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Cowen analyst John Kernan has shared key takeaways from the 4th annual proprietary Gen Z and Millennial survey.
Kernan emphasizes that sustainability, social commerce, and shifts to digital are “likely to have profound effects on growth/risk across retail, e-commerce, restaurants, food, cannabis, and payments sectors.
The analyst notes that GenZ and Millennial consumers “should grow to 70% of the population by 2028 vs 60% today, and within the United States they will inherit an estimated $60T of wealth into 2050.”
According to Kernan, the three biggest Y/Y changes In the survey are:
1) The percentage of respondents who indicated that they purchased a product from a brand they discovered on Facebook increased 50% y/y and increased 32% y/y and increased 28% y/y at SNAP;
2) Purchasing apparel, footwear or accessories secondhand using a Resale Marketplace increased 33% y/y;
3) Gen Z and Millennial consumers who bought something at a Physical Off-Price retail store increased 27% vs the 2019 pre-COVID base.