Legacy Brokerage, LLC

Generation Z: Today’s Purchasing Power House

by Jim and Dawn Forbus 09/01/2019

The Internet has changed the way you shop, but it has also changed the way retailers market their goods. No longer do families travel downtown on a Saturday afternoon to do their summer or back-to-school shopping. Nor is the mall the ultimate location to find all the current fashion and hang out at the food court. What was trending last week is now so-last-week. To understand the shift in the retail markets you need to know how people are shopping today and who is doing the purchasing. 

Generation Z is too big to ignore

The buying powerhouse in the United States has now shifted from what was the largest consumer base, the baby boomers, to Generation Z. Their buying dollar estimates are in the billions, and they are an educated group with definiteness of purpose. They possess a comfort level with technology that no generation before has. Since birth, they have had access to an ever-changing landscape of innovation and groundbreaking advancements in almost every segment of their lives. This ever-evolving environment has them expecting change and developing and adapting skills to navigate their lives. When you want to get their attention, you will need to think less about branding your product and more about this generation as individuals.

Tied to technology but living in reality

This generation Z lives both online and offline and sorts through massive amounts of information continually. They are making choices on how to spend their time, who to spend time with and what to purchase, all at lightning speeds. So, you may wonder, how does a retailer get information to them about a product or service? They need to be on point. Generation Z appreciates the bottom line about what your product does, and they will decide if they are interested. Trying to convince them or, if they think you are working too hard to sell them; that is a turn-off. Besides, generally, they want to support companies with quality products that also promote a cause or give back in some way. They are globally-minded and take up for humanitarian and other causes with passion and commitment.

Word-of-mouth or Instagram? 

Social media and its many platforms have created a massive impact on how Generation Z spends its money and how they pass the word along about products and companies. The trending influencers can cause ripples across a market within hours. The marketing world has changed are you prepared to serve this new powerhouse of consumers?

This week try to see how often you use your mobile devices to be a consumer. If you're in the housing market, seek out a real estate professional with a mobile presence to promote to young buyers.

About the Author
Author

Jim and Dawn Forbus

Realtor, CRS, ABR, SRES, CNE (11 years experience)

Specialties: Buyer's Agent, Listing Agent, Relocation, Foreclosure

Thank you for taking the time to view my profile, I appreciate it!

My father said, "If you deal with a salesman, deal with someone who believes in their product or service and has personally experienced it" So, prior to my professional career in Real Estate, I did just that!

Real Estate Investor since 1981, 20 personal real estate deals.

Assisted hundreds of families with their real estate needs since 2007. 

My goal is to continue to provide people with the information, and qualityservice, to make an informed decision for their real estate needs.

Experienced real estate investor since 1981, with experience in money savingrenovations to maximize return on investments.

Active as a volunteer and board member with Honor Flight Nevada to assistveterans to visit the memorials built in their honor in Washington D.C. Helping veterans is a privilege and an honor for me! www.HonorFlightNV.org "I do real estate to support my Honor Flighthabit!"  

Designations: Accredited Buyer Representative, Certified Residential Specialist,Senior Real Estate Specialist, and Certified Negotiation Expert, and Property Manager.

Specialties: Assisting First time home buyers in assessing improvements needed prior to the purchase of their first home. Assisting Sellers in selling their home in the least amount of time for the most amount of money.