Millennials are the nation’s largest living generation in North America nowadays, but the newcomer’s Gen Z expected to take over 40% of consumers by 2020.
To gain deeper insights into the similarities and differences between Gen Z and Millennials, how they engage with brands, their shopping habits, their brand loyalty and their attitudes towards loyalty programs, check the report findings:
- 38.02% of Gen Z considers other alternatives that offer a lower price as a truly brand loyal, besides 31.62% of Millennials.
- 29.98% of Millennials consider brand loyalty to mean “buy the brand regardless of price, quality, convenience or brand promise”.
- 18.46% of Gen Z engages with brands most on social media.
- Millennials (65.57%) are most active on Facebook vs Gen Z (43.80%), but Gen Z is much more active on Instagram, Snapchat, and Twitter than Millennials.
- 76.58% of Gen Z and 73.07% of the Millennials surveyed intend to share personal information with a brand in exchange for a more personalized experience.
- 57.30% of Gen Z compared to 54.8% of Millennials prefer to shop in-store.
- Retail saw the highest number of loyalty program memberships from each generation (74.35% of Gen Z and 74.75% of Millennials), followed by grocery stores.
- 68.65% of Millennials and 63.51% of Gen Z prefer to be notified via email of their loyalty points and rewards status.
- 33.72% of Millennials want member-only coupons/discounts followed by free shipping and free samples, with 17.33% valuing receipt scanning/codes on packs as important. Gen Z also ranked for the same top 3 components.
- 42.98% of Gen Z prefers discounts/cash back primarily, and 41.87% prefers free products. 57.61% of Millennials prefer discounts or cash back.
A Chart Shows That the Gen Z Sentiment Towards Sharing Information Is More Than the Millennials
Data were driven from an online-survey of 790 North American consumers aged between 18 and 37 years, to represent Gen Z (1995 and later) and Millennials (1980-1994). Females were more than half of the sample.