Gen Z, Millennials, Gen X, and Boomers all have distinctly different expectations from brands, shopping preferences and patterns and outlooks for the future, a new study from Near Intelligence Inc. concludes.
Near’s retail report surveyed 2048 global consumers across generations in the United States, United Kingdom, and Australia. The report explores a range of topics, including how consumers approach shopping using online, in-store and omnichannel routes; what attracts them to shop at certain shopping centers and stores; how consumers feel about spending for the upcoming holiday season; and how they’re looking for deals.
Key findings show how distinct age groups approach shopping, their expectations from brands and shopping centers, and the platforms they prefer for their shopping experiences. (When it comes to the latter, the survey found Gen Z (62.7 percent) and Millennials (64.6 percent) are twice as likely as Boomers (32.9 percent) to use omnichannel approaches in their purchase journey.)
The findings of generational variations in shopping approaches hold significant ramifications for businesses striving to excel in today’s dynamic marketplace, Near executives note.
“Many retailers simply don’t have the data they need to navigate in today’s ever-changing retail landscape, and must be armed with valuable consumer insights to ensure they’re making the right business decisions, while also keeping pace with their shoppers’ latest desires,” said Anil Mathews, CEO of Near.
Click here for specific findings from the study.