March 11, 2016
“Millennials on steroids” is what Ernst & Young’s Marcie Merriman considers Generation Z to be when viewing the next generation of spenders.
Retailers’ target demographic of the future is quite different than millennials when it comes to spending habits, online shopping, and getting what they want. A study by Ernst & Young shares outstanding qualities of Gen-Z that will give retailers a “run for their money:”
1. More Frugal than Gen-Y: They look for the best price, as well as the benefits of buying with a specific company, like free delivery, etc.
2. Less Online shopping: Teens= 49% once a month, compared to 74% of millennials
3. Teens Value Online for Efficiency: Majority of teens (63%) shop online to save time, whereas 53% do so because the “selection is better”
4. Shop In Store for Functionality: 58% of teens go into stores to feel and see products, while 50% do so to avoid shipping costs
5. Price: More millennials search for coupons than teens
6. Customer Service: More millennials (60%) ask for help than teens (47%) in store and online, 49% for millennials, 24% for teens