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In this report, we provide insights about what's top of mind for shoppers – from how different generations are spending, to the uptick in discounted buys. And returns? Don't worry, we've got that covered too.
Our focus is on October 1, 2022, to September 30, 2023. We're stacking it up against the same period from the previous year, to keep things interesting.
Meet the typical
To understand the differences between generations, channels, and genders, we need to understand the base reference: the everyday Nordic consumer in the retail space in 2023*.
Generational approach to shopping
Generational differences in consumer behavior are shaping the retail industry. It's essential to understand each generation, as varying influences shape their spending habits and priorities.
See below how the report age bracket taps into the different generations.
Gen Z is a digitally native, socially conscious generation that values authenticity and experiences. They shop more often than other age groups. However, they have less money to spend. They typically buy fewer, yet pricier items. Their approach? Value in quality, not quantity.
The Selective Spender
The new nesters
Millennials, typically in their late 20s to 30s, are often navigating career growth, settling into family life, or exploring home ownership. Late millennials in their late 30s are further along in their careers and family situations, buying more items per receipt than younger millennials, potentially because they shop for more people in the household.
Millennials are among the most frequent shoppers, only surpassed by those aged 18-25. Financially, they take the lead, spending almost 8% more per purchase than the average Nordic shopper.
The Value Hunter
Generation X, usually in their 40s to late 50s, often manage multi-person households and juggle family and career priorities. They spend more on each shopping trip than the average Nordic shopper, emphasizing value for money. This means more items per receipt, often shopping for the entire household, reflecting their life stage and responsibilities.
Young baby boomers
These are typically transitioning into retirement or optimizing their later career stages. When it comes to shopping, they visit stores slightly less frequently than the average Nordic shopper and spend slightly less on each purchase. This could be indicative of their preference for value, possibly stemming from managing household needs or preparing for post-retirement life, or just a sign that they already have what they need.
The Stability Seekers
Consumers aged 65 and older, typically in their post-retirement phase, are adapting to new life rhythms and often tighter budgets. Their shopping patterns reflect this. While their shopping frequency aligns with other age groups, they spend 20% less per purchase and buy 10% fewer items. This might hint at their focus on selectivity and value, in tune with their current life stage.
The Seasoned Saver
Men vs. Women’s shopping habits
In exploring the retail landscape, we must pay attention to the different shopping habits of men and women. Let us dive into the data that differentiates their shopping behaviors.
The gender gap in spending
Despite men and women hitting the stores equally frequently, their shopping baskets tell different tales. Men consistently opt for pricier selections, reflected by their average receipt values being a staggering 66% higher than women's. While they do pick up more items — but only 7.5% more than women — it is evident their choices lean towards higher-value products.
Online or in-store?
In the age-old debate of online vs. in-store shopping, both men and women are showing a slight tilt towards online shopping, both in terms of monthly shopping frequency and the amount spent on each purchase, perhaps favoring e-commerce for its convenience and variety.
Despite shared preferences for where they shop, it’s clear that men and women are spending money differently.