The Generation-Z Consumers in Retail The aspect of marketing is a challenging proposition for brands and retailers today. With evolving market scenarios and the emergence of new customer groups, the challenge has certainly intensified over the years. Recently, millennials have hogged all the limelight, but now it's time to focus on Generation Z.
Customers who fall under Gen-Z belong to the age group of 13-21 and can be considered to be as distinct as any other consumer group. Gen-Z have a spending power of US $44 billion dollars in the US alone (IBM). They are also forecasted to account for 33% of the total global population by 2020, according to projections by (Fun Global Retail & Tech). It won't exactly be the wisest choice for brands and retailers to ignore them.
Generation Z – Unique in unexpected ways The Gen Z consumer group has its' unique characteristics, and few of them are quite surprising and unexpected in nature. Here is a look at a few statistics that are bound to raise an eyebrow or two. •
Despite of 74% of Gen Z category spending their free time online, 98% still shop in store. (IBM Customer Experience Index Study, 2017)
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The study also depicts that GenZ consumers influence 93% of household purchases and