BUFFALO GROVE, Ill.—New research adds weight to the notion young consumers are driven more by price than brand. According to survey results from payment solutions provider Swift Prepaid Solutions, price matters most to Gen Z and young Millennial shoppers.
More than 805 of those surveyed said cost is the most important factor when making a purchase, reported BizWomen in its analysis. Just over 200 18-to-29-year-olds were surveyed.
The research found the cohort is also a rewards-driven group, with 83% showing greater loyalty to brands that provide rewards and surprises.
The survey of younger consumers also found that 50% believe name brands are much more expensive than private labels, and 60% report being neutral on brand names versus private labels, BizWomen said.
Amazon, Target and Walmart are among the big retailers that have launched a number of private labels over the past several years, BizWomen noted.