As years roll by, it is no surprise that Gen Z marches ahead. According to Wikipedia, “Generation Z refers to the cohort of people born after the Millennial Generation. There is no agreement on the name or exact range of birth dates. Some sources start this generation at the mid or late 1990s. Or from the mid 2000s to the present day.” To simply things, Michael T. Robinson of CareerPlanner.com devised this generational chart.
The Millennials generation currently drives the marketplace. But as they get older in the next few years, Gen Z will be a big target market. Already, the oldest Gen Zers are 23 years of age. Thus, they require more marketers’ strategic attention than before.
Gen Z Marches Ahead
Thus we need to consider the following.
FierceRetail reports that: “Generation Z is expected to account for 40% of all consumers in just two short years.”
A Generation Z study from MNI Targeted Media Inc.finds that: “By 2020, they will account for 40 percent of all consumers.They influence nearly $4 billion in discretionary spending.Over 50% state that knowing a brand is socially conscious influences purchase decisions.56 percent consider themselves to be socially conscious.83 percent turn to newspapers for trusted information and content, and 34 percent turn to magazines.Gen Z uses streaming audio (4.8 hrs./week), social media (4.6 hrs./week), streaming video (4.2 hrs./week), Web sites (4.2 hrs./week), and magazines (1 hr./week). Streaming video (55 percent), newspapers (44 percent), digital video (42 percent), and magazines (34 percent) are the types of media respondents use without interruption most often.47 percent intentionally put their phones away at least once a day.48 percent agree that advertising helps them learn about new products.47 percent appreciate relevant ads and 44 percent expect ads to be relevant to them.”
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