If you want to sell something right now, try marketing it to Gen Z’ers. Contrary to their thrifty reputation, this demographic plans to spend a bundle this holiday season. In fact, Gen Z is expected to outpace any other group checking off their Christmas shopping list this year. Retailers who can will do well to send marketing dollars their direction.
Fortunately for brick and mortar locations, even though Gen Z is prolific at online and mobile shopping, they still value the in-store experience and patronize local establishments, not limiting their shopping experience to electronic only.
Topping the spending charts, Gen Z intends to dole out an average of $1,418 per person on holiday purchases this year, which is $377 more than the average adult and surpasses planned spending by parents. Thirty nine percent of Gen Z’s budget will be spent on themselves, with 17% of their shopping to take place online and 35% in stores.
Gen Z is still the most likely to make mobile purchases, although millennials are catching up in this area, with 85% of millennials joining suit and 41% of the 55-70 age group saying they have now shopped from their phone.
Despite the state of the economy, Gen Z’s holiday spirits aren’t dampened. They plan an aggressive shopping spree this Christmas, with 88% intending to meet or exceed the amount they spent last year.
Marketers face an environment where competition for shoppers’ attention grows increasingly more difficult. Multitasking is the norm and advertising has infiltrated everywhere consumers look. In one such illustration, a whopping 88% of people say they peruse email and social media while watching TV, and 33% shop online while simultaneously watching TV.
The challenge lies in how to continue to engage consumers in meaningful advertising amidst all the white noise. And everyone wants Gen Z’s attention, to ensure the succession of this next generation’s shopping loyalty and interest. To dig deeper into this generation’s psyche, read more here.