With an estimated $44 billion in buying power, teens could pave a path to success at retail.
Author:Avidan GrossmanPublish date:Dec 4, 2019The traditional US department store format is no longer conducive to the way Generation Z shops — and shop, they do. Gen Z, those born between the mid-'90s and early aughts, now represents roughly $44 billion in buying power, which means that teenagers today wield a not-inconsiderable degree of consumer clout.
"There are really only two propositions in today's retail landscape that are viable: You must be either the cognitive default or the emotional default for consumers," says Doug Stephens, a retail futurist and expert on the market. "For specialty retailers and multi-brand boutiques, this means having a very clear and powerful brand point of view that is articulated at every touchpoint.
Incorporating an element of experience into staider shopping environments has long since become a standard industry talking point, but it's one that's rarely executed well by the retailers that would benefit from it the most. That influential internet-savvy stars have already parlayed their online followings into lucrative live events indicates Generation Z is eager to follow their favorite entertainers offline and is willing to spend to do so.
Dover Street Market's dedicated t-shirt space includes a constantly changing selection of affordable tees from lesser-known emerging labels and some of streetwear's heaviest hitters, and has helped the church of avant-garde cool remain relevant to members of Generation Z that might not be ready to spring for Gucci, let alone the more experimental labels in the Comme universe. Constant variety is key, Stephens notes.
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