You might have some customers who’ve been with you for decades. (If so, good job!) But for continued growth, your business needs to attract new, younger clients too. Check out the latest issue of Floral Management for compelling reasons to chase millennial and Gen Z shoppers — and tips to do so.
“The U.S. is about to experience the largest wealth transfer ever,” says Melinda Knuth, Ph.D., a consumer and market researcher at North Carolina State University and the Young Professional Council Advisor to the American Floral Endowment’s board. RBC Wealth Management, a financial management agency, anticipates baby boomers to transfer $150 billion to their children and grandchildren by 2026.
“Want to tap into that wealth? Get to know those younger generations,” Knuth says. “They are plant parents. They are TikTokers. They shop online and like quick delivery. Tailor your business to appeal to those characteristics.”
Knuth recommends getting on TikTok pronto. “Data I collected last year indicates that younger consumers are more likely to follow growers and retailers online, engage with them, and buy from them,” she says, adding that social media can help form personal relationships that lead to lifelong flower buying.
Totally intimidated by TikTok? Click here for pointers from your fellow florists. Hint: unboxing videos can be a great starting point.
For more insight from Knuth’s research, check out “Set Your Expectations to Fuel Growth” in the January/February issue of Floral Management.
Katie Vincent is the senior contributing editor for the Society of American Florists.