PODCAST INSIGHTS: Do Generational Mind Shifts Require New Retail Strategies?
In the latest episode of the Spieckerman Speaks Retail podcast I spoke with Katie Gilsenan, trends manager for GWI. The following article recaps highlights from the interview focusing on generational shopping and social media shifts.
Baby Boomers taking to mobile and wearables
Stating that, “What may have been true in the past no longer stands,” Katie Gilsenan, trends manager for GWI, urges retailers and brands to take fresh consideration of changes in generational attitudes rather than operating under outdated assumptions.
Gen Z Breaking From Social Media
According to GWI’s research, younger consumers, who are known to be more digitally savvy than their older counterparts, are now also managing their mental wellbeing by setting boundaries. Younger consumers have been far more likely than older ones to take more breaks from work, spend less time on social media, and avoid unwelcome social activities since the pandemic began. Globally, 37% of Gen Z consumers say they spend too much time on social media compared with 16% of baby boomers. These shoppers also favor brands that reflect their predominately progressive values, and Gen Z consumers are seeking a more “honest, inclusive, and carefree” online environment. As brand loyalty continues to decline, Gilsenan encourages retailers and brands to consider how they can contribute to younger consumers’ and employees’ healthy “me” time and boost their overall health and wellbeing, while also promoting sustainability and diversity initiatives.
Boomers Embracing Mobile and Wearables
By contrast, she pointed to older consumers as an overlooked opportunity, given their increased comfort with technology and that they tend to fall into a higher income group than either Gen Z or Millennials. The biggest growth in mobile payments came from these consumers – as of the third quarter of 2021, twenty percent of U.S. Gen X and boomers are using mobile payment services like Venmo and Apple Pay at least weekly, representing around a 50% year-over-year increase. Gilsenan noted that mobile usage has quickly become essential to this group and that another milestone was crossed in 2020 as mobile devices became more important than PCs or laptops for navigating online in both Europe and North America. Despite these findings and predictions that technology purchases, including smartwatches and wristbands, will continue to increase among older consumers, they remain significantly underrepresented in the advertising for these same products.
Are retailers and brands underestimating the opportunity?
