Offering the on-trend clothes with an internet option to collect and providing a social meeting place, will always entice the Gen Z spenders into a physical shop, according to AMP Capital’s 2017 Recommended Retail Practice report.
The increase in men shopping, that was borne out in last year’s report, particularly the rise in “manscaping” with hipster barbers and grooming retailers, has continued, but the age of the male shoppers has lowered, with 46 per cent of male “Future Shoppers” saying they are more interested in staying ahead of popular trends than 36 per cent of their female counterparts.
Moving in packs is also a preferred shopping option, with the survey revealing 56 per cent of male Future Shoppers are more confident when shopping with others compared to 29 per cent of male “Current Shoppers”. Gen Z is defined between the age of about 18 to 22.
This is being reflected in shopping centres when they are redeveloped. They are moving back to being a town centre format where younger shoppers can socialise and shop together.
A desire for an experience is also high on the list for the next generation, as evidenced by the rise in sales and numbers of stores by cosmetic retailers, where the shoppers can have a personalised customer experience that’s exclusive to in-store. This was a focus when AMP upgraded its Pacific Fair shopping centre on the Gold Coast.
The report, From A to Gen Z: Shopping with the Future Generation, found that 87 per cent of n Future Shoppers like or love shopping in-store compared to 79 per cent who like or love to shop online.
The report confirms that the future of traditional shopping in bricks-and-mortar stores remains strong but retailers need to adapt their in-store experience to continue to engage with their changing consumers, particularly the tech-savvy Future Shoppers.
The managing director of AMP Capital Shopping Centres, Mark Kirkland said engaging with the internet is a key opportunity for driving stronger sales in-store as the platform plays an influential role throughout Gen Z’s shopping experience.
“The findings of the 2017 RRP report are significant as it confirms that the future of retail is bright, with a range of new opportunities at our fingertips,” Mr Kirkland said.
“The research highlights the importance of developing fun, social experiences in-store and the opportunities that emerge once brands and retailers align their online and offline offerings. AMP Capital’s RRP report also confirms ns are ethical shoppers, who are willing to invest in sustainable brands, and that male Future Shoppers are the new trendsetters when it comes to fashion.”
Mir Kirkland said another strong trend is for sustainable and ethical retailing, with close to 70 per cent of both Future and Current Shoppers preferring brands that give back to society.
“We saw that 59 per cent of Future Shoppers agreed they would pay more for sustainable products compared to 48 per cent of Current Shoppers.,” Mr Kirkland said.