Gen Z to end brands?
Generation Z, or Gen Z, is shaking up the retail industry with unconventional forms of shopping, such as rental and resale.
According to Business Insider, brands are bracing themselves for this next wave of shoppers by rethinking their online-selling strategies in order to cater to those currently between the ages of 13 and 21, or Gen Z, who are about to enter the workforce and therefore become a formidable force within the global economy.
Gen Z is a thriftier generation than previous ones, according to Business Insider. They are not willing to overspend on an item just for the brand.
"They are very fiscally pragmatic and practical with their money. They are looking for value," Jason Dorsey, a Gen Z consultant and researcher who delivered a TEDx Talk about this generation, told Business Insider.
Dorsey said that value in the eyes of Gen Z can be achieved in two ways: by shopping for clothing from brands that already have low prices, or by buying more expensive things that last longer.
To read the Business Insider article, click here.