Gen Z and young millennials aged 18-29 have a much greater price sensitivity and lower brand loyalty than previous generations, presenting a challenge for brands aiming to sync with this demographic. Here is a look at how the group of young adults learns about brands and what it means for retailers.
It’s time for retailers to drop their expectations – of loyalty, that is. Too often, rigidly focusing on the best, most loyal customers leads to ignoring others who are worth pursuing. Winning in retail today requires keeping an eye on all customers, even those not living up to loyalty expectations. Here’s how to take an approach that balances both loyalty and engagement.