Meet the most influential new generation of shoppers: Gen Z. Understanding their needs, wants, and expectations of retailers is critical for merchants to succeed. Post COVID-19, this generation will shape a new future of eCommerce and brick-and-mortar retail: 49% said they have changed purchasing behaviors due to the pandemic. Understanding Gen Z today can help retailers better navigate the future.
Gen Z is #1
They’ll overtake Baby Boomers as the largest cohort of consumers in the U.S. in 2020, at 40%, commanding $144 billion in purchasing power.
IRL > Online
81% prefer shopping in stores, but 50% are now shopping more online due to COVID-19. 34% will continue to shop more online after the pandemic, making it even more important for brick-and-mortar retailers to have a strong online presence.
Being Good
Gen Z is 3x more likely than other generations to say the purpose of a business is to serve communities and society. Today, they also want to know how retailers are responding to COVID-19, from protecting employees to supporting their community.
Meaningful Connections
46% have developed loyalty to one or more brands by the time they turn 21, and two-thirds participate in at least one loyalty program. Engaging with consumers and providing solutions they want--from first touch to checkout--is even more important during COVID-19.
Ditching Debt
83% would rather save money than use a credit card, opting instead for flexible financing services. More than 65% of Afterpay’s 5 million customers are Gen Z and Millennial.
Learn more about Gen Z and how this generation will shape post-COVID retail by clicking here.
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