Every generation is different. Shaped by the state of the economy’s health, world events and countless other factors over the course of their childhoods, the behaviors or traits of a specific age group can vary wildly. This is especially true when it comes to their spending habits. Below is a brief look into the shopping customs of Millennials and Gen Zers.
A considerable portion of Millennials and all of Generation Z have grown up with life-changing technological advances at their fingertips. From the expansion of the Internet, development of social networking apps and the extensive use of mobile devices, both groups have become heavily influenced in terms of convenience and accessibility to information.
How else has such pervasive use of digital technology shaped these groups? For starters, their experiences online have tremendous impact in terms of purchasing decisions. Whether it’s following the opinion of an influencer or appraising a product based on previous reviews, online-based facets such as these are significant factors in e-commerce.
Both demographics have reported that the enticement of online shopping is stronger than ever. A recent study revealed 28% of Gen Zers and 24% of Millennials will likely shop online more so than in-person due to recent events. However, research has also shown that Gen Zers like in-store shopping despite being the most online generation. Reasonings behind this include in-person shop assistants and more trustworthy results.
Other key characteristics in Gen Z consumers are a pragmatic approach to money and education, as well as a strong belief in social causes and individualism. Similarly, they place a lot of prominence on brand ethics and corporate responsibility, even more so than Millennials. They are also considered to be less brand-loyal than older generations, as they look to social media to learn about and interact with new brands. These individuals tend to be informed consumers who shop around and research options before making a buying decision, much like their Millennial predecessors.
As for Millennials, these shoppers employ social media to express love for a product or service more than any other age group. The same goes for using social media to reach out to customer service. On the other hand, Gen Zers are slightly more likely to notice a suboptimal brand experience than Millennials — at 87% and 86% respectively.
Another thing they have in common is their expectations for free and speedy shipping. A survey of both groups found that 63% of consumers expect their items to be delivered within three days.
These assessments only scratch the surface of the influence technology has had on how younger generations shop. For more insight into the purchasing behaviors of Gen Z and Millennials as well as how to better accommodate to them, please see the accompanying resource.
Author bio: Jay Catlin is CEO at AMS Fulfillment, a leading order fulfillment company servicing B2B and B2C clients nationwide. Catlin has been with the company since 2002 and helped grow AMS into the successful third-party fulfillment entity it is today.
This infographic was created by AMS Fulfillment, eco friendly logistics