LAS VEGAS – Prosper speaker Peter Pernot-Day encouraged attendees to refocus on Gen Z, a demographic that is expected to amass $1.2 trillion in purchasing power by 2030. “Gen Z is shaping a new playbook,” said Pernot-Day, head of Strategic and Corporate Affairs at SHEIN. “The playbook is value-driven, digitally guided, and socially influenced.”
Calling it a global force, Pernot-Day predicted that the purchasing power of Gen Z would overtake that of boomers by 2029. Gen Z’s affinity for social media can be used to extract this wealth.
“The days of having an SEO-optimized shopping experience where great photography and detailed descriptions are the keys to driving traffic are likely over,” he said. “Today what excites shoppers is how your product resonates with them on social media.”
Pernot-Day reports that roughly 43% of commercial activity among Gen Z begins with social media. “If you want to meet customers who are under the age of 30, they are not using Google to find your products,” Pernot-Day warned. “They are using social media platforms. They are using engaging video content to interact with and discover your products…We want to be part of that conversation, so we have aggressively moved into live-streaming.”