Social Media Significantly Influences Purchase Decisions for 85% of Gen Z

Words by Retail Bum

Social Media Significantly Influences Purchase Decisions for 85% of Gen Z
Social Media Significantly Influences Purchase Decisions for 85% of Gen Z

Forty-one percent of Gen Z claim to save more money than they spend, while 36% reportedly spend more than they save, ICSC’s latest research shows.

The majority of Gen Z’s proclivity toward saving more money comes at a time of economic difficulty, with 84% of older Gen Z consumers, aged between 23 and 26 years old, expressing concerns about the U.S. economy, surpassing the 71% of 16- to 17-year-olds who shared the same sentiment.

Gen Z’s interest in being more financially responsible has come even as their self-reported income has climbed by 2% compared to the previous year. 

It is worth noting that even though more Gen Z consumers are looking to save, most have been struggling. A September 2022 report from Bank of America found that 73% of Gen Z consumers found it difficult to save money due to the economic environment. Additionally, 56% of them expressed increased financial stress due to inflation.

Gen Z consumers might be becoming more money conscious but still expect a seamless shopping experience. Meaning brands and retailers cannot slack. Specifically, 46% of the Gen Z respondents emphasized the significance of a seamless checkout process, closely followed by fast shipping (45%) and immediate in-store availability (39%).

Furthermore, 31% of the respondents emphasized the significance of free returns, while quick and helpful customer service (27%) was deemed essential to enhance their shopping experience.

Checkout experience aside, social media continues to play an outsized role in Gen Z’s shopping behaviors, with 85% saying it influences their purchasing decisions.

Considering Gen Z’s strong dependence on platforms such as TikTok and Instagram, certain well-established brands have redirected their focus toward social media marketing to appeal to Gen Z shoppers instead of distributing their budget across more traditional channels.

Some other factors that significantly influence Gen Z’s decision-making include the influence of friends and family, cited by 56% of the respondents. This was followed by the impact of product reviews (54%) and the influence of third-party review websites and forums (47%).

Coty Files For Dual Listing in Paris

Coty Files For Dual Listing in Paris

Coty has filed an application for a dual listing on the Paris Stock Exchange, the company announced Monday, September 25, 2023. The company has initiated a global offering of 33 million shares, allowing investors to buy shares in euros for shares listed on Euronext Paris

Indonesia Pumps The Breaks on TikTok's eCommerce Plans

Indonesia Pumps The Breaks on TikTok’s eCommerce Plans

The government of Indonesia is set to prohibit social media platforms from facilitating direct online payments on their platforms — a significant blow to TikTok, for whom the South Asian country makes for its largest eCommerce market. The new rule aims to protect the country’s

No more posts to show, explore other topics: