of an influence than quality, brand, store, and availability. This emphasis on price has been the catalyst for the growth of fast fashion…another buzz word in our industry today. Millennials routinely comparison shop on mobile to get the best value and shopping experience, although 83% of Millennials report making impulse purchases, which is more than double the amount of impulse purchase reports made by members of Gen X. Above all, Millennials are looking for a full experience when they shop, whether it be on the web or in stores. 78% of Millennials say they prefer buying experiences over things, so if you know how to make buying your thing an experience, you’ve hit the sweet spot with this avocado toast-loving generation.
Lastly we have the youngsters, Gen Z, also known as iGeneration or iGen and Post-Millennials. Born between the mid-1990s to mid-2000s, Gen Z has always had technology at its fingertips. In their world of instant gratification, they expect quick access to the products they’re interested in…and by quick, I mean they want it yesterday!