Gen Z shoppers helping revive America’s malls with push for in-person experiences

FOX Business correspondent Madison Alworth reports on new data showing Generation Z retail spending outpacing other generations on ‘Varney. Co.’

Gen Z shoppers are helping fuel a new chapter for America’s malls asyounger consumers increasingly favorin-person shopping experiences over simply filling online carts. Their spending habits are becoming a major focus for retailers and mall operators looking to adapt to changing consumer behavior.

FOX Business’ Madison Alworth joined FOX Business’ Stuart Varney on "Varney & Co." to report on how malls are redesigning spaces. adding new experiences aimed at younger shoppers, from social media-friendly dressing rooms to activities like indoor rock climbing walls.

Shoppers at a mall in Glendale, California, U.S.(Kyle Grillot/Bloomberg / Getty Images)

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According to data firm NielsenIQ. Gen Z retail spending is expected to surpass $12 trillion globally by 2030, with growth outpacing every other generation. Data from Circana also found shoppers between 18. 24 years old made 62% of theirgeneral merchandise purchasesin physical stores last year, compared to 52% among consumers 25 and older.

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Those trends come asbroader retail spendinghas remained resilient despite ongoing economic uncertainty. U.S. retail sales rose 0.5% in April from the previous month. climbed 4.9% year over year, according to Commerce Department data released Thursday, showing consumers are still spending even as higher interest rates continue pressuring household budgets.

Macerich Executive Vice President of Asset Management Cory Scott said younger shoppers are increasinglyprioritizing experiences alongside purchases.

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"They value experiences almost more than they value material things. So it's as much about the journey as the shopping. the things that they're taking home with them," Scott said.

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Some Gen Z shoppers told FOX Business malls offer a social connection that online shopping cannot fully replace.

One shopper said, "We grew up during like quarantine… Getting out. hanging out with people was a very big thing we didn't appreciate during that time… As we grow older, we see that we need to be doing these things and it's kind of fun."

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