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1、SPECIAL REPORTGenerational Shopping Behavior:How Gen Z Shops 2 L.E.K.ConsultingAbout L.E.K.Consulting Were L.E.K.Consulting,a global strategy consultancy working with business leaders to seize competitive advantage and amplify growth.Our insights are catalysts that reshape the trajectory of our clie

2、nts businesses,uncovering opportunities and empowering them to master their moments of truth.Since 1983,our worldwide practice spanning the Americas,Asia-Pacific and Europe has guided leaders across all industries from global corporations to emerging entrepreneurial businesses and private equity inv

3、estors.Looking for more?Visit .L.E.K.Consulting is a registered trademark of L.E.K.Consulting LLC.All other products and brands mentioned in this document are properties of their respective owners.2023 L.E.K.Consulting LLCSPECIAL REPORTContentsIntroduction.3How Gen Z shops.4Who is winning Gen Z?.8Ho

4、w to court Gen Z.10Conclusion.113 L.E.K.ConsultingSPECIAL REPORTIntroductionMany businesses embrace the adage of“meeting consumers where they are,”but not all consumers shop in the same way.Indeed,as buying power shifts to younger generations,brands and retailers must continually evolve their unders

5、tanding of consumer needs and shopping behaviors.Take Generation Z.While a lot of assumptions are made about this generation,how they actually shop might surprise you.Raised in a digital,always-on world,Gen Z has more product choices than every other generation before it,and more ways to purchase th

6、ose products.Amid such an abundance of choice,Gen Zers are looking for ways to stand out from the crowd,to find products that reflect not just their style but their values,and they are doing the research to ensure they are informed consumers.Gen Z also expects the process of discovering and purchasi

7、ng products to be as seamless as possible.Importantly,seamless doesnt necessarily mean digital.Unlike members of older generations,Gen Zers actually prefer shopping in person,though they blur the lines between the digital and physical worlds.Those are just some of the insights revealed by a comprehe

8、nsive consumer study conducted by L.E.K.Consulting that explored shopping patterns of Gen Z,millennials,Gen X and boomers.This special report is focused on the purchasing tendencies of Gen Z,yet it is built on a rich foundation of data that spans the preferences and habits of the other demographic c

9、ohorts as well.This extensive dataset offers a panoramic view of the shifting consumer landscape across categories and generations.If youd like to learn more about this data and the shopping habits of Gen Z and other generations,please contact us.SPECIAL REPORTHow Gen Z shopsWhat we know:Gen Z is co

10、nstantly discovering and shopping As the first“digitally native”generation,Gen Z has grown up deeply entwined with digital technology,engaging in activities like working,shopping,dating and socializing predominantly online.This connectivity means that more than any other generation,Gen Z is perpetua

11、lly in“shopping/browsing mode.”Some 40%of the Gen Zers we surveyed indicated they are constantly shopping,compared with 35%of millennials and 15%of Gen Xers and boomers.Although such an“always on”approach means that Gen Z is highly engaged,it also means this generation is constantly being bombarded

12、with the next new product or brand.Gen Z has demonstrated its willingness to open up its wallet to emerging players:43%of Gen Zers surveyed indicated they like to purchase a wide variety of products/brands within the same shopping category.But while Gen Z can be brand loyal,it isnt complacent and in

13、stead is constantly searching for the next best thing(see Figure 1).39%35%16%14%10%I am constantly shopping/browsing43%40%27%25%19%I like to purchase a wide variety of products/brandswithin the same shopping category Gen ZMillennialsGen XBaby boomersSilent GenerationFIGURE 1Shopping/browsing frequen

14、cy and purchasing behavior by generationSource:L.E.K.research and analysis4 L.E.K.ConsultingSPECIAL REPORTWhat to do about it:In order to reach Gen Z,brands and retailers need to cut through the noise.You have a matter of seconds to communicate your unique value proposition to this consumer,and this

15、 requires crisp articulation and compelling messaging.Be sure to make it personal Gen Zers are much more likely to open an email,watch an ad or click on a link that feels targeted and relevant to them.Luckily,these digitally engaged consumers are creating a rich set of data that allows companies to

16、more easily understand their needs and effectively target those needs.Marketing to Gen Z isnt a one-way street,but a conversation.What we know:Gen Z still visits physical storesDespite all this digital engagement,Gen Z still places a high value on brick-and-mortar shopping.Among survey respondents,6

17、4%of Gen Zers expressed a preference for in-store shopping,more than millennials,Gen Xers and boomers (see Figure 2).26%10%64%Gen Z30%11%59%Millennials32%6%61%Gen X33%5%62%Baby boomers28%3%69%Silent GenerationBuy online,deliver to homeBuy online,pick up in storeBuy in storeSource:L.E.K.research and

18、analysisFIGURE 2Preference for in-store shopping by generation5 L.E.K.ConsultingSPECIAL REPORTWhile other generations were more likely to cite shipping costs or a need to touch products in person as the rationale for shopping in-store,Gen Zs channel preference largely comes down to whatever is most

19、convenient/efficient for a given purchase.These consumers are used to having information,products and services at their fingertips and will pursue whatever path to purchase is most seamless.At the same time,Gen Z still values the experience of shopping in person,whether with friends or simply to bro

20、wse,and is most amenable to unique experiential offerings.Despite their cravings for simplicity and instant gratification,Gen Zers dont want shopping to be just transactional they want it to be an enjoyable activity(see Figure 3).Source:L.E.K.research and analysisFIGURE 3Primary reasons of in-store

21、shopping preference,Gen Z vs all other generations 78%77%70%44%32%0%20406080100It is moreefficient for meIt is moreconvenient for meI want to touchand feel productsin personI dont want topay for shippingI enjoy a uniqueand experientialin-person shoppingexperience(14%)(5%)(11%)(2%)(10%)Difference fro

22、m Gen ZMillennialsGen XBaby BoomersGen ZWeaker driver compared to Gen Z Stronger driver compared to Gen ZSilent Generation(26%)(8%)3%(3%)(8%)(17%)(3%)13%(8%)(5%)6%29%20%(5%)Percentage of respondents who prefer to shop in-store25%6 L.E.K.ConsultingSPECIAL REPORTWhat to do about it:Gen Zers make no di

23、stinction between the digital and physical realms.When trying a product in-store,for example,Gen Zers will simultaneously turn to online reviews and user-generated content for further insights.This multifaceted,nonlinear purchase path means brands and retailers must deliver a seamless offering acros

24、s online and brick-and-mortar platforms.Its not enough for channels to be connected;retailers and brands need to provide a single unified experience across the entire value proposition,from content to assortment to checkout(e.g.,buy now,pay later across channels,fast mobile pay)all the way through t

25、o after the purchase(e.g.,returns,live-chat customer support,order and size history).What we know:Gen Z seeks to be informedIt has been well documented that Gen Zers want to shop for,wear and eat products whose brands reflect their individual values.They want to ensure theyre buying items that meet

26、their expectations of quality,value and authenticity and to make every purchase count.At the same time,they also know they cant trust everything they see in an advertisement or read on the internet.Simply put,Gen Zers want to be informed consumers;in fact,92%of Gen Z shoppers do research before maki

27、ng a purchase the highest rate of any generation.What to do about it:Appealing to values-driven Gen Z shoppers isnt about crafting fluffy marketing messaging to suggest that your business cares about more than profits;instead,its about developing an authentic brand personality that you can stand beh

28、ind.Further,the key attributes of your offering,including price,must be communicated strategically across a multitude of consumer touchpoints.You dont need to have the same price in every channel,but you must be intentional about how you price across channels so you could justify it to a well-inform

29、ed Gen Z consumer.7 L.E.K.ConsultingSPECIAL REPORTGiven how Gen Z likes to shop,which retailers and channels does Gen Z prefer?Luckily,there isnt a one-size-fits-all answer.Indeed,depending on the category,a range of brands and retailers are reaching Gen Z effectively and in their own way.First,of c

30、ourse,there is Amazon.Amazon speaks to Gen Zs need for convenience,personalization and a seamless experience.Predictably,Amazon performs best with Gen Z in consumer durables and has slightly lower relative utility in groceries and other consumables.But what was once a website for specific product ca

31、tegories or value merchandise is now a major player in most shopping journeys.Other Gen Z winners are the direct-to-consumer channels of brands themselves,particularly in footwear and apparel.Gen Z consumers are comfortable doing their own research and curation(versus relying on a department store t

32、o do that for them)and will go directly to brands they want to support(see Figure 4).Notably,Ulta Beauty is a standout with Gen Z in the beauty and personal care category.Ultas efforts to support sustainable beauty(through its Conscious Beauty line),expand accessibility(through its partnership with

33、Target)and provide exclusive stocking of several digital-first beauty brands(e.g.,Bubble)all appeal to Gen Zs desire for values-driven products without the need to sacrifice convenience.6162657489020406080100Off-price retailersDicks SportingGoodsFoot LockerAmazonFootwear brandstores and websitesFoot

34、wearFIGURE 4Gen Zs average utility score,by category and retailer5158597580020406080100Outdoor-focusedbrands and websitesOnline-only fast fashionapparel retailersTraditional apparelretailersAmazonAthletic brandsApparelWho is winning Gen Z?8 L.E.K.ConsultingSPECIAL REPORT5662727387020406080100AldiAma

35、zonWalmartTargetSupermarkets6874747582020406080100TargetSephoraWalmartAmazonUlta BeautyBeautyGrocerySource:L.E.K.research and analysisNote:Utility scores are not comparable across categories,only across retailers within each specific category;L.E.K.determined consumer retailer preferences and utilit

36、y scores through a MaxDiff analysisFurnitureAppliances6167717791020406080100CostcoLowesAmazonBest BuyWalmart5565727390020406080100Off-price retailersWalmartIKEAHome improvementretailersAmazonFIGURE 4(CONTINUED)Gen Zs average utility score,by category and retailer9 L.E.K.ConsultingSPECIAL REPORTThe u

37、nique preferences of Gen Z shoppers necessitate a unique approach on the part of brands and retailers and their investors.To successfully cut through the noise,establish trust and turn this generation of consumers into customers,you need to:Be authentic.Understand your brand voice,positioning and in

38、tent in order to align the messaging,content,assortment,price and overall experience you provide.Personalize to grab attention.Use the data and knowledge you have about your customers to engage them while shopping,at the right moment,rather than simply collecting data and then not using it in commun

39、ications with them.Make it seamless.Be consistent and available across the touchpoints where you engage with your customers be where they are,and make it easy for them to engage with you.Unify the physical and digital.Make sure the experiences you offer meld together they dont have to be the same,bu

40、t they need to be coherently integrated.Be intentional about channel roles.Place intentional bets on each channel,and set a clear path toward the roles and objectives that align the investments you make with the experiences you provide.How to court Gen Z10 L.E.K.ConsultingSPECIAL REPORTHaving grown

41、up with more ways to shop and more things to shop for than every generation before it,Gen Z has a unique set of priorities that reflects its unique set of circumstances.From desiring seamless interaction between the off-and online worlds of shopping and discovery to choosing products based on not ju

42、st their style but their values,members of Gen Z have raised the bar.To capture this generation,both now and for years to come,brands,retailers and their investors need to ensure they are meeting its needs every step of the way.Our study provides insights into the preferences and behaviors of each g

43、eneration,in multiple product categories.We invite you to connect with us to learn more about the Generational Shopping Behavior study and gain further insights into how each generation feels about your brand.Please dont hesitate to contact us.Conclusion11 L.E.K.ConsultingSPECIAL REPORT12 L.E.K.Cons

44、ultingAbout the authorsJen WuMANAGING DIRECTOR AND PARTNER,NEW YORKJen Wu is a Managing Director and Partner in L.E.K.Consultings New York office.Jen is a member of the firms Retail and Consumer Products practice,where she has deep expertise in food and beverage growth strategies and M&A.With over e

45、ight years at L.E.K.,she has advised corporate and private equity clients on strategic projects ranging from investment screens and buy-and sell-side due diligence to new market entry and corporate growth strategies.Laura BrookhiserMANAGING DIRECTOR AND PARTNER,BOSTONLaura Brookhiser is a Managing D

46、irector and Partner in L.E.K.Consultings Boston office.Laura is dedicated to the Retail and Consumer Products practices,with a focus on serving clients in the footwear,apparel and home furnishings industries.Her work spans a number of topics,including brand positioning and consumer insights,organic

47、and inorganic growth strategy,customer experience and engagement,M&A,and digital and channel strategy.Chuck ReynoldsMANAGING DIRECTOR AND PARTNER,BOSTON Chuck Reynolds is a Managing Director and Partner in L.E.K.Consultings Boston office and a member of the Digital practice.Chuck has extensive exper

48、ience in digital strategy across various areas,including digital commerce,customer engagement,agile,direct-to-consumer,data,and the application of artificial intelligence/machine learning.He has particular expertise in digital strategies that enhance growth and profitability through customer engagem

49、ent.Rachel CadyASSOCIATE CONSULTANT,NEW YORKRachel Cady is an Associate Consultant in L.E.K.Consultings New York office and works in the firms Consumer practice.Rachel has both industry and consulting experience in the consumer sector and has worked across several verticals,including home,soft goods

50、,food&beverage,and travel&transport.She has advised clients across a range of critical strategic topics such as growth strategy,pricing strategy and M&A.Youssef SaidSENIOR CONSULTANT,NEW YORKYoussef Said is a Senior Consultant in L.E.K.Consultings New York office.Youssef is a member of the firms Retail and Consumer Products practice,with a particular focus on the food&beverage,travel&leisure,and apparel sectors.He has advised clients on a range of strategic issues,including M&A,go-to-market strategy,corporate growth strategy,organizational transformation and customer segmentation.