Millennials and Gen Z consumer’s digital marketing and retail expectations, real estate market rising and more consumer insights. A summary of the most relevant consumer behavior research. If you’re trying to keep up with the latest happenings, this is your one-stop-shop. Check out the previous consumer insights roundup here.
Millennials and Gen Z Consumer Insights
- TotalRetail surveyed 900 U.S. consumers aged 18-64 to find out their digital marketing expectations. Overall, shoppers agree that personalization is desirable, but those aged up to 34 believe it is a requirement. Millennials and Gen Z consumers accept ads as part of browsing online, but they’d rather they were personalized (46.7%). Nearly 40% recall clicking on an ad before making a purchase.
- “The Future of Unattended Retail”, a study by Pymnts and USA Technologies, has found that millennial and Gen Z consumers would shop for unusual items at unattended channels such as vending machines and kiosks. According to the study, 35% of millennials and 29% of Gen Z would be willing to spend more on non-traditional products offered through those channels. As for categories, 82% said if they would buy health items, and 64% would purchase beauty products from a vending machine or kiosk.
- According to a report by Bloomberg, the real estate market has experienced a recent surge it hasn’t seen in years. Home sales increased 34% in January, reaching the highest point for January since 2012, according to a survey by John Burns Real Estate Consulting. Factors contributing to this surge are mainly “consumer confidence, job growth, strength in the stock market and a dip in mortgage rates”, Rick Palacios Jr., director of research for the real estate consulting firm, told PYMNTS.com.
- A research report on news consumption from the Danish research group AudienceProject has found that 68% of Americans use online news sites on a weekly basis, with 37% calling online their main source of news. However, only 13% of consumers say they are currently paying for news content. That compares to 38% of news consumers in Norway and 20% in Sweden who currently pay for online subscriptions. Moreover, the percentage of Americans paying for online news has fallen by 2% since 2017.
- A POLITICO/Qualcomm global survey shows that people are worried about how the next-generation wireless technology could worsen privacy issues. In the U.S., only 21% of consumers surveyed would accept lower privacy standards in exchange for super-fast speeds. But consumers in China (64%), India (64%) and Brazil (61%) expressed much greater enthusiasm towards 5G.