{"id":4874,"date":"2019-06-26T08:42:49","date_gmt":"2019-06-26T03:12:49","guid":{"rendered":"https:\/\/www.vue.ai\/blog\/?p=4874"},"modified":"2024-05-02T14:07:52","modified_gmt":"2024-05-02T08:37:52","slug":"generational-impact-on-retail","status":"publish","type":"post","link":"https:\/\/www.vue.ai\/blog\/leaders-in-retail\/generational-impact-on-retail\/","title":{"rendered":"From Boomers To Gen Z &#8211; Generational Impact On Retail\u00a0"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-transparent ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69f88e33d9b18\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69f88e33d9b18\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.vue.ai\/blog\/leaders-in-retail\/generational-impact-on-retail\/#the-rise-of-the-grandparent-economy\" title=\"The Rise of the Grandparent Economy\">The Rise of the Grandparent Economy<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.vue.ai\/blog\/leaders-in-retail\/generational-impact-on-retail\/#gen-x-the-forgotten-generation\" title=\"Gen X: The Forgotten Generation\u00a0\">Gen X: The Forgotten Generation\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.vue.ai\/blog\/leaders-in-retail\/generational-impact-on-retail\/#millennials-tomorrows-trillion-dollar-demographic\" title=\"Millennials: Tomorrow\u2019s Trillion-Dollar Demographic\">Millennials: Tomorrow\u2019s Trillion-Dollar Demographic<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.vue.ai\/blog\/leaders-in-retail\/generational-impact-on-retail\/#gen-z-offer-new-hope-for-malls-and-brick-and-mortar-stores\" title=\"Gen Z Offer New Hope for Malls and Brick-and-Mortar Stores\">Gen Z Offer New Hope for Malls and Brick-and-Mortar Stores<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.vue.ai\/blog\/leaders-in-retail\/generational-impact-on-retail\/#how-retailers-can-keep-up-and-enjoy-a-huge-payoff\" title=\"How Retailers Can Keep Up and Enjoy a Huge Payoff\">How Retailers Can Keep Up and Enjoy a Huge Payoff<\/a><\/li><\/ul><\/nav><\/div>\n<span class=\"rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Reading Time: <\/span> <span class=\"rt-time\">8<\/span> <span class=\"rt-label rt-postfix\">minutes<\/span><\/span><p><span style=\"font-weight: 400;\">Retail stores have been in the process of shutting up shop this last decade with no sign of waning this year. Macy&#8217;s, for instance, announced that it would be closing about 100 stores two years ago. We are not, however, in the midst of a retail apocalypse as many fear.\u00a0 Contrary to popular opinion, young, digitally savvy shoppers are not shunning in-store shopping. As per the U.S. Census Bureau 2018 survey, <\/span><a href=\"http:\/\/www.koreatimes.co.kr\/www\/opinion\/2019\/05\/197_269062.html\"><span style=\"font-weight: 400;\">89% of retail sales were occurring via stores<\/span><\/a><span style=\"font-weight: 400;\"> and 5.65% were happening through e-commerce. This shows that despite the emergence of new retail channels, the brick-and-mortar store is dominant.\u00a0<\/span><\/p>\n<figure id=\"attachment_4877\" aria-describedby=\"caption-attachment-4877\" style=\"width: 750px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-4877\" src=\"https:\/\/www.vue.ai\/blog\/wp-content\/uploads\/2019\/06\/bded737e4b904c92904e13008752e8a4-300x157.jpg\" alt=\"\" width=\"750\" height=\"392\" srcset=\"https:\/\/www.vue.ai\/blog\/wp-content\/uploads\/2019\/06\/bded737e4b904c92904e13008752e8a4-300x157.jpg 300w, https:\/\/www.vue.ai\/blog\/wp-content\/uploads\/2019\/06\/bded737e4b904c92904e13008752e8a4-768x401.jpg 768w, https:\/\/www.vue.ai\/blog\/wp-content\/uploads\/2019\/06\/bded737e4b904c92904e13008752e8a4.jpg 980w\" sizes=\"(max-width: 750px) 100vw, 750px\" \/><figcaption id=\"caption-attachment-4877\" class=\"wp-caption-text\">Source: The Korea Times<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">The truth is today\u2019s teens interact differently with stores than their older millennial siblings and Gen X parents. And retailers who know how to stay relevant and adapt to changing trends can thrive in this new data-led retail landscape. Fashion retail platforms like Farfetch and\u00a0Tokyo\u2019s Tsutaya Bookstore\u00a0<\/span><span style=\"font-weight: 400;\">are good examples of how companies are bringing this data intelligence into the brick-and-mortar business to offer customers, especially the \u201cconnected generation\u201d, a more personalized experience. There is little doubt that consumer shopping behavior and preferences are the main drivers of change. This creates an urgent need for retailers and brands to understand the fundamental differences in shopping habits between the current Gen Z , Gen Y and the older Baby Boomers to ensure that they remain afloat.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">There are four main generational demographics that have been acknowledged as distinct consumer sets: Baby Boomers, Gen X, Gen Y (or Millennials) and Gen Z \u2013 each of them are looking for something different, and this is extremely important for retailers and brands to understand.\u00a0<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"the-rise-of-the-grandparent-economy\"><\/span><b>The Rise of the Grandparent Economy<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Baby Boomers (born 1946 to 1964) overwhelmingly prefer traditional stores to shopping online. 84% of Boomers said that they prefer in-store shopping and <\/span><span style=\"font-weight: 400;\">67% reported<\/span><span style=\"font-weight: 400;\"> that if a product they wanted was available both online and in a nearby store, they would head over to their local store. This generation places tremendous value in a brand based on their interactions with retailers and sales associates. This ageing population will be part of a new grandparent economy.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cToday the most highly educated people in America are men in their 60s, and they are absolutely, unconditionally the wealthiest set of grandparents the world has ever seen,\u201d <\/span><span style=\"font-weight: 400;\">said<\/span><span style=\"font-weight: 400;\"> Peter Francese, founder of\u00a0<\/span><i><span style=\"font-weight: 400;\">American Demographics\u00a0<\/span><\/i><span style=\"font-weight: 400;\">magazine.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The implications of this grandparent economy are critical. \u201cToo many retailers ignore seniors and think they have no money or they are only interested in buying drugs or health products. Nothing could be further from the truth,\u201d Francese said in a <\/span><i><span style=\"font-weight: 400;\">Forbes<\/span><\/i><span style=\"font-weight: 400;\"> article titled <\/span><a href=\"https:\/\/www.forbes.com\/sites\/pamdanziger\/2019\/05\/05\/four-demographic-trends-that-many-retailers-missed-but-not-walmart\/\"><i><span style=\"font-weight: 400;\">Four Demographic Trends That Many Retailers Missed, But Not Walmart<\/span><\/i><\/a><i><span style=\"font-weight: 400;\">. \u201c<\/span><\/i><span style=\"font-weight: 400;\">The fact is many grandparents are buying diapers, not for themselves, but for their grandchildren. And they are buying many other things for their grandchildren, children and friends as well.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In fact, senior baby boomers can become a retailer\u2019s most loyal customers if only retailers know how to cater to their needs in terms of products and services.\u00a0<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"gen-x-the-forgotten-generation\"><\/span><b>Gen X: The Forgotten Generation<\/b><span style=\"font-weight: 400;\">\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">\u201cWhen marketing to Gen Xers, it\u2019s critical to make products and services especially visible and accessible online by using SEO strategies to optimize their research and an active social media presence to demonstrate a personable and authentic brand image,\u201d <\/span><i><span style=\"font-weight: 400;\">Salesfloor.net<\/span><\/i><span style=\"font-weight: 400;\"> reported. Retailers should therefore not ignore the spending power of this generation. Gen Xers produce 31% of total U.S. income despite making up only 25% of the population.<\/span><\/p>\n<figure id=\"attachment_4878\" aria-describedby=\"caption-attachment-4878\" style=\"width: 750px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-4878\" src=\"https:\/\/www.vue.ai\/blog\/wp-content\/uploads\/2019\/06\/https___blogs-images.forbes.com_pamdanziger_files_2019_05_CensusBureau-US-Population-Distribution-by-Age-Group-and-Gender-May2018-300x167.jpg\" alt=\"\" width=\"750\" height=\"416\" srcset=\"https:\/\/www.vue.ai\/blog\/wp-content\/uploads\/2019\/06\/https___blogs-images.forbes.com_pamdanziger_files_2019_05_CensusBureau-US-Population-Distribution-by-Age-Group-and-Gender-May2018-300x167.jpg 300w, https:\/\/www.vue.ai\/blog\/wp-content\/uploads\/2019\/06\/https___blogs-images.forbes.com_pamdanziger_files_2019_05_CensusBureau-US-Population-Distribution-by-Age-Group-and-Gender-May2018-768x426.jpg 768w, https:\/\/www.vue.ai\/blog\/wp-content\/uploads\/2019\/06\/https___blogs-images.forbes.com_pamdanziger_files_2019_05_CensusBureau-US-Population-Distribution-by-Age-Group-and-Gender-May2018-470x260.jpg 470w, https:\/\/www.vue.ai\/blog\/wp-content\/uploads\/2019\/06\/https___blogs-images.forbes.com_pamdanziger_files_2019_05_CensusBureau-US-Population-Distribution-by-Age-Group-and-Gender-May2018.jpg 960w\" sizes=\"(max-width: 750px) 100vw, 750px\" \/><figcaption id=\"caption-attachment-4878\" class=\"wp-caption-text\">Source: Forbes<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Sandwiched between the baby boomers and the millennials, Gen X (born 1965 to 1980) has money to spend, and yet this group remains an untapped goldmine. As reported on a Salesfloor.net piece titled, <\/span><a href=\"https:\/\/salesfloor.net\/2017\/08\/generations-shopping-habits\/\"><i><span style=\"font-weight: 400;\">How Each Generation Shops<\/span><\/i><\/a><span style=\"font-weight: 400;\">, Gen Xers cannot be won over by flashy advertising and marketing gimmicks. They\u2019re practical and shop more conservatively compared to other generations. For retailers, the key to capturing this audience will be via email and personalized offers.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"millennials-tomorrows-trillion-dollar-demographic\"><\/span><b>Millennials: Tomorrow\u2019s Trillion-Dollar Demographic<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">There are <\/span><span style=\"font-weight: 400;\">approximately 80 million Millennials<\/span><span style=\"font-weight: 400;\"> in the U.S. alone, and each year they spend close to $600 billion. Their spending in the U.S. is expected to grow to a whopping $1.4 trillion annually and represent 30% of total retail sales by 2020. Despite earning a reputation for viewing the world through an online lens, millennials (born 1981 to 1997) have a lot more in common with Gen X and Baby Boomers.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For example, Accenture\u2019s research showed that 41% of all three groups said that they practice \u201cshowrooming\u201d more frequently than they did a year ago; this means browsing merchandise at a nearby retail store and then shopping for the same item online to find the best price. This shift in purchasing habits can be attributed to the penetration of smartphones. These research findings demonstrated that what millennials are looking for is a seamless, integrated experience regardless of the channel. Therefore, when they go shopping, they must be able to switch effortlessly between smartphones, online and physical store.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cThere\u2019s always been this assumption that as you go through the age spectrum, the younger consumer that has grown up with online and digital and is very savvy would shun physical experiences,\u201d <\/span><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2019-04-25\/are-u-s-malls-dead-not-if-gen-z-keeps-shopping-the-way-they-do\"><span style=\"font-weight: 400;\">said<\/span><\/a><span style=\"font-weight: 400;\"> Neil Saunders, an analyst at GlobalData Retail. \u201cBut actually\u00a0that\u2019s not turned out to be the case.&#8221;<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"gen-z-offer-new-hope-for-malls-and-brick-and-mortar-stores\"><\/span><b>Gen Z Offer New Hope for Malls and Brick-and-Mortar Stores<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">As per the <\/span><i><span style=\"font-weight: 400;\">International Council of Shopping Centers<\/span><\/i> <a href=\"https:\/\/www.icsc.org\/uploads\/t07-subpage\/Gen_Z_2018_Consumer_Series.pdf\"><span style=\"font-weight: 400;\">study<\/span><\/a><span style=\"font-weight: 400;\">, about 95% of Gen Z visited a physical store in a three-month period in 2018 as compared to only 58% of Gen X and 75% of millennials.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Social media undoubtedly had a significant role to play in shaping this generation (born 1998 to 2010). Overall, nearly 78% of Gen Z has bought products in store as a direct result of what they saw on a website. Interestingly, YouTube is the most influential platform for this group. Nearly 37% of <\/span><span style=\"font-weight: 400;\">Gen Z <\/span><span style=\"font-weight: 400;\">said they buy items in stores after watching them being talked about on YouTube either all the time or frequently.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Sara Spivey, CMO of Bazaarvoice,\u00a0<\/span><a href=\"https:\/\/www.fierceretail.com\/digital\/gen-z-looking-to-identify-brands\"><span style=\"font-weight: 400;\">said,<\/span><\/a><span style=\"font-weight: 400;\"> \u201cCompanies should encourage Gen Zers to share photos and videos with their purchases, create polls and contests on social media and, most importantly, listen and respond to their feedback.\u201d\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Among the brands that have been quick to adopt this is Forever 21, which began rewarding phone-in-hand shopping. The company offered its clients 21% off if they took a picture of themselves in a Forever 21 outfit and published it online with the designated hashtags. The hashtag #F21PROMO was used on Instagram nearly 20,000 times as reported on <\/span><i><span style=\"font-weight: 400;\">Bloomberg.<\/span><\/i><\/p>\n<p><span style=\"font-weight: 400;\">Earlier this year, Macy\u2019s \u2013 a legacy department store that understood early on what it would take to appeal to a connected Gen Z crowd \u2013 rolled out a colorful themed shop-in-shop called Story across 36 of its stores early this year. In its gigantic Herald Square location, the 7,500-square-foot space is brightly painted with primary colors; there\u2019s a pillar completely made of Crayola crayons, a Ping-Pong table and a rainbow tunnel. Every two months, Macy\u2019s introduces a new theme and space undergoes a revamp \u2013 essentially creating new opportunities for customers to post on Instagram<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Younger consumers look for interaction and flexibility when it comes to shopping. Enter Dote, a one-stop-shop mobile app that not only lets Gen Z customers add to their shopping carts, but also lets them create a digital content hub on their individual member profiles where they can create quizzes, polls and lists and discuss their buys within the Dote community. Another interesting feature for this digital-first audience \u2013 <\/span><span style=\"font-weight: 400;\">live shopping parties<\/span><span style=\"font-weight: 400;\"> where \u201cdote members can watch their favorite influencers browse and buy items for sale on the site.\u201d<\/span><\/p>\n<figure id=\"attachment_4879\" aria-describedby=\"caption-attachment-4879\" style=\"width: 750px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-4879\" src=\"https:\/\/www.vue.ai\/blog\/wp-content\/uploads\/2019\/06\/TeenSmartphone800x600-300x225.jpg\" alt=\"\" width=\"750\" height=\"563\" srcset=\"https:\/\/www.vue.ai\/blog\/wp-content\/uploads\/2019\/06\/TeenSmartphone800x600-300x225.jpg 300w, https:\/\/www.vue.ai\/blog\/wp-content\/uploads\/2019\/06\/TeenSmartphone800x600-768x576.jpg 768w, https:\/\/www.vue.ai\/blog\/wp-content\/uploads\/2019\/06\/TeenSmartphone800x600.jpg 800w\" sizes=\"(max-width: 750px) 100vw, 750px\" \/><figcaption id=\"caption-attachment-4879\" class=\"wp-caption-text\">Source: Fierce Retail<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">\u201cThese social stars are truly the celebrities of the current time. No longer is it a top-down dynamic\u2014like Nike telling consumers, \u2018These are cool, buy these things.\u2019 It happens in a much more bottom-up, community driven way. Those are the two trends that we\u2019re building upon,\u201d said Dote\u2019s CEO and founder, Lauren Farleigh, in a <\/span><i><span style=\"font-weight: 400;\">PSFK<\/span><\/i><span style=\"font-weight: 400;\"> interview.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"how-retailers-can-keep-up-and-enjoy-a-huge-payoff\"><\/span><b>How Retailers Can Keep Up and Enjoy a Huge Payoff<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">\u201cIn the past, it has been a little more cookie-cutter,\u201d <\/span><span style=\"font-weight: 400;\">said<\/span><span style=\"font-weight: 400;\"> Marcie Merriman, an EY consultant with a focus on the Gen Z consumers. \u201cNow for today\u2019s teens, \u2018their mind just goes to a very different place because of their expectation that anything is possible.\u2019\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It\u2019s crucial for brands and retailers to realize that different generations\u00a0 expect different things from messaging. Looking at these generational tendencies can help them craft their consumer strategy \u2013 whether they\u2019re running a fashion brand or a coffee shop.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Millennials place value on being <\/span><span style=\"font-weight: 400;\">emotionally connected<\/span><span style=\"font-weight: 400;\"> to the brand and product. Gen X wants brands to be as straightforward as possible in their communication. As for Baby Boomers, they prioritize products that are budget friendly and reliable. Gen Z, on the other hand, is always on the hunt for a good deal.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Neiman Marcus, in an attempt to capture the experience shopping crowd, recently <\/span><a href=\"https:\/\/www.retaildive.com\/news\/neiman-marcus-takes-minority-stake-in-resale-site-fashionphile\/552936\/\"><span style=\"font-weight: 400;\">bought a minority stake in Fashionphile<\/span><\/a><span style=\"font-weight: 400;\">, an e-commerce company focused on pre-owned luxury handbags and accessories. The retailer plans to open five to seven in-store showrooms so customers can receive quotes on the used products they want to sell. Going forward, it hopes it can transform young shoppers involved in the reused market to loyal new-product buyers. As per <\/span><i><span style=\"font-weight: 400;\">Retail Dive,<\/span><\/i><span style=\"font-weight: 400;\"> the department store also said that, because they have &#8220;limited overlap between buyers and sellers in the pre-owned luxury market,&#8221;\u00a0the partnership would help Neiman Marcus reach &#8220;new, younger shoppers ahead of their peak spending years.&#8221;\u00a0<\/span><\/p>\n<figure id=\"attachment_4880\" aria-describedby=\"caption-attachment-4880\" style=\"width: 750px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-4880\" src=\"https:\/\/www.vue.ai\/blog\/wp-content\/uploads\/2019\/06\/e1fafdc546e24488f72d59c8a2c49937-300x142.jpg\" alt=\"\" width=\"750\" height=\"355\" srcset=\"https:\/\/www.vue.ai\/blog\/wp-content\/uploads\/2019\/06\/e1fafdc546e24488f72d59c8a2c49937-300x142.jpg 300w, https:\/\/www.vue.ai\/blog\/wp-content\/uploads\/2019\/06\/e1fafdc546e24488f72d59c8a2c49937-768x363.jpg 768w, https:\/\/www.vue.ai\/blog\/wp-content\/uploads\/2019\/06\/e1fafdc546e24488f72d59c8a2c49937.jpg 770w\" sizes=\"(max-width: 750px) 100vw, 750px\" \/><figcaption id=\"caption-attachment-4880\" class=\"wp-caption-text\">Source: Retail Dive<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Companies are certainly making profound changes to cater to various generations of consumers and offer them faster, better and more memorable customer experiences. In fact, Primark\u2019s five-floor megastore in Birmingham was recently named the biggest clothing store in the world as reported in <\/span><i><span style=\"font-weight: 400;\">The Guardian<\/span><\/i><span style=\"font-weight: 400;\">. It\u2019s considered a tourist destination and includes a Disney-themed caf\u00e9, a beauty salon and a blow-dry bar. The best part: shoppers are not just browsing; they\u2019re also buying.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cThe real secret of Primark\u2019s success,\u201d <\/span><span style=\"font-weight: 400;\">said<\/span><span style=\"font-weight: 400;\"> retail analyst Richard Hyman, \u201cis the hardest one for the rest of the faltering high street to copy: its extraordinary knack of converting casual browsers into buyers. The magical thing they do, and there\u2019s not a lot of it about these days, is when they get customers to go into their shops the customer feels almost compelled to buy something. People will walk around, and think: \u2018Wow! I could wear that three times and throw it away, and still be quids in,\u2019 and that wow factor is so difficult to create. It\u2019s like magic dust.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The differences between Millennials, Baby Boomers, Gen X and Gen Z shoppers will continue to exist and may even evolve. Therefore, it\u2019s crucial for retailers and marketers to recognize the nuanced relationship that Gen Z and Millennials have with technology and omni-channel shopping.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">These generations not only value brick-and-mortar stores, but also leverage digital tools and social media to make their buying decisions. Physical storefronts, undoubtedly, when taken into consideration in the buying process, remains as an important component of fulfilling a consumer\u2019s shopping mission. Retailers who don\u2019t keep up with these trends and who\u2019re not imaginative will find themselves falling further and further behind.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Shopping will need to be as entertaining as possible; for example, stores can be colorful, themed and Instagram-worthy. The <\/span><a href=\"https:\/\/www.businesstimes.com.sg\/lifestyle\/feature\/reimagining-retail\"><span style=\"font-weight: 400;\">soon-to-be-opened<\/span><\/a><span style=\"font-weight: 400;\"> Funan mixed-use Mall in Singapore will feature an 18,000 square-foot food garden, a 5,000 square-foot urban farm, a 380-seat live performance theatre, an indoor cycling path, a rock climbing wall, nine storeys of millennial-centric co-living serviced residences, and WeWork\u2019s 70,000 square foot co-working office space.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">CapitaLand\u2019s managing director of retail Chris Chong said in the <\/span><i><span style=\"font-weight: 400;\">Business Times<\/span><\/i><span style=\"font-weight: 400;\">, \u201cUltimately we envision Funan as the place to express your passion. Whether you\u2019re into sports or the arts, tech or fashion, there\u2019s a space and a community for you here. It\u2019s diverse, inclusive and welcomes all.\u201d This is in stark contrast to the former Funan The IT Mall and Funan Center, which specialized in tech and IT.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Retailers, marketers and brands will require a bit of daring and a fresh perspective to see the new retail landscape as a playground for fun, social experiences. After all, to resist change would be to put a cap on their growth.\u00a0<\/span><\/p>\n\n\n<p><strong>Related Article<\/strong><\/p>\n\n\n\n<p><a href=\"https:\/\/www.vue.ai\/blog\/ai-in-retail\/shopping-cart-abandonment-ultimate-guide\/\">Shopping cart abandonment<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p><span class=\"rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Reading Time: <\/span> <span class=\"rt-time\">8<\/span> <span class=\"rt-label rt-postfix\">minutes<\/span><\/span> Retail stores have been in the process of shutting up shop this last decade with no sign of waning this year. Macy&#8217;s, for instance, announced that it would be closing about 100 stores two years ago. We are not, however, in the midst of a retail apocalypse as many fear.\u00a0 Contrary to popular opinion, young,  &#8230;<\/p>\n","protected":false},"author":23,"featured_media":4886,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1160,1522],"tags":[287,285,284,283,286,23,197],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>From Boomers To Gen Z - Generational Impact On Retail\u00a0 | Vue.ai Blog<\/title>\n<meta name=\"description\" content=\"A retailer must stay relevant by adapting to changing trends based on the the audience to thrive in this retail landscape.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.vue.ai\/blog\/leaders-in-retail\/generational-impact-on-retail\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"From Boomers To Gen Z - Generational Impact On Retail\u00a0 | Vue.ai Blog\" \/>\n<meta property=\"og:description\" content=\"A retailer must stay relevant by adapting to changing trends based on the the audience to thrive in this retail landscape.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.vue.ai\/blog\/leaders-in-retail\/generational-impact-on-retail\/\" \/>\n<meta property=\"og:site_name\" content=\"Vue.ai Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/vueai\/\" \/>\n<meta property=\"article:published_time\" content=\"2019-06-26T03:12:49+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-05-02T08:37:52+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.vue.ai\/blog\/wp-content\/uploads\/2019\/06\/shutterstock_1205413030.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"4938\" \/>\n\t<meta property=\"og:image:height\" content=\"2000\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Vue.ai\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@vue_ai\" \/>\n<meta name=\"twitter:site\" content=\"@vue_ai\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Vue.ai\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"11 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.vue.ai\/blog\/leaders-in-retail\/generational-impact-on-retail\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.vue.ai\/blog\/leaders-in-retail\/generational-impact-on-retail\/\"},\"author\":{\"name\":\"Vue.ai\",\"@id\":\"https:\/\/www.vue.ai\/blog\/#\/schema\/person\/c857ee9f2aa89f35076d1351270a6f24\"},\"headline\":\"From Boomers To Gen Z &#8211; 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