Almost half of shoppers (44%) aged between 16 and 24 years old (‘Generation Z’) plan to increase their spending in fashion products during the next year, according to new research from Savills and intu.
The figures also reveal that Generation Z shoppers are increasingly picky about where they shop, with 50% of them saying there is not enough fashion choice for them. If they don’t find what they want, 58% of young consumers will move online, while 35% will hit another high street or shopping centre. Only 6% of Gen Z shoppers will not shop at all if they are not satisfied with the offering.
Sean Gillies, head of UK retail at Savills, comments: “With a robust average spend of £244, which according to those surveyed is set to grow, consumers aged 16-24 are ready and willing to spend more in physical stores, but they just don’t feel all their needs are always catered for. This applies just as much in large retail destinations such as London, Manchester or Newcastle as smaller regional locations such as Northampton, Barnsley or Taunton. While multi-channel retailers may still benefit from purchases being made online, the challenge is for landlords and tenants to find the right balance and to deliver the brands and environment that the younger generations want from the physical store.”
Kate Grant, regional director, intu, added: “What’s interesting from this research is that it shows that young people enjoy shopping as a social activity and, despite having never known anything but an omni-channel world, they still prefer visiting the high street and shopping centre. Bringing the online and physical experience closer together will ensure that all channels win in this dynamic retail environment we now live in.”
In contrast to young consumers, only 22% of those aged between 65 and 74 years old (dubbed ‘Baby Boomers’) plan to increase their spend in the next 12 months.