Black Friday and Cyber Monday is the biggest date in the spending calendar for Gen Z – in fact, a massive 75% shared that they’d be making a purchase this year.
But how do you win over Gen Z’s loyalty in an already a very saturated market?! Well, luckily from you, we decided to go straight to the source. In our recent webinar Gen Z Unleashed: Navigating Black Friday & Cyber Monday, we got stuck into some of the biggest assumptions, myths and questions around this seasonal spending holiday.
Let’s see how well you know these savvy young consumers…
Gen Z are fiercely loyal to their favourite brands
FALSE!
Gen Zers are loyal – but they do have a bit of a wandering eye, especially when it involves good value. Rawan, a Gen Z panellist shared “I’m loyal – but to a certain extent. If I can find a good deal, I’m going to go for the good deal”.
Quality is still super important
TRUE!
In our 2023 Youth Trends Report, we shared how quality is still a key driving factor behind purchasing intent. One panellist, Dylan, shared “For me, it’s always quality over affordability – and I’ll always look at different websites to find the best deal.”
Black Friday is all about shopping in person
NEITHER TRUE OR FALSE!
It’s a mix of both! Black Friday might have become infamous for the videos of people overrunning stores – but for some members of Gen Z, digital offers a far more convenient option. Beth shared “I don’t think I’ve ever shopped in person for Black Friday – it’s always been online!”.
However, this isn’t a one-size-fits-all approach – Dylan shared “I like to go and shop in person and get the deal because I know I can get it that day – I’m quite impatient!”.
Brands don’t have a role to play in supporting Gen Z during the cost-of-living crisis
FALSE!
Gen Zers want brands to step up now more than ever. Beth remarked that budget sections are a great way to secure her loyalty – noting that she’s most likely to shop from these sections to “stop her from overspending”.
Luxurious messaging is the way to capture Gen Z spend
FALSE!
In fact, according to our data, that kind of advertising is a sure-fire way to lose Gen Z custom. This year, many are stripping back due to the ongoing cost-of-living crisis, and young consumers want advertising to be heartfelt, not showing big displays of wealth. Beth touched on this during the webinar, noting that “Christmas is a time of togetherness – it’s not always about the commercial side”.
Recommendation is important
TRUE!
As an avid gamer, panellist Dylan shared that “looking at reviews is probably the most important part of buying games”. He notes that actually learning about an individual user’s experience will influence whether he wants to place his money in a certain product, because that user is (usually) offering an honest experience.
There’s still a bit of distrust around Black Friday…
TRUE!
Sometimes brands will use Black Friday as a bit of a marketing ploy – and young consumers aren’t gullible! Gen Zers are known to be digitally savvy, and this extends to monitoring deals to see which ones are and aren’t of value. Beth shared that she often checks the product price in the weeks leading up to Black Friday, especially if it’s a high-ticket item, and compares the product on other sites to see where it has the most significant discount.
Gen Z are bad with money
FALSE!
During the webinar, we asked our panellists for a little more information around how they’d be managing their finances before the festive period. Whilst some panellists admitted to being splurgers, others shared that they were firmly on the “saver” side – so when it comes to budgeting, there’s a mixed bag for Gen Z attitudes. Dylan shared that he “tries to save – but then it all goes out the window”. We relate…
Buy Now Pay Later will be a key payment method this Black Friday
TRUE!
Our data recently revealed that a significant amount of Gen Zers will be financing the festive season through buy now pay later schemes. Our webinar discussion revealed this same sentiment, too.
Beth shared that “it’s always really helpful to have payments spaced out during the festive season”, and that she was “quite a big fan” of this payment method all year round. Dylan noted that he was still cautious around BNPL, revealing that he “tries to avoid it” if he can.
Sustainability goes out of the window during Black Friday
FALSE!
Gen Zers are hot on their sustainability credentials – and whilst Black Friday has come under fire for contributing to wastage, Gen Z are still trying to prioritise greener spending.
One panelist shared “Even when it’s not Black Friday, I always try and ethically shop – I never want sustainability to not be a priority”.
Want more Gen Z insights around Black Friday? Check out our Black Friday and Cyber Monday Hub – or you can catch up with the full webinar here…
