New Gen Z Research: Values, Purchase Power and the Rise of the Foodie
Pro Tip: As Gen Z begins to age into adulthood, their influence on the future of the retail industry continues to rise and evolve. This generation clearly has spending power, but retailers and brands need to evolve past the traditional retail models to harness the attention of this group. Gen Z is the most adaptable and conscious generation of consumers that our industry has faced, and staying agile is the key to success in winning over their loyalty. Click here to jump to the full RL Pro Analyst Take below.)
Recently, two research firms shed light on the power Generation Z audiences will have over all types of retail in the near future.
First, in understanding Gen Z consumers, it’s important to know it’s not a taboo for Gen Z to love and appreciate themselves above all else, according to Cassandra, a New York-based insights and strategy group within Engine Group. When asked "What relationship is most important to you at this point in your life?" Gen Z respondents said:
- Self (27%)
- Significant others (22%)
- Parents (21%)
- Friends (13%)
Achievement, self-direction and security continue to be Gen Z's top three values — both before and after the pandemic.
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