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).