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Global Study: Shopping with Generation Y and Z

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Generations Y and Z. We've all seen the headlines. They are narcissistic, impatient and fickle. But the truth is they're the most exciting generation for brands and retailers since the baby boomers. Our latest global study uncovers the myths and misconceptions attributed to Gens Y & Z, and the implications for brands and retailers today.

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Global Study: Shopping with Generation Y and Z

  1. 1. 1 1 confidential © 2016Confidential © 2016 June 2016
  2. 2. 2 2 confidential © 2016Confidential © 2016 SHOPPING WITH GENS Y & Z: HOW TO BUILD BRANDS WITH RETAIL INFLUENCE
  3. 3. 3 3 confidential © 2016Confidential © 2016 1980-1995 1995-2010
  4. 4. 4 4 confidential © 2016Confidential © 2016 confidential © 2016Confidential © 2016 More than half the global population were born post-1980. By 2020, Gen Z alone will account for 40% of all consumers. Gen Z in the US alone have $44bn of annual disposable income and influence $600bn of family purchases. They are the mouthpiece for the internet and increasingly have the power to make or break your brand. IGNORE THEM AT YOUR PERIL
  5. 5. 5 5 confidential © 2016Confidential © 2016 A HOTBED OF DEBATE IN THE MEDIA
  6. 6. 6 6 confidential © 2016Confidential © 2016 SPECIFICALLY, WE SOUGHT TO UNDERSTAND HOW THEY SHOP What are the key differences and similarities between the two cohorts? What are their desires, needs and shopping habits? What are the best channels to reach them to influence their purchases? And how should brands engage them throughout the shopping process?
  7. 7. 7 7 confidential © 2016Confidential © 2016 METHODOLOGY Online Quant: Measuring purchase behaviour trends (900 respondents) Qualitative self- ethnography and in- the-purchase- moment diary over 6 weeks (45 respondents) Social Intelligence listening across social media (1.1m social interactions) Research conducted amongst Gen Y (28-30) and Gen Z (17-19) 4 categories: tech, fashion, food and lifestyle
  8. 8. 8 8 confidential © 2016Confidential © 2016 PEOPLE LIKE THESE Bruno, Brazil, Gen Z Rafaela, Brazil, Gen Y Gautam, US, Gen Y Brittney, US, Gen Z Sian, UK, Gen Y Daniel, UK, Gen Z
  9. 9. 9 9 confidential © 2016Confidential © 2016 EXECUTIVE SUMMARY EXECUTIVE SUMMARY
  10. 10. 10 10 confidential © 2016Confidential © 2016 SHOPPING FOR GENERATIONS Y & Z IS WHERE CULTURE MEETS COMMERCE
  11. 11. 11 11 confidential © 2016Confidential © 2016 ‘BRANDS WITH RETAIL INFLUENCE’ BRAND SHOPPERS INFLUENCEINFLUENCE
  12. 12. 12 12 confidential © 2016Confidential © 2016 ‘BRANDS WITH RETAIL INFLUENCE’ BRAND SHOPPERS PEER GROUP INFLUENCE INFLUENCE INFLUENCE
  13. 13. 13 13 confidential © 2016Confidential © 2016 FROM LINEAR ‘PATH TO PURCHASE’ TO A FLUID, SOCIAL CYCLE OF INFLUENCE AND INFLUENCING BRAND PEER GROUP SHOPPERS ACTIVE OWNERSHIP COMPLETE PURCHASE PURCHASE CHANNEL INSPIRATION VALIDATION
  14. 14. 14 14 confidential © 2016Confidential © 2016 BRAND PEER GROUP ACTIVE OWNERSHIP COMPLETE PURCHASE PURCHASE CHANNEL INSPIRATION VALIDATION THE ‘INFLUENCE EXCHANGE’ FUELS EVERY STAGE OF THE CYCLE Influenced by their personal relationships, trusted sources and influential brands and retailers. They seek opinions and share discoveries, gaining status through what they know and their potential choice. The big moments for brands to authenticate themselves, provide reassurance and reinforce the decision. On-going need for approval of their choice via feedback from peers. They look to exert influence by showing off ownership. Assessment of the brand is still influenced by what others think. The act of transaction itself must deliver a positive experience and encapsulate the brand’s behaviour.
  15. 15. 15 15 confidential © 2016Confidential © 2016 THE SHOPPING BEHAVIOURS OF GENS Y & Z: UP CLOSE AND PERSONAL
  16. 16. 16 16 confidential © 2016Confidential © 2016 BRAND PEER GROUP ACTIVE OWNERSHIP COMPLETE PURCHASE PURCHASE CHANNEL INSPIRATION VALIDATION Influenced by their personal relationships, trusted sources and influential brands and retailers. They seek opinions and share discoveries, gaining status through what they know and their potential choice. The big moments for brands to authenticate themselves, provide reassurance and reinforce the decision. On-going need for approval of their choice via feedback from peers. They look to exert influence by showing off ownership. Assessment of the brand is still influenced by what others think. The act of transaction itself must deliver a positive experience and encapsulate the brand’s behaviour. THE ‘INFLUENCE EXCHANGE’ FUELS EVERY STAGE OF THE CYCLE
  17. 17. 17 17 confidential © 2016Confidential © 2016 They are more inclined to herd behaviour than independent behaviour TRUTH OR MYTH?
  18. 18. 18 18 confidential © 2016Confidential © 2016 They are more inclined to herd behaviour than independent behaviour TRUTH OR MYTH? TRUTH:They invite and embrace influence from trusted and collective sources
  19. 19. 19 19 confidential © 2016Confidential © 2016 GEN Y TEND TO INVESTIGATE ON THEIR OWN,THEN CONSULT OTHERS GEN Z ARE GUIDED BY SOCIAL INFLUENCES FROM THE OUTSET Inspiration Most likely to discover new brands by browsing IN STORE (32%) and ONLINE (30%) Most likely to discover new brands and products via PEOPLE THEY KNOW, FRIENDS AND FAMILY (36%) “I’ve been looking for a stylish pair of boots for a while now after seeing someone wearing something similar, I’ve found these and looked at them in the store and constantly look at them online and have shown them to friends on WhatsApp“ Giovanna, Brazil, Gen Z Q5 All Markets, Base: 161 “I’ve been looking for new trainers for a while now and have seen a lot of people wearing these and they appear on Instagram too. I like the classic style so want to get them” Ollie, UK, Gen Z “A lot of the time I may browse online and look for items that I may buy, when I actually buy them I go in- store and in between this I’ll often speak to friends.“ Louisa, UK, Gen Y “When I want to buy something, the first website I use to search is Google Shopping and the second is ‘Buscape’, a website that gives you an overview of prices for the item and where to buy” Rafaela, Brazil, Gen Y
  20. 20. 20 20 confidential © 2016Confidential © 2016 BOTH GENS Y & Z HAVE TRUSTED SOURCES AND ‘GO TO’ BRANDS Inspiration “I first discovered Etsy through my Pinterest app. I found it a very unique source to find nice gifts, clothes and decoration objects. I have suggested it to friends when looking for something cool to give someone a gift or when you want to get ideas.“ Katrin, UK, Gen Y “I have certain brands that I will go to first for inspiration and see what they have. I like to get ideas from them and look further to see what else is out there. Makeup Addiction is one of those ” Emmy, UK, Gen Z
  21. 21. 21 21 confidential © 2016Confidential © 2016 BRAND PEER GROUP ACTIVE OWNERSHIP COMPLETE PURCHASE PURCHASE CHANNEL INSPIRATION VALIDATION Influenced by their personal relationships, trusted sources and influential brands and retailers. They seek opinions and share discoveries, gaining status through what they know and their potential choice. The big moments for brands to authenticate themselves, provide reassurance and reinforce the decision. Ongoing need for approval of their choice via feedback from peers. They look to exert influence by showing off ownership. Assessment of the brand is still influenced by what others think. The act of transaction itself must deliver a positive experience and encapsulate the brand’s behaviour. THE ‘INFLUENCE EXCHANGE’ FUELS EVERY STAGE OF THE CYCLE
  22. 22. 22 22 confidential © 2016Confidential © 2016 They are fickle and impulsive: the ‘swipe- right’ generations TRUTH OR MYTH?
  23. 23. 23 23 confidential © 2016Confidential © 2016 They are fickle and impulsive: the ‘swipe- right’ generations TRUTH OR MYTH? MYTH. They hardly ever make impulsive purchases: they ALWAYS seek to purchase something they have had the chance to screen and vet
  24. 24. 24 24 confidential © 2016Confidential © 2016 GEN Y INVARIABLY VET ONLINE AND THEN ASK FOR ADVICE GEN Z ACTIVELY INVOLVE THEIR PEERS FOR IMMEDIATE APPROVAL Validation “I think that one of the most important things is seeing what people like me think about it, that they like the brand too. In the end I want to get a product that other people will admire.“ Lorenzo, Brazil, Gen Z “There are times when I’ve seen something I liked on Instagram and I’ve tagged people in the comments just to find out what they think.” Brittney, US, Gen Z Brazil favour more direct routes via WhatsApp and email In the UK this is done via snapchat or Instagram The US favour Facebook, Instagram and Pinterest. 0% of the Gen Zs we spoke to said they make impulse purchases “If I see something I like I will spend a good amount of time finding out more about it and then, when I feel that I have a good understanding of it, I’ll speak to friends who might already own it or know about it and see what they think.” Beth, UK, Gen Y Q11, Base: BR 84 , US 83, UK 66
  25. 25. 25 25 confidential © 2016Confidential © 2016 BRAND PEER GROUP ACTIVE OWNERSHIP COMPLETE PURCHASE PURCHASE CHANNEL INSPIRATION VALIDATION Influenced by their personal relationships, trusted sources and influential brands and retailers. They seek opinions and share discoveries, gaining status through what they know and their potential choice. The big moments for brands to authenticate themselves, provide reassurance and reinforce the decision. Ongoing need for approval of their choice via feedback from peers. They look to exert influence by showing off ownership. Assessment of the brand is still influenced by what others think. The act of transaction itself must deliver a positive experience and encapsulate the brand’s behaviour. THE ‘INFLUENCE EXCHANGE’ FUELS EVERY STAGE OF THE CYCLE
  26. 26. 26 26 confidential © 2016Confidential © 2016 They care less about physical retail experiences and prefer to execute their shopping online TRUTH OR MYTH?
  27. 27. 27 27 confidential © 2016Confidential © 2016 They care less about physical retail experiences and prefer to execute their shopping online TRUTH OR MYTH? MYTH. They are still heavily invested in the physical retail experience: it’s where expectation needs to meet reality
  28. 28. 28 28 confidential © 2016Confidential © 2016 BOTH GENS Y & Z WANT TO EXPERIENCE HOW THE BRAND BEHAVES, BUT IN-STORE OFTEN UNDERWHELMS Purchase Channel “I’d like to think that in-store is going to be a lot more interesting, maybe more learning about the product or the history than you can do now…to give you something to tell others.“ Fabio, BR, Gen Y “I like it when stores have brands separated out and merchandised well because it helps you get a vibe for what each brand is about, like if it is young, trendy, flashy or retro” Daniel, Gen Z, UK In-store experience is the most important factor for influencing their purchase: •  34% of UK Gen Z •  29% of US Gen Z •  22% of BR Gen Z Q17, Base: BR 68, US 80, UK 66 “When I bought my Samsung VR, I couldn’t try it in the store and no-one seemed to know that much about it, but online you could get more information about the product and sort of see it working so you could make a better decision.” Taylor, US, Gen Z 48% of Gen Y made their purchase in-store 46% of Gen Y made their purchase online Q9 All Markets, Base:223, 215 53% of Gen Z made their purchase in-store 46% of Gen Z made their purchase online Q9 All Markets, Base:233, 201
  29. 29. 29 29 confidential © 2016Confidential © 2016 BRAND PEER GROUP ACTIVE OWNERSHIP COMPLETE PURCHASE PURCHASE CHANNEL INSPIRATION VALIDATION Influenced by their personal relationships, trusted sources and influential brands and retailers. They seek opinions and share discoveries, gaining status through what they know and their potential choice. The big moments for brands to authenticate themselves, provide reassurance and reinforce the decision. Ongoing need for approval of their choice via feedback from peers. They look to exert influence by showing off ownership. Assessment of the brand is still influenced by what others think. The act of transaction itself must deliver a positive experience and encapsulate the brand’s behaviour. THE ‘INFLUENCE EXCHANGE’ FUELS EVERY STAGE OF THE CYCLE
  30. 30. 30 30 confidential © 2016Confidential © 2016 They just want the moment of purchase to be as easy as possible TRUTH OR MYTH?
  31. 31. 31 31 confidential © 2016Confidential © 2016 They just want the moment of purchase to be as easy as possible True for Gen Y, but Gen Z want a reward from the outset… TRUTH OR MYTH?
  32. 32. 32 32 confidential © 2016Confidential © 2016 GEN Y PRIORITISE A FUNCTIONAL, FRICTIONLESS TRANSACTION GEN Z WANT TO CELEBRATE THE PURCHASE Purchase Complete “Once I decide I am ready to buy, the money will burn a hole in my pocket until I make the purchase.“ Gavin, US, Gen Y “If I see that other people want it or like it then that reassures me I’ve made the right choice and in some cases I’ve been lucky to get it.” Lowri, UK, Gen Z Adidas Ultra Boost – Share how you wear it
  33. 33. 33 33 confidential © 2016Confidential © 2016 BRAND PEER GROUP ACTIVE OWNERSHIP COMPLETE PURCHASE PURCHASE CHANNEL INSPIRATION VALIDATION Influenced by their personal relationships, trusted sources and influential brands and retailers. They seek opinions and share discoveries, gaining status through what they know and their potential choice. The big moments for brands to authenticate themselves, provide reassurance and reinforce the decision. Ongoing need for approval of their choice via feedback from peers. They look to exert influence by showing off ownership. Assessment of the brand is still influenced by what others think. The act of transaction itself must deliver a positive experience and encapsulate the brand’s behaviour. THE ‘INFLUENCE EXCHANGE’ FUELS EVERY STAGE OF THE CYCLE
  34. 34. 34 34 confidential © 2016Confidential © 2016 Post-purchase, they proudly display their spoils via social media TRUTH OR MYTH?
  35. 35. 35 35 confidential © 2016Confidential © 2016 Post-purchase, they proudly display their spoils via social media They warily share purchases as the need for validation reaches its peak TRUTH OR MYTH?
  36. 36. 36 36 confidential © 2016Confidential © 2016 GEN Y REVEAL & RECOMMEND TO RECEIVE INDIRECT APPROVAL GEN Z TENTATIVELY SEEK OUT DIRECT FEEDBACK Peer-to-Peer Feedback “A lot of people used to really show off what they have gotten recently, like dresses, cameras and phones but now I think everyone has got a bit tired of that and it’s nice to get a more direct comment from someone… I still post pictures but make sure that the picture is of the product in context, like wearing a new dress to an event.“ Allison, US, Gen Y “This is my new camera. I haven’t really shown it to anyone yet as want to learn how to use it and make sure I’ve made the right decision.” Vitoria, Brazil, Gen Z “So, I got the trainers! I’m really pleased with them and quite a few of my friends have made good comments about them which is always nice to hear.” Ollie, UK, Gen Z
  37. 37. 37 37 confidential © 2016Confidential © 2016 PURCHASE JOURNEY SUMMARIES
  38. 38. 38 38 confidential © 2016Confidential © 2016 BRAND PEER GROUP ACTIVE OWNERSHIP COMPLETE PURCHASE PURCHASE CHANNEL INSPIRATION VALIDATION SUMMARY: GEN Y PURCHASE JOURNEY They investigate on their own before consulting with others.They have go-to sources for inspiration. They invariably vet online before going in-store.They will also directly request guidance from the experts in their social spheres. They need to check the brand fits with them and get the story to tell about their new product. They reveal and recommend in order to receive indirect approval. They are conscious of oversharing and diluting the impact of what they post and talk about. They want the product as conveniently as possible, without compromising on the quality of the experience.
  39. 39. 39 39 confidential © 2016Confidential © 2016 BRAND PEER GROUP ACTIVE OWNERSHIP COMPLETE PURCHASE PURCHASE CHANNEL INSPIRATION VALIDATION SUMMARY: GEN Z PURCHASE JOURNEY They love to research, often because they can’t afford to buy straight away. They use their social group to discover and share.Trusted brands often serve as a starting point. They actively involve their peers for immediate approval.They indulge in ‘virtual ownership’ and show off their discoveries to determine if their choice will be accepted. They want to experience how the brand behaves to ensure it fits their lifestyle. They will buy via the channel that best meets their needs.The store experience plays a big role in reassuring them but also the one that feels the most ‘broken’. They need reassurance that they have made the right choice, but won’t shout about it instantly. If it doesn’t meet immediate approval they will ‘bury it’ and may even seek to save face by warning others away from it. They want to celebrate the purchase. They like brands to re-validate their choice, demonstrate the reasons they bought it and help them turn their purchase into social currency.
  40. 40. 40 40 confidential © 2016Confidential © 2016 THE 5 BIG IMPLICATIONS TO BECOME ‘A BRAND WITH RETAIL INFLUENCE’
  41. 41. 41 41 confidential © 2016Confidential © 2016 1. NURTURE COMMUNITES OF SHOPPERS BY FUELLING INFLUENCE WITHIN THE PEER GROUP
  42. 42. 42 42 confidential © 2016Confidential © 2016 confidential © 2016Confidential © 2016 GLOBAL EXAMPLE? 2. BALANCE SHARED, COLLECTIVE EXPERIENCES WITH PERSONALISED OWNERSHIP FOR THE INDIVIDUAL
  43. 43. 43 43 confidential © 2016Confidential © 2016 3. BALANCE PRODUCT PUSH WITH CULTURAL PULL VIA INFLUENTIAL PARTNERSHIPS
  44. 44. 44 44 confidential © 2016Confidential © 2016 4. DELIVER FRICTIONLESS BUYING WHILE REINFORCING ‘BRAND FOR ME’
  45. 45. 45 45 confidential © 2016Confidential © 2016 5. DELIVER THE GRATIFICATION OF OWNERSHIP: BEFORE, DURING AND AFTER THE PURCHASE
  46. 46. 46 46 confidential © 2016Confidential © 2016 iris-worldwide.com

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