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Gen Z’s Takeover Will Impact Retail
By 2019, Gen Z is expected to comprise 32% of the global population, thereby surpassing the number of Millennials, who will make up 31.5% of the 7.7 billion people in the world.
According to a report by Marcie Merriman, an executive director at Ernst & Young LLP, Gen Z and Millennials are most differentiated by their self-awareness versus self-centeredness, respectively. For retailers, the self-aware Gen Zers seek to create their own solutions, rather than look to companies for answers.
For this reason, they are a prime target audience for gadget makers, the gig economy and delivery services. But, they have proven to be less loyal to retailers, as the numbers show they care less about loyalty programs and promotions. However, retailers can win the battle by delivering products straight to Gen Z’ers door, since it’s what they value most, as opposed to having the option to shop online and pick up in store.
For comments, questions or concerns, please contact Daniella Soloway
