![]() ![]() Buy now pay later is a kind of payment option that is stretched over the long term. Get more insights about business trends by signing up for her free Currents newsletter. Rieva Lesonsky is CEO of GrowBiz Media and and has been covering small businesses and entrepreneurship for over 30 years. Insider Intelligence advises business owners that to attract Zoomers and millennials, they “need to be intentional about running their businesses in an environmentally conscious way without being seen as performative.” It suggests businesses “establish partnerships with sustainable brands by collaborating on give-back programs, marketing campaigns, and stocking their products.” The retail report also covers sustainability and says that so far this year, millennials and Zoomers have a 69% share of spend on eco-friendly products. Square reports a year-over-year increase in sales of work clothes like dress shirts, oversized blazers, and dress sneakers. This is fueled, in part, by the post-pandemic return to the office. Gen Z’s share of luxury item spending is now 16%, up from 13% in 2019, while millennials’ luxury spend has decreased from 56% to 45% from 2019 to 2023. One reason Zoomers embrace BNPL is that they’re buying more luxury items, which obviously cost more money. ![]() The retail report also shows that while Zoomers and millennials are the primary users of "buy now, pay later" (BNPL) services today, Gen Xers and baby boomers are increasingly using BNPL options. These younger consumers are also using their mobile devices “as their primary customer support tool.” "Buy now, pay later" has arrived It reports, “In the past year, two-thirds of Afterpay online transactions from millennials and Gen Zers were made on mobile devices, with the volume of Afterpay transactions up 196% since 2020.” But Insider Intelligence says to keep an eye on the next generation (Generation Alpha), who may be more eager to shop in the digital universe.Īnother survey, Square and Afterpay’s State of Retail Report, shows that younger consumers (Zoomers and millennials) are increasingly shopping via mobile commerce. Some believe the metaverse will “evolve” into something they may use one day. While there’s been a lot of buzz about the metaverse, Zoomers aren’t shopping there-yet. Holiday Shopping Trends in 2023: Here's What Customers Want.Thinking of Bringing AI Into Your Workplace? Here's How to Do It Successfully.One Zoomer said she “veers away from loyalty programs that make you try to buy more.” Instead, she chooses loyalty programs that focus on sustainability or offer discounts. Since Gen Zers are “uber-conscious about how much they consume,” they’re less loyal than older generations. TikTok is extraordinarily popular with Gen Z-it is indeed their “platform of choice to discover new products, especially in the beauty category.” One Zoomer told Insider Intelligence that TikTok gives them more current content and exposes them to more new products or ones that have gone viral than YouTube does.īut like most consumers of all ages, Zoomers say recommendations from friends and family influence them the most when making a purchase. However, it can also expose views and actions that Zoomers don’t agree with that can quickly turn them off your brand and in search of a company that more closely matches their values. Insider Intelligence says, “Being on social media adds a human element, making about the people more than the products.” ![]() ![]() This can be beneficial for companies, especially small businesses, that are able to show the human side of their company, which makes them more relatable. Consumers, particularly Gen Z, are more aware of the actions and views of corporate brands because they keep tabs on them using social media. ![]()
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