With the ascension of a tech-savvy and mobile-first generation of consumers, or “Generation Z,” retailers and brands need to prepare ways to reach and appeal to them, a recent report showed. 


According to the report released by Hyundai Research Institute, Generation Z, referring to those born between 1996 and 2010 and the first consumers to have grown up in the digital era, will be the most pivotal generation to the future of retail, with their lifestyles centered around the smartphone.

The report said about 52 percent, or 3.36 million, of Gen Zers are or will become adults this year. 

While Gen Z is still young and only beginning to flex its muscle in the marketplace, industry experts say by 2026 the majority of Gen Zers globally will reach adulthood and their spending power will reach new heights.

Oh Jun-beom, who participated in the research, told The Korea Herald that the central axis of the marketplace will eventually move online, following Gen Zers’ tendency for online shopping. 

“These young consumers are well versed in digital technology, connected to social media and have higher expectations for their online shopping experiences than any generation before them,” Oh said. 

The report also said life values such as “you only live once” and work-life balance will dominate Gen Z’s lifestyle and consumption patterns, influencing them both socially and economically. 

By Kim Da-sol (ddd@heraldcorp.com)