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Millennials, move over. A new generation is in the pipeline. According to an insightful article by The Fulfillment Lab, this year, the youngest Millennials will turn 26, while the oldest Gen Zers will turn 25. With members of the two largest living generations at peak spending ages, they simply cannot be ignored by retailers. So, what do today’s retailers need to know about these two unique generations? What are their spending habits? And how can you align your brand to meet their needs and capitalize on their immense buying power?
Unlike Millennials, the majority of whom can remember a pre-digital age, Gen Z was born into a completely digital world, making them a challenge for retailers who might not be on the cutting edge of technology or who haven’t adopted an “instant gratitude/gratification” mentality. Both generations are expected to focus even more on online shopping this holidays. So what else do you need to know?