According to a 2016 study by DWW's consumer experience marketing company Interactions, 70 percent of parents turn to their Gen-Z kids for what to buy, from food and furniture to clothing and footwear.
Author:Maria BobilaUpdated:Oct 15, 2018Original:Jan 27, 2017We've always been a fan of Cool Teens™ here at Fashionista, regularly covering celebrities like Willow and Jaden Smith, Lily-Rose Depp, Lottie Moss and Kaia Gerber. Beyond their celebrity connections, the under-21 set — famous or not — is way more influential than you think.
While Gen Z is still on the rise, the HRC Retail Advisory expects the age group to make up 40 percent of the North American population by 2020. In 2015, we spent about $829.5 billion on Gen Z alone in the U.S., according to research from Fung Global Retail & Technology. "Exposure to near-infinite choice and access to near-endless information makes this generation more demanding than any of its predecessors," notes the study.
IRL Shopping Still Reigns Though 74 percent of Gen Z spend their free time online, NRF's findings show that 98 percent of them still prefer to shop at physical stores. "It's a pleasurable experience. It's the joy of the hunt that they’re looking for," says Mark Mathews, VP of Research Development and Industry Analysis at NRF. "They want to go out there and find that thing that represents them.
Collectivism Over Brand AuthorityIn his farewell speech, Barack Obama called out the youth in a way that describes Gen Z very well: "This generation coming up — unselfish, altruistic, creative, patriotic — I've seen you in every corner of the country." Euromonitor's latest study highlights a "peer-to-peer trend" among younger consumers, which favors collaboration and a "we before me" mentality.
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