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Generation Y&Z: New retail experiences to accommodate new tastes

New retail experiences to accommodate new tastes: Generation Y&Z Industry Report

  • February 2018
  • 15 pages
  • ID: 5369218
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Summary

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Generation Y&Z: New retail experiences to accommodate additional tastes

Brief

Generations Y&Z are not so distinct to the groups that came before them, relating to their wants and desires in life, but there are some environmental elements that influence how they choose to live which retailers need to take into account. Some are doing much superior than others however and those that stay in the past rapidly become irrelevant, with an average of 40 meaningful retailers going bankrupt every year since 2007.

It has been a rule that retailers need to have a good internet presence for close to a decade now, but Millennials and in unique Generation Z, are deeply entrenched in the internet and several have no experience of life without the internet, making it of critical importance.

Key Findings

- Generation Z are currently between 14 and19 years old and have no experience of life without the internet, they also will be the biggest generational group by the year 2020. As such Generation Z are heavily plugged into the internet such as millennials are, but dramatically more so.

- Generation Z are adept with a wide variety of tools to assess your product including friends networks, online tools and internet savvy navigation. Generation Y can rank products very swiftly and their knowledge of searching the internet will mean that providers with poorly priced offerings will have limited success. Online deals quickly spread to Gen Z and they are aware of problems and faults with a product faster than the retailers themselves.

The established conventional high street model of retail is considered endangered in the united kingdom (UK) as online formats grow. In unique, traditional department store formats in different countries have suffered.

- ONS annual figures for 2016 show that while general business growth in the united kingdom (UK) was registered at 17.40 percent, there were winners and losers- non-store retail grew by 30.70 percent, while clothing stores only grew 1.50 percent compared to December 2015. Small clothing stores (i.e. 99 or less employees) collapsed by -13.90 percent Christmas trading in December has also been hit by additional online habits, including Black Friday, drawing consumers to online bargains the month before. Black Friday is a marketing ploy of the retail industry, imported from the USA in 2014.

As millennials are more price sensitive than previous generations and value convenience, any company that offers on these terms is bound to succeed. As smartphones have revolutionized interaction, they also offer alternatives commercially.

- Many of the most profitable apps rely on peer-to-peer technology or networking to connect service providers and the consumer, with ride-sharing services including Uber using GPS systems to connect drivers and passengers.

Overview

- Learn about the additional main players in the retail market and the direction it is headed

- See how additional consumer behaviour is effecting the retail market

- Examine the additional trends in online retail and delivery services

- See the direction of travel in bricks and mortar stores

- Examine the additional technology that is being introduced to retail

Purposes to acquire this study

- Why are so various bricks and mortar stores going bankrupt, yet online companies are moving into the highstreet?

- What additional technology is coming to retail to enhance the shopping experience?

- Why is delivery so expensive and why are main players building their own fleets?

- What new occasions are there in retail and what consumers could be better catered for?

- What are the demands of millennials and generation z doing to companies?

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