Apparel brands may not only be on the hunt for Millennials.
According to a recent Retail Perceptions report, Generation Z will determine retail’s future state. This demographic, born after 1995, currently makes up one-fourth of the U.S. population and more than 70 percent of parents said their Gen Z kids influence apparel buying decisions in their households. This aligns with the fact that this select group already possesses $44 billion in spending power.
The report, titled “The Next Generation of Retail Z,” analyzes teens’ shopping preferences, in-store versus online and social media’s role on this age demographics’ retail involvement.
Generation Z is pretty thrifty and favors experiences over material objects. Eighty-nine percent of them consider themselves to be price-conscious shoppers, while 62 percent prefer to spend money on experiences rather than accessories, clothing and electronics. Despite both statistics, a majority of teens’ spending goes to clothing (67 percent). Perhaps it may be due to the fact that 55 percent of Generation Z individuals receive allowances from parents and 52 percent reported having part-time jobs.
Read more at Sourcing Journal.