Gen Zers, Millennials, Gen Xers and Boomers all have distinctly different expectations from brands, shopping preferences and patterns, and outlooks for the future, according to a study by Near Intelligence, a global data platform, including the upcoming holidays.
In the study, The Great Generational Shopping Divide, clear divisions among groups of consumers exist, with the largest divide being generational.
For the study, Near surveyed 2,048 consumers across generations in the United States, the United Kingdom and Australia. The survey indicated although online commerce has wide acceptance across age groups, younger generations are leading the way in omnichannel shopping. As such, 80.1% of all respondents to the Near survey across generations shop online, but 62.7% of GenZers and 64.6% of Millennials use what Near characterizes as omnichannel approaches, in which consumers use more than one channel in a shopping endeavor. Just 32.9% of Boomers used such an ominchannel approach, according to the Near study.
Overall, 52% of respondents had adopted omnichannel behaviors, Near maintained, suggesting retailers should provide omnichannel experiences that cater to today’s diverse shopping landscape.
Gen Zers and Millennials seek deeper engagement and personalized experiences from brands and retailers, Near reported. In evidence, the survey had 88.2% of Gen Zers and Millennials wanting to engage with their favorite shopping center, versus 53.3% of Boomers. Then 53.7% of Gen Zers and Millennials shop more from retail brands that have an app, versus 20.5% of Boomers; and 84.3% of Gen Zers and Millennials are inclined to shop in stores based on personalized in-store recommendations, versus 59% of Gen Xers and Boomers.
Although sometimes overlooked, proximity to a consumer’s home emerged as a critical factor when shopping is under consideration, especially for younger generations, Near reported. As they think about where to shop, 57.1% of study participants consider proximity to home a top priority, while just 15.8% of respondents consider proximity to work a factor.
Among working age respondents 18-65, a group stretching across generational lines, 64.4% are commuting to an office at least one day a week. The figure is higher for younger generations, at 72.2% of Gen Zers and 70.3% of Millennials. Then, 56.5% of office commuters say remote and hybrid working makes it easier for them to shop during the workweek
As 2023 winds down, younger consumers plan to spend more on shopping through year’s end, including during the holidays:
- 51.6% of Gen Zers and 47.7% of Millennials plan to spend more through the end of the year, including the holidays, versus just 29.3% of Gen Xers and 20.6% of Boomers.
- Millennials and Gen X shoppers are the most impacted by the economy, with 42.3% of Millennials and 42.7% of Gen Xers saying the economy is affecting their spending plans a lot, versus 33% of Gen Zers and 34.2% of Boomers.
- Gen Zers and Millennials are most likely to shop the sales over Black Friday weekend and Cyber Monday, with 43.8% of Gen Zers and 41.4% of Millennials planning to shop over the period, versus just 27.8% of Gen Xers and 18.9% of Boomers.
