While retailers in Canada are making progress in reaching the Gen Z consumer, doubling marketing since 2019, there's still a long way to go to capture the generation.
That's a prime finding of research from American Express Canada that revealed 64% of Canadian retailers believe it is "crucial" to attract Gen Z for business success.
Canadian retailers marketing to Gen Z more than doubled since 2019, yet opportunities still exist to capture this generation through in-person shopping experiences and rewards.
The research is based on a comparative study of Gen Z's spending preferences, and retailers' shifting attitudes toward the demographic between 2019 and 2023. According to the research, conducted by Maru Public Opinion, an increasing number of retailers recognize the growing consumer power of Canadians in their teens and 20s. In fact, the percentage of Canadian retailers targeting Gen Z more than doubled between 2019 and 2023.
"While there were clear differences between retailers' priorities and the unique needs of Generation Z in 2019, retailers who recognized this at the time are now actively making efforts to bridge the gap," Kerri-Ann Santaguida, VP and GM of merchant services at American Express Canada, said in a press release. "Together with Millennials, Gen Z wields unparalleled influence on the future of retail, driving trends that continue to reshape the industry. Retailers can propel future success by effectively targeting this cohort and making the right investments to drive loyalty."