Gen Z – Future Home Owners

To know them is to love them

The illustrious Gen Z holds the unique title of being the first truly digitally native generation. They are also quite dubious – their skepticism growing with every swipe of the technology at their fingertips. And having experienced 9/11 as children, they see the world as a place filled with great uncertainty and unrest. For Gen Z, wellbeing includes tenets such as a sense of stewardship, a secure future, mental health and inclusion. They are a generation that disrupts with purpose and isn’t afraid to create their own solutions if brands can’t deliver the goods.

With the upper end of the generation now in their late 20s and influencing as much as $600 billion of household spending, this is a generation brands need to be fostering a relationship with now. For furniture and home furnishing brands, Gen Z presents a huge opportunity. They are intent on homeownership, and mortgage rates continue to entice first-time buyers. While Millennials may be content to rent or lease, 97% of Gen Zers have their sights on owning a home.

Interestingly, many are calling this crew the most financially savvy generation in history. Raised by Gen Xers, they were taught about the hard knocks of finances at an early age. And in addition to being savvy savers, they’re also driven by quite thrifty entrepreneurial spirits. These cats are cautious about excessive consumption, love a good thrift store, supporting sustainable brands and saving for a rainy day.

Gen Z moves seamlessly from brick-and-mortar shopping to diving online to dropping digital instant coupons from their smartphones when they are shopping in-person. And with the average Gen Zer spending more than four hours per day online, an in-person shopping experience actually provides a welcome break from their phones. In fact, as many as 58% of Gen Zers say they’ve hit the shops as a way to disconnect from the slippery slopes of social media.

As retailers work to align their shopping experience to meet the needs of Gen Z, here are some important stats to keep in mind:

  • 28% consider a simple online checkout experience as a purchase driver
  • 58% report free delivery as a major purchase driver
  • 66% say they’d be inclined to shop at physical stores offering tech that enhanced their shopping experience
  • 72% want retail tech that can lessen the time they spend standing in line
  • 61% want retail tech that streamlines the process of finding the products they’re looking for in store

Creating a brand experience specifically targeting Gen Z should be an essential weapon in your 2021 marketing strategy. Unbound’s proprietary analytics tool, Custom Target Connection, pinpoints this elusive audience at a household level. Our team knows how to reach them and can build out a customer journey that creates meaningful, relevant messages that resonate.

Let’s discuss how we can put our experience and tools to work for you to maximize the opportunities Gen Z holds. Give us a call at 816.589.3333.

Sources: Kantar Media, Global Web Index, Real Estate Express