Table of Contents
Executive Summary
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- Market overview
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- Figure 1: US population, by generation, 2020
- Top takeaways
- Brand Name vs Brand Identity
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- Figure 2: Ecommerce traits attitudes, by generation, February 2020
- Experiences rule the day
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- Figure 3: Shopping behaviors, by generation, February 2020
- Gen Z and Millennials divert product attention on social media
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- Figure 4: Learning about products, Younger Generation Z, February 2020
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- Figure 5: Learning about products, February 2020
- Impact of COVID-19 on eCommerce Behaviors: Gen Z and Millennials
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- Figure 6: Short-, medium- and longer-term impact of COVID-19 on ecommerce, June 2020
- What’s next
Impact of COVID-19 on eCommerce Behaviors: Gen Z and Millennials
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- Figure 7: Short-, medium- and longer-term impact of COVID-19 on ecommerce, June 2020
- Opportunities and Threats
- Improving the omnichannel experience
- Leverage tech to evolve the online shopping experience
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- Figure 8: Brookfield Properties and FIt:Match Partnership
- Leverage the vast online network to shop small and local
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- Figure 9: Privy’s ShopSmallEcomm highlights small ecommerce brands
- Cross-promotion and partnerships help meet consumers’ changing needs
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- Figure 10: Brand partnerships cater to consumers’ changing lifestyles
- Garnering Gen Z’s attention through gaming
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- Figure 11: Riot Games in-game sponsorships
- Impact of COVID-19 on the ecommerce market
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- Figure 12: Total US retail ecommerce sales and forecast, at current prices, 2015-25
- Figure 13: Amazon COVID-19 response
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- Figure 14: Old Navy targets in-store & online shoppers
- How the COVID-19 crisis will affect Gen Z and Millennials
- Changes for how Gen Z learns, lives, and shops
- Millennial parents struggle to reduce stress and stay in balance
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- Figure 15: Child makes an appearance on mother’s video conference
- Figure 16: Apple Camp at Home Summer Program
- How a COVID-19 recession will reshape Gen Z and Millennial consumers
- Gen Z & Millennials feel the strain from unemployment and the decreasing job market
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- Figure 17: Unemployment, January 2007-June 2020
- Figure 18: Seasonal unemployment rate among workers aged 16-19 years, January 2010-May 2020
- COVID-19: US context
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The Market – What You Need to Know
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- A diverse Gen Z
- New lifestage for Millennials
- Both generations are informed and attentive
- Prioritize the environment
Market Size
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- The Gen Z and Millennial Populations
- Gen Z
- Millennials
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- Figure 19: US population, by generation, 2020
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- Figure 20: Gen Z demographic breakdown
- Figure 21: Generations, by Hispanic origin, 2019
Market Factors
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- Timid toward future financial footing
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- Figure 22: Unemployment, January 2007-June 2020
- Mintel’s Global Consumer Trend Drivers
- Protecting their Rights and the rights of others
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- Figure 23: Nike BLM support
- Creating connections through one’s Identity
- eCommerce and tech: a symbiotic relationship
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- Figure 24: Shoppable Pinterest page
- Figure 25: Brookfield Properties and Fit:Match Partnership
- Eco-anxiety looms large over Gen Z and Millennials
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- Figure 26: Allbirds Carbon Footprint tracker
- Adding Value to the Millennial-consumer experience
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- Figure 27: Warby Parker
- Evolving Experiences for consumers in the next normal
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- Figure 28: Brands bring experiences to Gen Z
Brands Resonating with Gen Z
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- Brands need to connect, advocate, and personalize
- Video is the new way to connect: FaceTime, Snapchat, TikTok
- An integrated digital experience: Nike
- A world of choices: Apply Music, Spotify, and YouTube
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- Figure 29: Spotify 2019 Wrapped
Brands Resonating with Millennials
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- Millennials like their style with an adult twist
- Target: The lifestyle brand
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- Figure 30: The Designer Dress Collection by Target
- Instagram: Lifestyle brands’ social platform
- Direct-to-consumer: The intersection of expression and value
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- Figure 31: Glossier oily skin interview
The Consumer – What You Need to Know
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- Parents still play an important role in Gen Z’s purchase abilities
- Gen Z and Millennials differ on brand name and brand values
- Amazon is looked to for convenience
- Social media connects brands with consumers
- Brands need to recognize the lifestage, not only the generation
Generation Z eCommerce Overview
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- Young Gen Z is well on their ecommerce way
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- Figure 32: Online shopping frequency, Younger Generation Z, February 2020
- Figure 33: Online shopping frequency, Older Generation Z, February 2020
- Cash in sporadic segments
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- Figure 34: Spending money, Younger Generation Z by age, February 2020
- Gen Z is unafraid of purchasing products online
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- Figure 35: Products bought, Generation Z, February 2020
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- Figure 36: Products bought, Older Generation Z, February 2020
Millennial eCommerce Overview
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- Millennials: The first to cross the seamless shopping bridge
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- Figure 37: Online shopping frequency, Millennials, February 2020
- Millennials embrace ecommerce for all product types
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- Figure 38: Products bought, Millennials, February 2020
eCommerce Attributes
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- Preferences are similar until brands are involved
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- Figure 39: Ecommerce brand focused attributes, by generation, February 2020
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- Figure 40: Burt’s Bees Shopper Protection
- Figure 41: Ecommerce experience attributes, by generation, February 2020
Retailers Shopped
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- Convenience and variety key factors in choosing where to shop
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- Figure 42: Online retailers shopped, by generation, February 2020
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- Figure 43: TargetStyle on Instagram
Motivation and Learning
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- Social media lends itself to consumer-brand interactions
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- Figure 44: Learning about products, Younger Generation Z, February 2020
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- Figure 45: Learning about products, Older Generation Z, February 2020
- Reviews are key to Millennial discovery
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- Figure 46: Learning about products, February 2020
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- Figure 47: Lulu’s Highlights Customer Reviews
- Social communities are a friend for parents
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- Figure 48: Learning about products, February 2020
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- Figure 49: Yumi fosters a community for parents
Online Shopping Behavior and Attitudes
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- Importance of omnichannel approach gets elevated
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- Figure 50: PepsiCo snack bundles
- Figure 51: Shopping behaviors, by generation, February 2020
- Recognize the lifestyle differences, not only the generation
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- Figure 52: Online shopping attitudes, Younger & Older Gen Z, February 2020
- Millennials want time to explore their options
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- Figure 53: Online shopping attitudes, Millennials, February 2020
Appendix – Data Sources and Abbreviations
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- Data sources
- Consumer survey data
- Consumer qualitative research
- Abbreviations and terms
- Abbreviations
Appendix – The Consumer
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- Figure 54: Consumer attitudes toward learning, age 18-24
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