Do You Know Gen Z?
Millennials have been the main focus for marketers in recent years as they were quickly becoming a powerful demographic, population, and economic group. Now Generation Z is contributing to the consumer market, ranging in age from seven to 20 years old. This is the first generation to have lived in a digital world since birth. They experienced the post-9/11 world and a major recession that has caused them to live more cautiously than their Millennial predecessors. Marketers must research and understand Gen Z as their buying power and influence continues to increase. Here are some stats to give a flavor of what Gen Z is really about:
Gen Z is the most ethnically diverse generation in US history (Forbes).
25% of consumer spending is owned by Gen Z and that will grow to 40% within the next decade (Ryan Jenkins).
They have a combined buying power of $43 billion and have an additional $600 billion from family spending (Chamber of Commerce).
57% would rather save their money than spend it. (Forbes).
In a top 10 list of influencers, Jennifer Lawrence was the only traditional movie star Gen Z listed. 63% of them say they prefer to see real people than celebs in ads (Forbes).
67% are interested in narratives and content that have realistic endings and want to be engaged by real people (Deep Focus).
Gen Zers are most likely to turn to friends, family and Google for health info (Vision Critical).
43% said their family influences their purchasing decisions the most followed by friends (35%), friends of friends (23%) and celebrities (10%) (Dan Schawbel).
60% of Gen Zers say they like to share their knowledge with others online (Time).
64% say they contribute to websites because they like learning new things (Time).
Over half of Gen Zers would rather buy clothes, books and electronics online (Dan Schawbel).
Compared to Millennials:
60% of Gen Zers would rather have a cool product than a cool experience vs. 23% of Millennials (Vision Critical).
Gen Zers multitask across at least five screens a day and spend 41% of their time outside of school or work with computers or mobile devices compared to 22% of Millennials 10 years ago (Small Business Trends).
Only 45% of Gen Zers watch cable TV on a television (Vision Critical).
69% of Gen Zers find advertisements are disruptive (Vision Critical).
34% want brands to reach out to them on social media, 33% by email and 28% by online advertisements. (Vision Critical).
Gen Zers are more likely to visit YouTube than any other social site (85%) and would prefer their favorite brands communicate with them there than anywhere else (40%) (Deep Focus).