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Unlock Gen Z's and Millennial's Shopping Secrets: Boost Your Retail Space Now!

Monday, April 1, 2024

By: Marc Perlof


Hey Retail Real Estate Rockstars! Let's talk about some cool trends that are changing the game for retail space, and how you can stay ahead. Imagine you're unlocking new ways to make your shopping spaces even more amazing and guiding them to success, just like finding the secret tree that grows money.

 

1. Gen Z and Their Love for Online Worlds¹

  • Gen Z, those young shoppers, really like blending their shopping with online fun, like in video games or virtual reality.

  • Adding tech that mixes online shopping with walking into a store can draw in these younger crowds.

  • Stores inside video games or selling digital clothes for avatars are becoming a big deal, catching the eye of the younger crowd.

  • Over half, 52%, of Gen Z gamers expressed a desire to make money in the metaverse.

 

2. How Social Media is Shaping Holiday Shopping²

  • Platforms like TikTok and Instagram are where a lot of people decide what they want to buy, especially during the holidays.

  • Over a weekend, millions talked about holiday shopping online, showing just how big of a deal social media is for finding deals.

  • Stores that get creative with social media can see more people walking through their doors.

  • 48% of Gen Z consumers plan to buy at least some of their holiday gifts through social media

 

3. Young People Boosting Luxury Sales³

  • Gen Z and millennials are spending more on fancy brands, helping those stores do really well.

  • Companies like Tapestry are getting more sales by making their brands cool for younger shoppers through ads and partnerships.

  • Tapestry reported gaining over 1.2 million new customers in North America, approximately half of whom were from the Gen Z and Millennial demographics.

 

4. Money Matters and Shopping [4]

  • Even though times might be tough, young shoppers are still willing to spend on things they really like.

  • Keeping an eye on how people feel about spending can help stores plan better for tough times and good times.

 

5. Shopping on Phones is Taking Over [5]

  • More people are buying stuff using their phones than ever before, showing that stores need to make sure their online shopping is easy to use on mobile.

  • 85% of Gen Z respondents indicated that social media influences their purchasing choices.

 

These trends aren't just interesting; they're your ticket to making your shopping spaces even cooler and more popular. From adding tech that blends the digital with the physical, to getting your stores talked about on social media, there's so much you can do to bring in more shoppers and sales.

 

Want to dive deeper into making these changes? Call, Text, or DM for more info on how to make your retail spaces the place to be.

 

What are some new, creative ways we can make retail spaces not just places to shop, but cool spots to hang out and have fun, especially for those who love being online?

 

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Footnotes:

1.        What Gen Z wants to see from brands as metaverse attachments grow By: Peter Adams 

2.        Nearly half of Gen Z will buy holiday gifts on social media, survey finds By: Tatiana WalkMorris 

3.        Tapestry’s Q3 revenue growth fueled by young consumers By: Lara Ewen 

4.        Claire’s assembles ‘Gen Zalpha’ influencer group to guide creativity By: Xanayra MarinLopez 

5.        ICSC: 85% of Gen Z says social media impacts purchase decisions By: Tatiana WalkMorris 

 

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