Study Highlights Generational Differences in Shopping
Is Gen-Z in a Class by Itself?
Are Gen-Z shoppers really different from other generations?
(Photo: Pexels.com)
Who is the target customer for your store by generation? The US population is usually broken down into "The Greatest Generation" (born before 1946), "Baby Boomers" (born 1946-1964), "Gen-X" (1965-1980), Millenials (1981-1996) and "Gen-Z" (1997-2012). A recent study by Whop shows how different Gen-Z shoppers are. Or are they?
Whop is a marketplace for internet products serving entreprenuers who want to sell online. Their study looked at generational differences in shopping habits and declares Gen-Z to be unlike any other group.
"Our survey shows that Gen-Z is unlike any other generation out there. They represent a vast — and growing — portion of purchasing power," says Cameron Zoub, co-founder at Whop, "but they’re also unique in their spending habits, their aspirations and goals, and how they consume digital content."
Tech Is Key
Some of the biggest differences in the generations have to do with where they spend time online. Gen-Z prefers Tik Tok and Instagram, with Facebook a distant third, whereas as the generations get older, Facebook is predominant. It should be pointed out that Gen-Z is the only generation that had social media when they were growing up. So the group your store targets should determine what social platform you focus on for advertising and promotion. The rise of Amazon.com also happened during the formative years of Gen-Z.
Speaking of Amazon.com, there were differences in online shopping platforms preferred. For Gen-Z, Amazon.com was first, followed by Target.com, then Walmart.com, but the older the generation, the greater the preference for Walmart.com, so for Baby Boomers that order is reversed.
"Influencers?" Not So Much
One surprising data point from the survey was that, while one would expect "Influencers" to be important to Gen-Z, less than 20% of Gen-Zers said Influencers "influenced" their purchasing decisions, and that was only for those making $100,000 per year or more.
And continuing the theme of income levels, the study asked whether the respondents would rather make $200,000 per year working for a company or $100,000 as an entreprenuer. 61% of Gen-Zers preferred working for a company with a higher salary to owning their own business, whereas 54% of Gen-Xers said they'd prefer to be their own bosses. Though the study doesn't say, it's easy to see that Gen-Xers may have spent more time in a corporate job and the entreprenuerial bug would have had more time to bite.
What to do When You Win the Lottery
Survey respondents were asked what they would do with the money should they receive a $50,000 windfall. Perhaps we shouldn't be surprised that Gen-Z is less likely than other generations to say they would invest for retirement and more likely to invest in high-risk options like crypto-currency or collectibles. Just 15% of Gen-Z said they would invest in a 401K or IRA compared to 26% of Gen-X, but logic suggests those numbers will probably change as Gen-Zers get older.
Quick Industry News
NEW WHOLESALE WEBSITES
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Featured Vendors
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Beach Walks and God Talks
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"Beach Walks and God Talks" is a full-color book by Karen Ellison of Kailua-Kona, Hawaii. The full-color glossy pages of this Christian devotional gift book take your customers on a beach-combing journey where they will find treasures from the sea and for their souls. Each double page spread features an inspirational story set at the beach with stunning photography and enriching sidebars. Your customers will find themselves peacefully reflecting on God's love for them as revealed through His creation. Endorsed by Jim Daly, President of Focus on the Family, they will want one for themselves and more as gifts. It is an especially meaningful Christian Christmas gift.
Cin Chili
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Drew DeRose
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Drew DeRose's lines run from tabletop to decorative figurines and include candle holders, cannisters and cookie jars. All products are colorful and original. The company has a creative staff that designs merchandise for Drew DeRose Designs.
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Fancy That Gift & Décor
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Fancy That Gift & Decor, Inc. celebrated its 18th anniversary in August, 2019. Owners, Steve and Carmen Mendelson, have used their experience in gift and home decor to build a company that takes pride in providing quality Coastal Decor products and service with the highest levels of integrity always at the forefront.
G I Jerky
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Gina B. Designs
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Global Building Blocks
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Magnolia Lane Collection
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Mills Gourmet
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Mountaineer Floral
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The Pocket Plus
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The Pocket Plus is portable pockets that attach with magnets for a convenient way to carry things on the go. The Pocket Plus is made in the USA and comes in seven different sizes and is available in over ten colors – perfect for holding your phone, a water bottle, keys, your wallet, and more! It’s a great, inexpensive gift idea for someone of almost any age.
Pure Factory Naturals
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Pure Mana Hawaii
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Quintessential Chocolates
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Red Carpet Studios, Ltd.
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Reginas Farm Kitchen
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Rudolph and Me
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Sunset Vista Designs
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Tizo Design
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The Whitehurst Company
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WoodU
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ZappoBZ
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