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While baby boomers are most likely to visit multiple stores to get the best prices, Gen Zers are more likely to visit multiple stores for better-quality items or to get all of their shopping done in one place, per February data from KPMG.

At the same time, expanding the range of benefits to grocery and healthcare could protect the retailer from the growing threat posed by TikTok Shop, Temu, and Shein, all of which are leveraging their popularity with Gen Z audiences to boost their share of ecommerce sales. Go further: Read our Power of Amazon report for more on the company鈥檚 growth prospects and challenges.

For example, resale operating platform Archive recently raised $15 million to build out its warehouse management system that enables brands to sell inventory that has been either returned, damaged, or exchanged online, while secondhand shopping browser extension Beni recently raised $4 million in seed funding.

Gen Z uses rewards or points to book travel, more so than any other generation, per an August 2022 survey by Morning Consult. Affluent consumers also participate heavily in travel rewards, specifically through loyalty programs, according to the Morning Consult study from February. Loyalty members may be spending smarter, but not less.

Consumer habits are changing, and Gen Zers are a major driving force. Their shorter attention span, social buying habits, and lack of brand loyalty will push several industries to evolve鈥攅specially as Gen Z鈥檚 spending power grows. These shifts in financial services, advertising, and social make up four of our top trends for 2023.

The beauty and cosmetics sector brought in $94.36 billion in consumer spending last year, claiming the title of the fastest-growing retail category in the US, per our The US Beauty Consumer report. With most consumers planning to boost their beauty budgets in 2024, the sector鈥檚 defiance against cautious spending habits is set to continue, driven by the enduring 鈥渓ipstick effect,鈥� the rise of dupes and Chinese-associated ecommerce giants, and more.

"Delulu"鈥攕lang for delusional鈥攊s a popular Gen Z refrain used to describe achieving outcomes through the power of positive thinking. But Gen Zers鈥� delulu approach isn鈥檛 working for their financial lives.

As Gen Zers grow up and their purchasing power expands, they鈥檙e redefining the relationship between brand and consumer, expecting brands to be community-focused, authentic, and culturally relevant.

As Gen Zers grow up and their purchasing power expands, they鈥檙e redefining the relationship between brand and consumer, expecting brands to be community-focused, authentic, and culturally relevant.

TikTok Shop became available across the US last week. The social video platform has a lot to gain in retail and ad revenues, but it risks facing the same challenges Meta has had with social commerce on Instagram鈥攗sers' reluctance to actually complete purchases in app. But with sister app Douyin setting the blueprint for TikTok鈥檚 social commerce endeavors, the platform isn鈥檛 starting from scratch. Here鈥檚 a look at TikTok鈥檚 social commerce strategy and potential in five charts.

New app makes a play for Gen Z: As TikTok teeters on the verge of a ban in the US, Zigazoo is one social media app that is vying for market share.

Time spent on media and consumer spending are plateauing, making one company's gain another's loss. Diving into these market dynamics, we explore innovative strategies for advertisers and retailers to win consumers in the new digital era.

Next year, ecommerce will make up 75% of total US resale volume and reach $90 billion, according to our forecast. US resale is also growing faster than overall retail sales, and retailers want in on the market. Whether you鈥檙e launching a resale program or examining the opportunity, here are five charts to help.

On today鈥檚 episode, we discuss what bank CMOs want, the types of customers they are looking for, and if the marketing teams they lead are shifting focus from brand messaging and corporate communications to the middle and lower marketing funnels their product teams target. In our "Headlines" segment, we discuss how bank marketers are building campaigns to reach Gen Zers across the digital ecosystem. In "Story by Numbers," we review bank CMOs' acquisition strategies and their focus on the marketing funnel. And in "What鈥檚 Next," we chat about banks strategies to acquire new customers. Join the conversation with host Rob Rubin and Joseph Pagano, vice president of marketing solutions consulting services at TransUnion.

As Gen Z grows up and accounts for more of the total social user base, they could eventually break the ceiling for social buying. Gen Z is already more likely than older generations to buy via social media, and their preferences are reshaping how social platforms are used.

Skincare brand Bubble has gained popularity, particularly among Gen Z consumers, due to its efforts to involve them in its brand. The brand uses Geneva, a group-chat app popular among Gen Zers, to gather customer feedback. Bubble also has a brand ambassador program, open to consumers as young as 13, which provides products, discounts, and other perks to spread brand awareness.

Turnaround plans aren鈥檛 easy: While Abercrombie turned its fortunes around by delivering styles that resonate with Gen Zers and millennials, Foot Locker鈥檚 growth strategy remains a work in progress.

With Gen Zers spending an increasing amount of time on TikTok, reaching nearly 1 hour and 19 minutes this year, per our forecast, social commerce on the platform has potential to grow.

Now I wanted to get back to this other issue around how Gen Zers want tailored financial services. How does that apply to banking? How would a bank tailor their experience for a Gen Z consumer, for example? Lauren Ashcraft:. I think it does go back to the fact that Gen Z is really struggling to save right now.

A February 2023 survey by GWI found social networks have overtaken search engines for Gen Z product research annually since 2020. Among US age groups, Gen Z leads the way, with 43% using TikTok to search for products online, compared with 2% of baby boomers. Open wallets: Consumers, led by Gen Z, are also making their purchases on social platforms.

US Alcohol Ecommerce Forecast 2023 (Insider Intelligence subscription required). Methodology: Data is from a January 2024 CivicScience survey. 715 US alcohol drinkers ages 21+ were surveyed during December 1-20, 2023.

Only 13% of US adults have used augmented reality (AR) or virtual reality (VR) while shopping. Though the overwhelming majority have not, 38% are at least somewhat interested in trying the tech.

On today鈥檚 podcast, we are talking about digital account-opening trends, who鈥檚 opening bank accounts digitally, and what they want or expect when going through that process. Here鈥檚 a look at what we鈥檙e talking about this week: 鈥� In our 鈥淗eadlines鈥� segment, we discuss how in-flight deposits and Gen Z will drive account openings in 2023 and to what extent new account openings are the result of high deposit rates and an incentive-laden environment. 鈥� In 鈥淪tory by Numbers,鈥� we examine how being able to set up direct deposit when consumers open checking accounts is extremely important and the importance of deposits being protected. 鈥� In 鈥淔or Argument鈥檚 Sake,鈥� we suppose there鈥檚 a new US banking regulation requiring all banking products to be applied for and opened online. We debate (nicely) how the industry dynamics would change if everything in banking were digitized and moved online. Tune in to the conversation with host Rob Rubin, managing principal of financial services consulting at EPAM Systems Alex Jimenez, and our analyst Tiffani Montez.