Gen Z, the digitally savvy generation aged 16 to 26, has played an unexpected role in revitalizing malls. Despite their familiarity with the digital space, Gen Z's preference for instant gratification has driven them back to physical stores. The immediacy of touching, trying out, and buying products fuels their interest in brick-and-mortar shopping¹².
Here's why Gen Z is making a difference:
1. In-Person Shopping Preference:
- According to a 2023 report by the International Council of Shopping Centers, about 97% of Gen Z respondents shop at brick-and-mortar stores, while 95% shop online for convenience. They value the experience of physically interacting with products and appreciate the social aspect of shopping¹.
2. Community and Social Connection:
- Gen Z seeks a sense of community. They want to bridge the gap between their social media interactions and real-life experiences. Malls provide a space for socializing, meeting friends, and exploring new trends¹.
3. The Power of Physical Retail:
- Despite being the first digitally native generation, Gen Z still embraces in-store shopping. 47% of Gen Z respondents prefer shopping in-store over online, surpassing other generations¹.
- Their preference for trying things on and experiencing products firsthand drives them to physical stores. For them, online shopping is for browsing, while in-person shopping is for buying¹.
4. Economic Influence:
- Gen Z constitutes 40% of global consumers, wielding significant spending power (**$360 billion**). Malls recognize this and are banking on their engagement to revitalize the retail landscape¹.
In a world where digital experiences dominate, Gen Z's return to physical stores underscores the enduring appeal of tangible shopping.
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