Understanding Generation Z
While Millennials are still regarded as the most powerful age group by many, Generation Z has started moving into the consumer spotlight and mind you, they have their own set of preferences which significantly influence consumption patterns. Generation Z is a distinctive demographic whose importance is on the rise. This is after all the generation that has grown up with digital technology.
Understanding Gen Z
Keep in mind the reasons Gen Z is so powerful
As many as 98% of all Generation Zers worldwide own a smartphone, the GlobalWebIndex report confirms. Generation Z technology and social interest data reveals that 96% of this age group living in North America have phones. Gen Z statistics meanwhile show that only 52% consider them the most important device, while in the Middle East and Africa where 99% of Gen Zers own smartphones, 79% say it’s their #1 device to access the internet.
According to recent statistics about generation Z, this demographic cohort accounted for as much as 40% of US consumers in 2020. While it remains to be seen if this trend will continue throughout 2021, data conclusively shows that targeting post-millennials will be essential for the business success of any marketer. Plus, market surveys reveal that they currently command $143 billion in purchase power.
More than 70% of surveyed individuals from this age cohort say that they influence their family’s purchasing decisions. So, Generation X abides by the wishes of their kids and buys the recommended products frequently. It seems like Gen Zers know what’s best and cool, and their parents are inclined to listen.
4. This age group highly values positive work environments. The majority of Gen Zers (88%) see diversity as a major factor in a job. Not only marketers but employers too should focus on inclusivity if they want to tap this future major workforce source.
5. Generation Z statistics reveal that young people really care about having good health insurance with 70% naming it number one on their list of top three “must haves” when scouting for a job. Competitive salary is appreciated by 63% and is the second most important matter when applying for a job position while the third requirement, according to 61%, is a boss they respect and can rely on.