Gen-Z Leads with Preference for Personalization

Next up in our RCP Retail Research series, we're reviewing consumer preferences for personalization. In our 2024 Consumer Survey, we asked consumers which personalization services they find most important in selecting where to shop. Almost half (49%) of customers think personalized rewards based on customer loyalty is the most important service. Followed very close (48%) by personalized promotions and discounts. We continue to see a trend of customers being very focused on rewards, discounts and promotions. This is probably always at play, but with the current state of the economy customers are even more price sensitive. At third, 36% of customers indicated product recommendations based on previous purchases as important.

As we look at the data by generation, we see that there are some major differences. Gen-Z leads with a higher preference for different personalization services than other generations. Besides Gen-Z, there is a significant fall off in the importance of other personalized services. When we look at Boomers, 28% indicated that no personalized services were important vs. 12% for Gen-Z and Millennials and 14% for Gen-X. Personalization is still an important trend and opportunity for retailers, but there is still work to do to provide personalized services that are compelling and brand appropriate to customers and create a competitive advantage for retailers.

Join us as we continue to discuss our latest Consumer Survey and soon to be released Unified Commerce, Customer Engagement & POS Survey. Use the following link to download our 2024 Consumer Survey Report.

https://www.retailconsultingpartners.com/2024-consumer-survey-download-form