Morning Consult released a report titled “Understanding Gen Z: How America’s Largest, Most Diverse, Best-Educated, and Most Financially Powerful Generation Will Shape the Future.” The survey is based on thousands of interviews with 18- to 21-year-olds. It provides insight into the consumer habits of Gen Z and what small business retailers can do to appeal to this financially-powerful generation.
The findings reveal that 48% of Gen Z adults prefer shopping in-store compared to digital or online alternatives. This rate is higher for female Gen Z at 55%. For male, it is only 40%.
When it comes to product ratings or consumer reviews on websites, 41% believe they are important. Thirty-eight percent of them consider the recommendations of family or friends when deciding to try a new product or service. Thirty-six percent of them also consider expert reviews as important and 17% follow the recommendations of a social media influencer in deciding to buy something.
The result also found that Gen Z prefers convenient, quick and efficient shopping transactions. Thus, small businesses need to provide convenient, quick and seamless service to be competitive in attracting this money-driven generation. They should also improve their business and consumers reviews and proactively make them work in their favor.
Small businesses need to be able to meet the demands and preferences of Gen Z because they are projected to become the biggest consumers in the U.S.
