Cyber Week: Gen Z’s intent, buying power and wants revealed ahead of Christmas

58% HAVE SAVED MONEY AWAY SPECIFICALLY FOR THE SALES

Buyer intent is strong amongst Gen Z consumers at this time of year. In the annual report from UNiDAYS, it was revealed that four in five students plan to buy something over Cyber Week, and 58% have been squirreling money away, just for this event.

Interestingly, despite hospitality reopening, there has been a sharp rise in the spending power of Gen Z, with 40% budgeting from £100 to £500 and 10% planning to spend £500+ in the Cyber Week and pre-Christmas sales period.

+£900M* WILL BE SPENT BY STUDENTS ACROSS CYBER WEEK

The report also revealed the extent of Gen Z’s spending power, which showed that an incredible 82% of students intended to make a purchase on Black Friday or Cyber Monday – which would see total spending upwards of £900million over the four day period.

Fashion was the big winner this Cyber Week, with more than half (56%) of Gen Z saying they intended to buy mostly clothing, accessories and footwear in the sales. While fashion reigns supreme, almost one in three were also on the hunt for tech and gadget deals, with only 11% seeking out offers in other verticals.

52% EXPECT TO SPEND OVER BUDGET

It was also revealed that Gen Z consumers have a very clear idea of what they want to spend their money this Cyber Week. As a market, they are more likely to have researched the products they want and the deals available, and Gen Z shoppers want BIG discounts from BIG brands. The data reports that 65% expect at least 40% off this Cyber Week, and more than half of Gen Z shoppers expect to spend more than planned for.

When it comes to the discounts brands offer this Cyber Week, ‘go big or go home’ is Gen Z’s mantra. One in four students believe 30% would be a fair discount, while 44% expect brands to offer at least 50% off.

A frictionless customer experience and big, bold offers are a must for brands this Cyber Week. With only 8% concerned about supply chain disruption, Gen Z care more about the brands and discounts available, as well as having a seamless sales journey, than if their purchases will arrive on time.