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In the 2019 Consumer View Report by the National Retail Federation, they proved just how much influence Gen Z has in household purchasing decisions.
Nine out of ten parents said that their children influence some aspect of the purchases, either for home items or for the children themselves.
-87% of parents say their children influence purchase decision.
-48% of purchases specifically for the child is influenced by Gen Zers.
-36% of household purchases are influenced by Gen Zers.
Quarterly, the NRF surveys buyers and consumers to get an understanding of how their shoppers feel. In the Fall of 2019, their focus was on Gen Z – the incoming generation of consumers who were born after 1995.
Many of this generation is still in their teens or pre-teens, but it seems they sway decision makers in their household, especially when it comes to the products their parents purchase on their behalf of, and also for the home.
“Gen Z is responsible for a fundamental shift in the way families shop,” the NRF said. “This is having an impact on the retail industry.”
What attracts GEN Z? Which products or services catch the eye on what could possibly be the Consumer Generation?
While some Gen Zers spend their parent’s wealth, others are out there using their hard-earned cash! Products and services that these young consumers are most likely to spend their cash on are:
Long are the days of throwing tantrums in a store to get what you want; parents now want their children’s input.
Gen Z is confronting consumerism headfirst, with open arms and equipped with money in their back pocket.
For retailers this means a whole new marketing scheme will need to be created to catch the ever-growing eyes of the Consumer Generation. As NRF Explains:
“The increasing influence children have on family spending will have a direct impact on the ever-evolving retail landscape. Retailers can tap into this behaviour and support all-inclusive family shopping.”
According to Later.com, a leader in social media, companies are faced with a unique opportunity to adapt their marketing strategy, to speak better to The Consumer Generation. Later.com reports there are five unique strategies all brands can implement, to cater to the Gen Z market and buying power.
In conjunction with the rise of video content, and video marketing, Gen Z’ers have a shorter attention span. This can work in your favour, as a brand, and a company. Vidoes are the best way to engage and entertain this market segment and explain why they should care about your company.
Implementing a TikTok and Reels strategy into your social media plan is one of the best ways to entertain!
Transparency and accountability are two of the core ways to establish brand trust with Gen Z’ers. Being accountable with your brand’s mission and inclusivity. Gen Z’ers care about the culture and mission if your company. Sharing these values externally is important to these consumers. Having a great product isn’t enough anymore.
Voting with dollars is an increasingly common practise among The Consumer Generation. They’re three times more likely to purchase from a company whose brand values reflect their own values. Social responsibility and ethical business practices are at the forefront of what values Gen Z consumers identify with. Establishing and communicating your brand’s values are at the forefront of speaking to the Gen Z market.
Long gone are the days of a cold and faceless company, or perfectly curated social media feeds. Gen Z consumers are much more responsive to brands that have a strong, bold voice on their social media channels. Duolingo and Wendys are great examples of brands that have zany content and a strong brand voice.
According to surveys, The Consumer Generation is one of the loneliest generations in North America. They’re looking to engage with like-minded individuals through genuine online interactions. Engaging with micro-influencers, and people who have been a loyal consumer for years makes a better impression than collab-ing with a TikTok star who has 15 million followers.
In conclusion, The Consumer Generation wields a large buying power, especially in this market. Being aware of this, and some of the most common marketing techniques to better speak with and engage with this consumer base will do everything to help your brand grow and thrive.