Gen Z shows big love for small biz
Friends taking selfie in thrift store. Credit: Getty Images/Image Source/RUSS ROHDE
Where are young consumers finding a fun alternative to social media this holiday season? In the social medium of getting together with friends and shopping in quirky stores and eating in locally owned restaurants.
The National Retail Federation says Gen Z consumers ages 18-24, while they remain heavy online shoppers, are also the group most likely to visit neighborhood thrift and resale shops because of their “desire to save money and be more sustainable.”
And a study from American Express found young consumers are discovering local stores and restaurants not by putting fingers on a keyboard but by putting feet on the ground. Amex says 90% of Gen Z and millennial shoppers visited independently owned businesses and restaurants they found while walking around their community.
Analysts: Apple lags in phone growth
Worldwide smartphone sales will grow about 6.2% this year, but Apple’s iPhones will see only modest growth of 0.4%, according to data analyst IDC. Android is expected to register a 7.6% growth, powered by sales of low-end devices in Latin America, Africa and China. But IDC predicts Apple will rebound in 2025, when its growth is expected to nearly double Android devices.
Amazon has rolled out a new service where shoppers can look for, finance and order a car online from local dealers. Credit: Amazon
Auto motive
Want to buy a car but don’t want to haggle with the dealer? Or even visit the dealer? Now you can. Amazon has rolled out a new service where shoppers can look for, finance and order a car online from local dealers. Amazon says the service offers “transparent, haggle-free pricing.” For now, Amazon is partnering only with Hyundai but expects to expand the service to other carmakers.
Netflix ad-tier users double
Netflix said more than 50% of new subscribers are opting for its ad-supported plan, a less-expensive alternative to its regular subscription plans and a tactic that has produced steady growth. Netflix said 70 million viewers are watching its shows with advertising every month, nearly double the total from May. It finished the third quarter with a total of 282.7 million subscribers. — BLOOMBERG NEWS
