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How Does Fashion Retail Break The Stereotype Of Generation Z Consumer Groups

2023/6/30 14:10:00 0

The research reports and market observations of more and more professional institutions are constantly verifying for brands or retailers that it is time to review and upgrade the stereotype and inherent concepts of Generation Z, which change with time.

More emphasis is placed on value oriented consumption. Generation Z attaches more and more importance to the communication of brand ideas. Although price and convenience are the consumption factors that cannot be ignored in the objective economic environment, they still show significant brand loyalty to brands consistent with their own values. For example, 56% of respondents are willing to spend more on sustainable products.

The survey also pointed out that 53% of the respondents mentioned mental health among the major consumption preferences that Generation Z pays most attention to; 47% of respondents mentioned climate change and sustainability; Similarly, 47% of the respondents concerned about race and gender equality; However, 26% of the respondents paid attention to the social rights of LGBTQ+group. In addition, about two fifths of Gen Z respondents said that whether the brand effectively implements labor rights protection is also an important standard to measure a company's values.

Tom McGee, president and CEO of ICSC, said: "Although Gen Z was born in the Internet era, it seems that they prefer omni channel shopping, and the proportion of respondents who choose online and offline shopping is almost the same. Therefore, the retail model focusing on a single channel has been unable to continue to attract Gen Z. Only retailers who achieve multi-channel development in physical stores and digital areas can establish good customer loyalty in Gen Z Degrees. "

For the Generation Z group, although online shopping still has advantages in convenience and timeliness in the mobile Internet era, according to the data, since physical stores can not only obtain goods in real time, but also experience and try them in person before purchase, 97% of the Generation Z consumer groups still complete their purchase in physical stores.

The consumption behavior of Generation Z focusing on digital channels is also undergoing tremendous changes. According to the research report, social media has a great impact on the shopping behavior of Generation Z. Among them, 85% of Gen Z respondents said that social media affected their purchase decisions, especially on platforms such as Instagram and TikTok.

At the same time, however, it is worth noting that online celebrity marketing has gradually lost its appeal to Gen Z, for example, when making shopping decisions, 56% of Gen Z are affected by the suggestions of friends or family members, 54% pay attention to the impact of website product information, 43% prefer to listen to the suggestions of store salesmen, while online celebrity marketing only accounts for 39%.

According to the CSC survey, about 78% of the consumption behavior of Generation Z is affected by the uncertainty of the economic environment, and a balance is achieved between cost awareness and paying for convenience and quality. For example, 48% of respondents said they would pay more attention to retailers offering more discounts; However, nearly half (48%) of Gen Z respondents are willing to pay extra for the delivery speed of online orders.

In addition, in terms of savings habits, 41% of Gen Z respondents save more than they spend, and 36% save less than they spend. In terms of consumption mode, 45% of Gen Z respondents choose debit cards; 21% of Gen Z respondents choose cash; 17% of Gen Z respondents choose credit cards, and 3% of Gen Z respondents choose to buy first and pay later.

Tom McGee, president and CEO of ICSC, believes that as more and more Generation Z leave campus to enter their career, their increasingly mature consumption ability and values are having a greater impact on the brand.