Gen Z and Millennials Twice as Likely to be Omnichannel Shoppers According to New Near Intelligence Report
September 07 2023 - 7:00AM
Business Wire
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. (Nasdaq: NIR) a global Data Intelligence
Platform that curates one of the world’s largest sources of
intelligence on people and places, today 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.
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.
Read the full report: The Great Generational Shopping
Divide
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 the blog: From Gen Z to Boomers: Unpacking Evolving
Shopping Behaviors
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.
Download the full report here: The Great Generational
Shopping Divide
About Near
Near, a global Privacy-Safe Data Intelligence Platform curates
one of the world’s largest sources of intelligence on people and
places. Near’s patented technology analyzes data to deliver
insights on approximately 1.6 billion unique user IDs across 70
million points of interest in more than 44 countries. With Near’s
three-pillared approach– high-quality data, privacy, and AI –
operational and marketing leaders are empowered with solutions to
successfully engage and grow their businesses at scale. With a
presence in Pasadena, San Francisco, Paris, Bangalore, Singapore,
Sydney, and Tokyo, Near serves enterprises in a diverse spectrum of
industries including retail, real estate, restaurant,
travel/tourism, telecom, media, and more. To learn more, please
visit: https://near.com
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version on businesswire.com: https://www.businesswire.com/news/home/20230907678217/en/
Media Contact: Kat Harwood pr@near.com
Investor Contact: Marc P. Griffin ICR, Inc. for Near
IR@near.com
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