Consumers’ choices in terms of where, how and why they buy are redefining retail and creating a new playbook for the industry. NRF’s Consumer View series looks at what shapes retail, from retailers’ investments in technology to changing consumer preferences.
Young consumers hold significant buying power and the retail industry has a laser focus on them.
- 87 percent of parents say their children influence at least some aspect of their purchases, either for household items or for themselves
- Parents involve their children for a variety of reasons: the children will be using the item (57 percent), their opinion matters to their parents (57 percent), and to teach decision making (56 percent)
- Members of Gen Z are most likely to spend their own money on entertainment purchases such as apps, books/music and toys/games
Learn how Gen Z — born 1995 and later — is already exerting influence over household family spending and shopping behavior in the latest Consumer View report.