At a certain point in time, companies and organizations were carrying out studies and research on how fascinating the millennial generation was. Some businesses strived hard to earn the loyalty of millennials, and of course, their highly influential powers. Also, it was a large percentage of the population during the study of millennials. Now millennials are no longer the target, welcome Gen Z.
The focus is currently on the latest generation known as the Gen Z-ers or Generation Z. After all, they already account for 30% of the global population.
Gen Z is now the biggest consumer cohort in the United States, accounting for $143 billion in the United States. In China, they are the generation most willing to spend. An average Chinese Gen Z spends $7,000 a year on luxury goods and technology even before they turn 21.
Furthermore, close to 90% percent of today’s parents believe that their children are influencing household spending, and now it is time for brands to invest in an in-depth understanding of this large impact generation.
Research on generation z suggests that their buying power revolves around certain factors. These factors include:
Also, as stated in the previous point, they depend on reviews online and opinions of the online communities to determine any purchase they make. Note that they have the voice and platforms to be heard.
They are all about seeing the realness in marketing, and this includes proof plus a culture to back up their claims of company values.
They go for smaller groups of close-knit followers and not searching for a large following.
To Wrap It Up
Gen Z is already one of the most powerful consumer population in the world. In terms of spending, they have already topped the millennials. With their power and willingness to spend, companies should pay more attention and cater to Gen Z's desire.
We all must have heard about the latest generation of humans that are being termed “Generation Z”. They call themselves the second-best generation as they are fond of sharing all of their issues and experiences with the world. Afterall, they are the most diverse generation in the history of the United States.
However, some of us are lost on what exactly the Gen Z culture entails. So many people believe that they know what Gen Z consists of but we will have to set the stereotypes aside that they are the streaming generation. There have been times where Gen Z freelancers come in and it is hard for us to have a real conversation because the daypasser was too busy streaming during lunch time and it is almost impossible to get them to get off the screen.
Research carried out suggests that most of the Gen Z-ers define themselves as:
Cultural Traits Of Gen Z
Some of the defining cultural traits of generation Z include:
Most times, they address their feelings through music and have a playlist of what we can term “sad songs”. Little wonder “in my feelings” by Drake was a huge hit.
With the research carried out, it was brought to light that so many Gen Z-ers are friends with a person or two online from so many other countries.
They believe that everyone has the strength to break through social media barriers and become great influencers. With the Gen Z-ers, the more relatable an individual is, the more influence and trust he or she can engender.
Searching through the charts, it is noticeable that the sort of podcasts that mix politics and lifestyle is what is ranked on top. Greta is the perfect example of this, she is a Gen Z who was angrier than ever about climate change.
To Wrap It Up
Gen Z-ers are not just all about the technology. They are trying to bring changes in the world that no previous generation has never seen or brought before. They are cutting through music, politics, and even venturing into workplaces to bring about change.
Even if they tend to be obsessed with their streaming services and phone screens, they also value audio as they see it as an escape from a visual simulation.