A new report by UK consultancy firm, Alchemmy, found three in four (75%) Gen Z consumers make purchases based on their values. This compares to only 67% of the general population.
The report, Future of Retail: Is Generation Z leading the way?, explores consumer retail behaviour of all generations. It found three in five (58%) Gen Zers are more likely to buy products with sustainability claims, compared with just 45% of all consumers.
The study gives further evidence of how the retail industry will have to adjust in the future as Gen Z increases its spending power and influence on the market.
Alchemmy’s research also found that while the cost of living crisis and rising inflation have had a huge impact on consumer decision making, Gen Z is not willing to sacrifice ethical values for a good deal. Eighty-two percent of Gen Z describe price as a very important factor, however this is a full 10% lower than the general population (92%).
Maintaining values when making purchases is having an impact on the Gen Z generation. The report highlighted that sustainability is more important to Gen Z than deals, offers or rewards when compared to older generations. Over half (58%) of Gen Z consumers said they would pay more for products with sustainable credentials.
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