NRF: Gen Z has big buying power

Retailers targeting older consumers shouldn’t overlook their Gen Z offspring.

Nearly nine in 10 (87%) parents say their Gen Z children influence purchase decisions, according to the National Retail Federation’s Fall 2019 Consumer View. The findings revealed that Gen Zers influence 48% of purchases parents make specifically for them along with 36% of household purchases. (The report defines Gen Z as including people born in 1995 and later, ranging from newborns to young adults.)

Aspects of their parents’ purchases Gen Zers often influence include specific brands (52%), product features (48%), and specific retailers (41%). Popular ways parents include Gen Z children in purchase decisions include looking at products in the store (69%), looking at products online (67%), watching commercials (60%), adding items to a wish list or shopping cart (56%), reading/watching product reviews (54%), and browsing catalogs (52%).

The top categories where Gen Z consumers influence spending either by their household or with their own money are:

•    Toys and games (92%)
•    Clothes and shoes (91%)
•    Food and drink (88%)
•    Dining out (87%)
•    Event outings (85%)
•    Books and music (85%)
•    Electronic goods (81%)
•    Personal care (81%)
•    Travel (79%)
•    Apps (78%)
•    Sports equipment (78%)
•    Digital streaming (74%)