Almost all of today’s teenagers consider themselves to be price-conscious shoppers, according to a new report by Interactions Marketing.
The report found that 89 percent of teens between the age of 14 and 19 are keeping an eye on prices. The group said that price was a top factor when making a purchase. Quality is the second biggest factor, followed by brand name, social responsibility and then, lastly, whether the product was environmentally friendly.
When teens do their online research before making a purchase, half are looking for the best price. Price is so important that 75 percent of teens check the store’s app while shopping to see if there are any special offers and 67 percent will keep checking for deals on a regular basis.
Half of the teens have part-time jobs and the other half get an allowance from their parents. As teen apparel brands are well aware, this group prefers to spend their money on experiences rather than material items. Food is the top item they like to spend their money on.
While many retailers believe this group only wants to buy things online, that actually isn’t the case. Sixty-four percent said they’d rather shop in-store versus online. They want a clean store and an engaging in-store experience. Store associates are also important to the teens as they prefer talking to a knowledgeable sales person versus reading a product display.
Even though the teens like making their purchases in a store, social media is a critical component of the transaction. Facebook is the main place they go to get their shopping ideas and inspiration. They do their research there and check with friends about purchases. Instagram and Snapchat are used to connect with friends, while Pinterest is used for inspiration. Twitter is second to Facebook when it comes to product research.
As most retailers know, teens simply expect the company to have a social media presence. The biggest disconnect between retailers and teens today is the aspect of texting. Teens say they prefer for retailers to communicate with them through text, but only 19 percent say that they get texts from retailers.
Finally, while brand name was the third most important factor when making a purchase, the teens were quick to switch brands if the quality of the product was better elsewhere. Eighty-one percent will make the jump for quality and 72 percent will switch brands for a lower price.
Retailers can’t afford to ignore this important shopping demographic because parents say these Generation Z shoppers are influencing the entire family’s buying decisions.