.svg)
.jpg){kind=small}
As the first truly ‘digital native’ cohort, Generation Z has a reputation for eschewing in-store shopping in favour of eCommerce. But new data suggests this perspective simply doesn’t check out.
MoneyTransfers.com can reveal that Gen Z is actually the generation most likely to shop exclusively in-store this Black Friday. And this could have big implications for how brands approach the biggest day in the retail calendar.
– Gen Z consumers are 3x more likely to shop in-store this Black Friday than Gen X and 2x more likely than Millennials.
– This is in sharp contrast to other traditional bricks-and-mortar experiences, as 50% of Gen Z adults say they find the idea of going into a physical bank “backwards”.
– In overall shopping habits, Gen Z are second most likely to shop in-store after Boomers.
Gen Z still likes physical stores…
While 16% of Gen Z say they plan to shop ‘exclusively in-store’ this Black Friday, just 8% of Millennials say the same – and just 5% of Gen X. Surveys exploring general shopping habits reveal a similar pattern. In fact, a huge 81% of Gen Z say they still like shopping in stores.
According to research, Gen Z are the second most likely to shop in-store – only Boomers are more likely. Strikingly, the ‘Younger Gen Z’ demographic is even more likely than the ‘older’ Gen Z group to shop in-store.
So while the media often depicts young people as absorbed in their smartphones, this demonstrates that they are actually far more likely than their parents to opt for a real-life shopping experience. In fact, a recent report on online grocery shopping found that Gen Z were the least likely to order food online to avoid going into a physical store.
…But brands need to offer them something in return
Gen Z’s enthusiasm for visiting shops doesn’t hold across all sectors – especially those generally considered dull or purely practical. For example: 50% of Gen Z adults say that the “idea of going into a physical bank is completely backward and alien to them”. This suggests that while they are still very happy to shop in-store, the experience of going to a shop has to offer added value to entice them.
Two-thirds of Gen Z shoppers are more likely to go to physical stores if there is digital technology available to augment their experience or reduce waiting times. There are several other key factors that influence their decision to shop in-store.
86% of Gen Z shoppers go into stores to look for special promotions, free samples or giveaways. Similarly, 43% expect discounts. There is also a product discovery angle, as two-thirds of Gen Z like brick-and-mortar stores because they can try new things out.
This data should go some way to dispelling the myth that Gen Z is retreating from the high-street. Instead, they seem to be more demanding of in-store experiences and more pragmatic about what they will and won’t do in-person. Retailers need to take note and up their game this Black Friday to ensure they impress their biggest in-store audience – Gen Z!
Jonathan Merry, CEO of MoneyTransfers.com
Contributors
.jpg)
.jpg)
