Members of Generation Z are seeking products that provide both an experience and instant gratification, according to the findings of a study of more than 2,000 Americans ages 14-19, by San Diego-based Interactions, a retail marketing firm.
It found that 89% are very price conscious, with 62% preferring to spend their money on experiences vs. material items. Although most of their weekly budget is spent on food (80%), nearly half (48%) spend money on experiences with friends.
Despite being digitally connected, these teens value personal interactions, with the top three most sought components of the in-store experience being a clean store, friendly and knowledgeable associates and a positive checkout experience.
“Generation Z is constantly connected to technology, which retailers may find intimidating to overcome when it comes to in-store engagement,” said Interactions President Bharat Rupani, in a statement. “However, our study found that this group is longing for retailers to provide an engaging in-store experience. In fact, when given the choice, over 64% prefer shopping in-store versus online.”
The survey also found that:
- Gen Z is not brand loyal — 81% are willing to switch from their favorite brand if they find a similar product at a higher quality.
- 64% prefer to use cash vs. credit and debit cards.
- Almost two-thirds (63%) expect retailers to have a social media presence, and 82% state that the opinions of others on social media have influenced them to shop at a retailer they’ve never shopped at before.
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