For a long time, our identities have orbited around gender and race. At times, these aspects may have defined us more than anything else. But a decade from now, these notions of identity will be less predominant. Nearly, 67% of 18-24-year-olds believe that the traditional concepts of identity such as age, gender, and race will be obsolete by 2030. (1) The shift from these identity markers towards individual ones will pave the way for new forms of belonging throughout the 2020s.
This transition will redefine the notion of ‘identity’ for consumers and for brands. To win over Gen Z consumers, retail brands will need to think fast and think ahead. Getting rid of the gender dichotomy from retail outlets and products they market can be the first step in this direction. Gender-neutral brands like Les Girls Les Boys and Tomboy X are already one-step ahead. They already market their products to all and have no conventional gender labels.
There’s certainly more retailers can do to woo their consumers. As Gen Zers root for purpose-driven brands, retailers can take concrete actions to support the causes they believe in. For instance, if they believe in doing social good, they should walk the talk, and get involved in causes that represent their beliefs, to gain consumer trust.
For instance, Leret Leret, a luxury and sustainable knitwear brand, supports The Loveland Foundation by donating 25% of its sales to the Therapy Fund for black women and girls seeking mental health support. (2) Examples such as these should motivate other brands to follow suit, as it will help them build credibility among consumers and pull through the cut-throat competition that may present itself in the unforeseen future.
Around 70% of people today believe that the concept of identity will be more diverse by 2030. (3) Consumer expectations will include personalization, social good, and more. In addition to this, a broader number of interactions between retailers and consumers will occur in virtual and Web 3.0 enabled environments where consumer identities will be manifested through avatars. Retailers should consider developing a Web 3.0 roadmap and experiment with crypto-based payments and branded environments built within open world gaming platforms.
To learn more about how retailers can engage with consumers in the next decade, download our full report here.
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