NBC News - Gen Z shoppers helping malls make a comeback
The video discusses a trend where Generation Z is opting to shop in physical stores rather than online, driven by the desire for instant gratification and cost savings. Despite the closure of many malls, U.S. malls are experiencing a resurgence, largely due to younger shoppers. Nearly 60% of shoppers aged 18 to 34 report shopping at malls often or sometimes, compared to 48% of those aged 35 to 54. Gen Z, which makes up about 20% of the U.S. population with a spending power of $150 billion, prefers in-person shopping to touch and feel products and avoid shipping charges. They also enjoy the social aspect of shopping with friends. Retailers are responding by creating engaging in-store experiences, such as pop-up concerts and autograph signings, to attract this demographic.
Key Points:
- Gen Z prefers in-store shopping for instant gratification and to avoid shipping costs.
- U.S. malls are seeing a comeback due to increased foot traffic from younger shoppers.
- 60% of Gen Z visits malls for socializing, highlighting the social aspect of shopping.
- Gen Z's spending power is significant, at about $150 billion, influencing retail strategies.
- Retailers are creating unique in-store experiences to attract Gen Z, such as events and pop-ups.