More than half of Gen Z shoppers now think that they will shop entirely online within the next decade as the high street’s draw on younger shoppers continues to wane.
According to new research conducted by The Center for Generational Kinetics and commissioned by WP Engine, 54 per cent of Gen Z and 39 per cent of Boomers believe all shopping will be done online by 2031.
A further 75 per cent of Gen Z shoppers say they plan to shop entirely or mostly over the next year as the vast majority plan to continue their lockdown shopping habits post-pandemic.
Over two thirds of boomers (70 per cent) and millennials (67 per cent) said they expect to maintain their new shopping habits after the pandemic, mirrored by 63 per cent of Gen X and Gen Z.
Gen Z, which now has a total spending power of $143 billion, are key to winning over as they lead to winning every other generation also, the research states.
“Missing from the conversation on how to understand and best serve consumers, clients, and marketplaces now is statistically accurate data that specifically uncovers how generations have changed and adapted their specific online behaviour during the last year, including throughout the pandemic, and trends and behaviours that will shape the next 3-5 years following the recent surge into the digital world,” The Center for Generational Kinetics president Jason Dorsey said.
Younger generations are also now far more dependent on the internet, making it increasingly important for brands to establish themselves online.
Almost 30 per cent of Gen Z respondents said they can’t go for more than an hour without internet access, rising to 67 per cent for four hours.
Furthermore 66 per cent of Gen Z say they plan to launch their own business, but the number aiming to launch a retail store has dropped six per cent since 2019, with beauty and wellness taking over.