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Just a couple of decades ago, going out without a wallet in your pocket was like forgetting to put your shoes on.
But for the Generation Z, their phone is becoming all they need. Compared to only 17% of the baby boom generation, 69% of teens are using apps to pay for goods and services.
We bring you three Gen Z shopping habits that are slowly changing the way industries approach their customers.
1. Teens Don't Have Cash
Roughly 6% of teens use cash to pay, making them the cashless generation.
Older generations use cashless payment more for significant sums, but to teens, it's normal to use a card even for payments under $5.
While traditional banking has a hard time to adjust, apps like Venmo that combine social media with paying process are on the rise.
2. No Love For Sales Assistants
So teens like to shop online and don't like cash. How is that changing collective shopping habits?
Since teens are all about digital and not direct interactions, a stunning 93% prefer to shop without a sales assistant.
Many shopping malls are closing down with only around 19% of retail stores being able to provide quality shopping experience with zero social interactions.
3. Even Less Love For Brands
Unlike other generations, teens don't care too much about brand loyalty and will quickly switch if they feel like it.
Thanks to the rapid way of life, a clothing brand can be exciting one day and die out the next.
While classic stores that focus on a single brand are struggling, online clothing stores are blooming thanks to the quick ability to browse multiple brands at once.
While for older generations cashless payment and online shopping is a matter of convenience, for Gen Z it's closely tied to their digital life.
Social interactions, entertainment, and shopping has moved from the street onto the screen and are entering the pores of everyday living.
Finally, this won't end with Generation Z as the more we move forward, more changes will happen, and everything will have to adjust once again.
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