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.”
Click the image from FierceRetail to read more.
Thanks for this great post Joel. Especially for the Michael Robinson “Generational Chart” for those who don’t already know. What needs to be said, however, is that with every new up-and-coming generation, we keep having the same discussion. Of course digital and social media have changed everything in recent years, but in the end people are people. They grow up and their basic wants, needs, and financial means change. Which is why A.C. Nielsen, after decades of consumer research, still measures three basic or primary demographic groups for their media ratings and retail sales data … Adults 18-24; A25-49; A50+. And while Nielsen further breaks down its data by gender, race, geographic market, etc., the fundamentals of human nature and society, although always dynamic, remain pretty much the same as they ever were. The really big Marketing challenge now is catching the consumer at the “right place, at the right time” … because that has DEFINITELY changed in many unique and significant ways. Bill Crandall, Founding Partner & CMO, Steadman Crandall Business Development LLC
Thanks for your comment.