Purchase decisions of Gen-Z and Gen-Y: comparative analysis

Abstract

Satisfying customers’ purchase intentions has always been one of the most crucial criteria for a company/producer/seller to build trusting relationships with the potential buyers. The lack of awareness about the exact reasons for a customer to prefer one product of one producer to the similar product of another producer, can be extremely damaging for business owners in the modern world of a practically limitless range of products. The purchase intention of a customer depends on a variety of factors and the comprehension of these factors by a seller, who in turn, is responsible for the satisfactory income and revenue of the brand. Because of Gen-Z as well as Gen-Y being the most widely reachable audience for brands due to their active use of the Internet, it is particularly important for a brand to focus on purchase decisions of these generations’ customers. Moreover, analysing the differences of their purchasing approach is able to provide a company with the essential information to increase amount of sales among both of the most solvent age groups.