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| Students of College of Design at Hanyang University ERICA pose during an award ceremony for a research project held by GS Retail at its headquarters in Seoul, on Dec. 22, 2022. Courtesy of GS Retail |
By Kim Jae-heun
Local retailers are making various efforts to win the hearts of Generation Z consumers, or people born from 1997 onward, according to company officials Sunday. The companies seek to refocus their marketing strategies to target the group, which is leading the latest consumer trends.
Many retailers, such as GS Retail and Lotte Mart, are seeking collaborations with university students.
GS Retail recently conducted a research project with students at the College of Design at Hanyang University ERICA campus for two months from last November. Teams of young participants gave their ideas on the topic of ice pouch beverage packaging.
The company carried out such project to collect unique and fresh ideas from trend-sensitive Gen Z designers, while establishing lines of communication with them. Students did not stop at only suggesting a simple pouch design, but went further by suggesting the integration of marketing strategies utilizing web novels and virtual worlds, which are popular among those in their 20s.
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| A college student explains his marketing idea during the "Gen Z Round Table" discussion held at Lotte Mart's headquarters in Seoul, on Dec. 22, 2022. Courtesy of Lotte Mart |
Lotte Mart is also running the first "Gen Z Round Table" (ZRT) project, a college student think tank program, to gather consumer insights from young customers. Its goal is to discuss marketing plans for future retail trends together with college students based on the opinion that "Gen Z knows Gen Z's tastes and preferences the best." Officially commencing this month, young participants in this project will visit Lotte Mart's headquarters in Jamsil and Retail Academy office in Yeoungdeungpo, both in Seoul, and share their ideas with working-level officials until March.
The retail companies are going all out to embrace Gen Z consumers, because they account for 17.5 percent of the country's 52 million population. They will soon become the main consumer group and targeting them is the easiest way to follow the latest trends.
Gen Z are digitally savvy and display completely different traits than the previous generation. They are intimately familiar with social media platforms such as TikTok, Instagram and Twitter. They are at the forefront of trends in digital content creation on these platforms.
"Retailers want to become a company that Gen Z wants to work at. It is many companies' goal to capture their hearts, which is important in increasing their corporate value," a local retail firm official said.
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