Gen Z and Millennials Twice as Likely to be Omnichannel Shoppers According to New Near Intelligence Report
Near Intelligence, Inc. (Nasdaq: NIR) a global Data Intelligence Platform that curates one of the world's largest sources of intelligence on people and places, today announced its new study, The Great Generational Shopping Divide, which reveals clear divisions between groups of consumers, with the largest divide being generational. The report finds Gen Z, Millennials, Gen X, and Boomers all have distinctly different expectations from brands, shopping preferences and patterns, and outlooks for the future.
The importance of utilizing high-quality consumer behavior data is key when it comes to addressing the distinctions among generations. Consumer behavior data unites multiple data sources to deliver insights into how consumers dine, shop, travel, work, and more. These insights can be utilized by businesses to inform their marketing and operational strategies around trade area, path to purchase, dwell time, demographics, and more.
Read the full report: The Great Generational Shopping Divide
Near's Retail Report surveyed 2,048 global consumers across generations in the United States, United Kingdom, and Australia. The report explores a range of topics including how consumers approach shopping using online, in-store, and omnichannel shopping behaviors, what attracts them to shop at certain shopping centers and stores, how consumers feel about spending for the upcoming holiday season, and how they're looking for deals.
Key findings show how distinct age groups approach shopping, their expectations from brands and shopping centers, and the platforms they prefer for their shopping experiences. The findings of generational variations in shopping approaches hold significant ramifications for businesses striving to excel in today's dynamic marketplace.
Read the blog: From Gen Z to Boomers: Unpacking Evolving Shopping Behaviors
Omnichannel Shopping Experiences
Online shopping is widely adopted across generations, yet younger generations are leading the way in omnichannel shopping, showing that retailers must provide omnichannel experiences to cater to today's diverse shopping landscape:
Personalization is Key
Gen Z and Millennials are seeking deeper engagement and personalized experiences from brands and shopping centers:
A shopping center's proximity to a respondent's home has emerged as a critical factor, especially among younger generations:
Generational Spending Patterns
Younger consumers plan to spend more on shopping for the rest of the year compared to last year, including during the holidays:
"Many retailers simply don't have the data they need to navigate in today's ever-changing retail landscape, and must be armed with valuable consumer insights to ensure they're making the right business decisions, while also keeping pace with their shoppers' latest desires," said Anil Mathews, CEO of Near. "With the latest findings in Near's report, retail decision-makers have the ability to unlock immense value through our new data and gain competitive insights."
This survey was conducted between July 7-19 2023, with a total of 2,048 global respondents in the United States, United Kingdom, and Australia, census-weighted by age, gender, and geography.
Download the full report here: The Great Generational Shopping Divide
Near, a global Privacy-Safe Data Intelligence Platform curates one of the world's largest sources of intelligence on people and places. Near's patented technology analyzes data to deliver insights on approximately 1.6 billion unique user IDs across 70 million points of interest in more than 44 countries. With Near's three-pillared approach- high-quality data, privacy, and AI - operational and marketing leaders are empowered with solutions to successfully engage and grow their businesses at scale. With a presence in Pasadena, San Francisco, Paris, Bangalore, Singapore, Sydney, and Tokyo, Near serves enterprises in a diverse spectrum of industries including retail, real estate, restaurant, travel/tourism, telecom, media, and more. To learn more, please visit: https://near.com
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