Near’s “The Great Generational Shopping Divide” report finds Gen Z, Millennials, Gen X, and Boomers all have distinctly different expectations from brands, shopping preferences and patterns, and outlooks for the future
Near Intelligence, Inc. a global Data Intelligence Platform that curates one of the world’s largest sources of intelligence on people and places, announced its new study, The Great Generational Shopping Divide, which reveals clear divisions between groups of consumers, with the largest divide being generational. The report finds Gen Z, Millennials, Gen X, and Boomers all have distinctly different expectations from brands, shopping preferences and patterns, and outlooks for the future.
“With the latest findings in Near’s report, retail decision-makers have the ability to unlock immense value through our new data and gain competitive insights.”
The importance of utilizing high-quality consumer behavior data is key when it comes to addressing the distinctions among generations. Consumer behavior data unites multiple data sources to deliver insights into how consumers dine, shop, travel, work, and more. These insights can be utilized by businesses to inform their marketing and operational strategies around trade area, path to purchase, dwell time, demographics, and more.
Near’s Retail Report surveyed 2,048 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 shopping behaviors, 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. The findings of generational variations in shopping approaches hold significant ramifications for businesses striving to excel in today’s dynamic marketplace.
Read More: Pipe17 Partners With Loop Returns To Reduce The Cost Of Returns Management
Omnichannel Shopping Experiences
Online shopping is widely adopted across generations, yet younger generations are leading the way in omnichannel shopping, showing that retailers must provide omnichannel experiences to cater to today’s diverse shopping landscape:
- 80.1% of respondents across generations are shopping online
- Gen Z (62.7%) and Millennials (64.6%) are twice as likely as Boomers to use omnichannel approaches (32.9%), where shoppers used more than one channel in their purchase journey
- 52% of respondents overall have adopted omnichannel behaviors
Personalization is Key
Gen Z and Millennials are seeking deeper engagement and personalized experiences from brands and shopping centers:
- 88.2% of Gen Z and Millennials want to engage with their favorite shopping center versus 53.3% of Boomers
- 53.7% of Gen Z and Millennials shop more from brands that have an app versus 20.5% of Boomers
- 84.3% of Gen Z and Millennials are more encouraged to shop in stores with personalized in-store recommendations based on previous shopping history versus 59% of Gen X and Boomers
Proximity Matters
A shopping center’s proximity to a respondent’s home has emerged as a critical factor, especially among younger generations:
- 57.1% of respondents consider proximity to home a top priority, while just 15.8% of respondents consider proximity to work a factor
- 64.4% of working-aged respondents (18-65) are commuting to an office at least one day a week; this is higher for younger generations (72.2% of Gen Z and 70.3% of Millennials)
- 56.5% of office commuters say remote & hybrid working makes it easier to shop during the workweek
Generational Spending Patterns
Younger consumers plan to spend more on shopping for the rest of the year compared to last year, including during the holidays:
- 51.6% of Gen Z and 47.7% of Millennials plan to spend more for the rest of the year, including the holidays, versus just 29.3% of Gen X and 20.6% of Boomers
- However, Millennials and Gen X shoppers are the most impacted by the economy – 42.3% of Millennials and 42.7% of Gen X say the economy is affecting their spending plans a lot versus 33% of Gen Z and 34.2% of Boomers
- Gen Z and Millennials are most likely to shop the sales over Black Friday weekend and Cyber Monday – 43.8% of Gen Z and 41.4% of Millennials plan to shop over Black Friday weekend and Cyber Monday, versus just 27.8% of Gen X and 18.9% of Boomers
“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. “With the latest findings in Near’s report, retail decision-makers have the ability to unlock immense value through our new data and gain competitive insights.”
Study Methodology
This survey was conducted between July 7-19 2023, with a total of 2,048 global respondents in the United States, United Kingdom, and Australia, census-weighted by age, gender, and geography.