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Gen Z spends an enormous amount every single year; currently, they have an estimated purchasing power of $260 billion. And, with increasing financial literacy and disposable income thanks to jobs and side hustles, this is only set to increase (cost-of-living, who?).
It’s obvious that the opportunities for brands are extensive, but when it comes to securing this generation’s future spend, are they really loyal? Or do brands need to watch their backs…?
Unpacking attitudes: Gen Z, loyalty programs, and discounts
With high inflation and smaller budgets, discounts make products more accessible and drive brand-consumer connection.
- 83% of students are more likely to shop with a brand that offers a student or young person’s discount.
- 85% would try out a new brand if they offered a student discount.
- 80% are more likely to shop with a brand that offers some kind of loyalty program.
- 77% of students indicated they would switch from their favorite brand if a competitor offered better loyalty rewards.
In this infographic, we take a look at key data points, dive into the world of customer loyalty rewards programs, and share how your brand can tap into Gen Z’s loyalty.