Blueprint and m1nd-set announce Gen Z focused workshop at TFWA World Exhibition
Swiss industry research group m1nd-set and Copenhagen-based business development agency Blueprint have announced they will be hosting a Gen Z focused workshop at the TFWA World Exhibition and Conference in Cannes this October.
According to the companies, they will bring vital insights to the global travel retail sector so that the industry – from airports to retailers and brands – benefits from a better understanding of the important consumer segment. They plan to present exclusive and detailed findings from their research at the GenZ RedY Consumer Workshop on October 1 from 2:30pm to 5.30pm at the Majestic Hotel.
“The workshop will provide exceptional insights and facilitate debates on how Gen Z consumers will shape travel retail shopping in the coming years,” said Peter Mohn, owner and CEO at m1nd-set. “Each participant will receive exclusive Gen Z data as part of the package.”
Karl Walter, partner at Blueprint, added, “We already know from our research that Gen Z, those aged between 18 and 24, make up 9% of all travelers. That is, in fact, a smaller share than seniors, Millennials, or the middle-aged. However, we need to get to know this generation because they will outnumber Millennials as the largest global airline passenger group by 2028.”
GenZ RedY research indicates that both Gen Z and Millennials under-shop in duty free, relative to their numbers. This is possibly because they are not finding what they want in the stores.
“Duty free retailers are mainly reliant on the middle-aged segment for sales, but that group will not be dominant in the future,” said Mohn. “And, right now, Gen Z consumers have, by far, the lowest conversion rate of all age groups, which is a significant concern.”
According to GenZ RedY, the top product segments sought out by Gen Zs are food and vitamins, electronics, and chocolate/confectionery, with tobacco also high up the list. “Some traditional duty free categories are not a priority for this segment and we will discuss this at the workshop,” said Mohn.
The workshop will also delve deeper into the desires of Gen Z consumers by segmenting them based on their shopping behavior. Three key segments have been identified: Rational Pre-Planners, Price Sensitive Shopping Lovers, and Local Touch Seekers.
“The shares of these groups have changed since pre-COVID and we will examine the direction of travel when it comes to deciding which segments to focus on,” said Mohn. Another finding is that despite being an overall highly online connected group, Gen Z consumers are far less attentive to duty free shopping touch points, compared to Millennials and the middle-aged. Only seniors have less exposure to those touch points.
The GenZ RedY workshop will round off with a Q&A session debating useful tips and ideas on how the travel retail industry can capitalize on behavior traits and wants of Gen Z shoppers along with their perspectives on sustainability, digitalization and experiential retail.
“We believe this workshop brings the clarity and inspiring insights that the industry needs right now to prepare for this growing, but often misunderstood, group of travelers,” said Walter.
Tickets to the event cost €200 (US$219) and can be bought online until September 25 here.