New 2023 Retail Research Study: The Great Generational
Shopping Divide
The rapid evolution of consumer behavior in the modern era has led to a profound transformation in the way individuals approach shopping. Gen Z, Millennials, Gen X and Boomers all have distinctly different approaches to shopping - and it’s vital for brands and shopping centers to adapt their strategies to cater to the diverse needs of their consumer base.
In our new research study, we surveyed over 2,000 consumers and uncovered how generations differ in their shopping behaviors, and how retailers can use consumer behavior data to drive decisions and strategy to respond. To view the results, download the report.
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In The Great Generational Shopping Divide, we explore:
WHO
is adopting omnichannel
shopping behaviors
WHAT
attracts different generations to
shop at certain shopping centers
HOW
shoppers are feeling about spending
for the upcoming holidays
About the Study
To find the answers to these questions and more, Azira surveyed 2,048 global consumers in the United States, United Kingdom, and Australia, census-weighted by age, gender, and geography, and combined them with trends in consumer behavior data. The results shed light on how distinct age groups approach shopping, their expectations from brands and shopping centers, and the platforms they prefer for their shopping experiences.
What Are the Key Findings?
The Great Generational Shopping Divide survey examines the ways in which
different generations approach shopping. Key findings include:
1. Gen Z and Millennials are leading the way on omnichannel shopping.
Roughly half of shoppers (52%) are engaging in omnichannel shopping, where they use two or more channels in their purchase journey. Gen Z and Millennials are roughly 2x more likely to do omnichannel shopping than Boomers (63% and 65% vs. 33%, respectively).
2. Gen Z and Millennials have higher expectations around shopping experience and technology.
A majority of Gen Z & Millennials indicated that they shop more from brands that have an app (55% and 53%, respectively). They also are more likely to visit stores with unique and personalized experiences, like recommendations based on shopping history and digital catalogs.
3. Shoppers overall are preferring shopping near home more, and remote work is enabling this.
Proximity to home was the top factor for shoppers of all ages in preferring one shopping center over others - 57% indicated this was a top factor, versus 16% saying proximity to work. Even among office commuters, 60% indicated that they’re visiting stores near their homes more than they were a few years ago.
4. Different generations are drawn to different aspects of the shopping experience.
Gen Z and Millennials are more likely to visit shopping malls and outlet malls than older generations, while older generations are more likely to prefer discount stores. Gen Z and Millennials favor shopping centers with more entertainment and dining options, while Boomers seek out shopping centers with good parking and grocery stores.
5. Younger consumers are planning to spend more for the rest of the year.
52% of Gen Z and 48% of Millennials plan to spend more for the rest of the year, including the holidays, versus just 29% of Gen X and 21% of Boomers. However, Millennials and Gen X shoppers are the most impacted by the economy - 42% of Millennials and 43% of Gen X say the economy is affecting their spending plans a lot versus 33% of Gen Z and 34% of Boomers.
Interested in learning more? Download now.
