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At 37%, more than non-zillennial Gen Z at 34%, and non-zillennial millennials likewise 34%, zillennials stand out for having the highest rate of digital-only retail consumers. Likewise, compared to non-zillennial Gen Z and non-zillennial millennials, zillennials are the least likely to want to prefer to conduct all their retail purchasing in person, at 29%, vs 32%.
Based on how each responder would use an unexpected windfall equal to half their regular monthly salary, PYMNTS Intelligence outlines four separate personas for this generation: budget-minded, wealth builders, free spenders, and givers. These groups have somewhat different tastes for retail purchasing, which has significant implications for digital & online marketing strategies. For instance, 39% of the budget-conscious group would rather purchase both online and in person, probably because they are eager to hunt the finest offers. Only 15% of donors follow this pattern; 53% of this group shop just online.
Retail products are much impacted by zillennials, a customer group more prone to shop online. Personal recommendations seem to be more important for their purchase choices than for millennials but less so than for Gen Z. Among Gen Z, social media ads also have the highest reach; zillennials at 35% For zillennials, other important elements are celebrities and influencers, customized digital recommendations, and website marketing.
Active consumers, zillennials can be swayed via several outlets. For all personalities, personal recommendations have great impact; but, for budget-conscious zillennials, at 42%, they become even more important. The group with budget consciousness also shows more than average influence from customized digital recommendations and online publications. With wealth builders, social media ads have outsized pull at 38%.
When choosing stores, zillennials typically give better costs top priority above brand choice. Of zillennials, 41% think that availability of brands they like is less crucial than pricing. Just 21% respond in the opposite direction. For Gen Z, this trend stays true; but, the percentage of millennials who prioritize price first falls to 36%.
The biggest segments of both brand-oriented and pricing-first consumers are found among zillennials and Gen Z. For zillennials on a budget, pricing is very important; 45% of them say this is their first thought. Though significant shares first on brand, wealth builders and free spenders still give pricing first priority.
Ultimately, retailers aiming at this expanding market must comprehend the distinctions between zillennials and their Gen Z and millennial counterparts through effective digital & online marketing strategies.
