NATIONAL JEWELER 15 Many of those looking to doom scroll and make impulse purchases find themselves on TikTok, and, inevitably, the TikTok Shop. Impulse shopping is a huge part of Gen Z behavior because of social media inspiration, said Bliss. According to data presented during the panel at the NRF show, TikTok Shop sales were up about 23 percent year-over-year this past holiday season, and more than half (55 percent) of the store’s customers are between ages 18 and 24. While Boyle, 26, has not bought anything through the TikTok Shop, Inge, 23, has made a few purchases, including dresses and makeup. It’s the seamless connection between inspiration and purchase that makes it so popular, Bliss said. Shoppers are scrolling in their feed, see the product being advertised by brands or influencers, and then they can buy it right in the app. Bellman, the New England jeweler, grew his family business through the popularity of his “The Truthful Jeweler” education channel on TikTok, opening a second store and increasing his employee count from six to more than 20. TikTok has been a powerful growth driver for his business, he says, with strong traffic from TikTok to the retailer’s website. He says he brought his second “I don’t think Gen Z people are buying from a fine jewelry store quite yet, but I do think Gen Z is spending more money on cheaper things, more and more excess,” she says. “At other stores, like Zara or H&M, they think that they’re saving money and they can get more for their buck. They won’t save up as much to shop at a fine jewelry store.” Bliss noted that Gen Z consumers who are better off financially are not necessarily im- mune to these feelings. “That mindset is really shaped by the culture as opposed to [what is] within their specific wallets,” she said. If this mindset feels dramatic or overly pessi- mistic, it’s important to note that several major events, from a financial crisis to a pandemic to tariffs and significant inflation, have all happened in their relatively short lifetimes, said Bliss. “It’s all happened as they’ve been aging up into their financial independence,” she said. “So, you can’t blame them for thinking things aren’t going to be great next year either, be- cause looking in the rear-view mirror, they’ve really run through the gamut at young ages.” Most Gen Z shoppers said they have “doom spent” to make them- selves feel better about the state of the world, as per YPulse data. “All these things intertwine for them. They’re doom-scrolling, then they see something in their feed, then they impulse buy to feel better,” Bliss said. When you combine low funds with impulse buys, you get what’s known as “little treat culture,” a term used to describe the practice of getting yourself a little something nice, like a coffee or an accessory. Those who partake in the practice feel like they deserve a pick-me- up, particularly in light of world events, personal struggles, or both. It’s an old joke by now that millennials would own a home if they just stopped buying coffee and avocado toast. When that math didn’t quite add up, there was little stopping the next generation from treating themselves. Retail insight company Acosta Group noted the trend of consumers splurging even as they pull back on discretionary spending. “Brands and retailers must respond by creating opportunities for small, satisfying splurges,” said Kathy Risch, Acosta Group’s senior vice presi- dent of shopper insights and thought leadership. “By delivering special experiences through quality, uniqueness, and indulgence, brands and retailers can tap into consumers’ desire for ‘little luxuries.’” What constitutes a “little luxury” depends on one’s budget. Inge says she enjoys buying a coffee to start off her day, but a jewelry purchase also fits the bill now and then. “Working in a jewelry store, it’s very easy to say, ‘Oh that’s not that much, I could get that.’ I do buy a lot of jewelry. Even though it’s not a super little treat, I can kind of convince myself that it is,” she says. “By delivering special experiences, brands and retailers can tap into consumers’ desire for ‘little luxuries.’” —KATHY RISCH, ACOSTA GROUP 4 The TikTok Shop is taking off.
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