The survey, which also revealed a generational shift in how these consumers shop for beauty products, represents the first in a series centered around Generation Z and Millennials' attitudes, behaviors and shopping preferences.

"Millennial and Generation Z's use of technology in store, their need to stay connected to friends via social media while they shop, and how they're shopping beauty trends is changing consumer spending patterns. While the latter generation was born with a smartphone in hand, it doesn't keep them from shopping — and even preferring to shop — in brick-and-mortar stores, as long as they have access to their ever-important social network," said Farla Efros, president of HRC Retail Advisory.

To better understand the growing influence of Millennial and Generation Z consumers and the implications for retailers, HRC recently surveyed 1,350 participants in North America on their attitudes, behaviors and influences driving their shopping purchases.

Significant findings of the survey include:

• Magic mirrors & retail apps enhance in-store experiences. Magic mirrors keep consumers connected. When asked if they would use a "Magic Mirror" in dressing rooms to send images through social media, 66 percent of Millennials aged 18 to 34 said they would be at least somewhat likely to use the technology, which is 50 percent more than those aged 35 to 41. In fact, Generation Z and Younger Millennials were found to embrace emerging technologies, particularly if they enhanced a connection with their social network or streamlined the shopping experience.

• Retail apps favored over traditional in-store payments. More than two thirds (68 percent) of Millennials, and 64 percent of Generation Z state that they would likely use a retailer's app to make an in-store payment. And the number of consumers favoring apps over traditional payment methods climbs to 78 percent among Millennials aged 25 to 34.

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