Summary: A new thing for your C-suite to randomly throw at you: we need Gen Z consumers. Pivot immediately.
Gen Z (ages 7-22) is set to become the biggest consumer group this year. With this stat, brands and investors are salivating at reaching these consumers. Growing up in the age of instant anything and social media, there are broad trends to consider when creating for this generation. Although this article was focused more on investors, these principles are largely applicable to brand marketing planning.
1. Gen Z can be influenced.
Unlike their predecessors, Gen Z grew up in the boom of the internet and social media. In fact, 52% of them say they discover products on social media (compare to 42% for millennials and 25% for Gen X). Because of this, influencers can have a greater impact on this group.
2. Alcohol is not their vice. But, they have others.
This group is wary of alcohol because of next day hangovers which interfere with their mornings and selfies. Beer stocks have taken a hit because of this. Marijuana on the other hand, well, it’s higher (pun intended).
3. What are stores?
With the oldest of the group being barely out of college, grocery shopping isn’t their primary shopping. The trends are going towards online habits for it: 17% of them primarily purchase groceries online (compared to 5% baby boomers and 13% of millennials).
4. Loyalty must be earned
Gen Z want corporations to take a stand on issues with 40% of them saying they would pay more for a product if the company promoted gender quality and even more of them at 42% said they would pay more for a company that took a stance on racial justice initiatives. They are also buying more second-hand clothing than preceding generations (1 in 3 buy used clothing compared to only 1 in 5 millennials or Gen x).
5. Meatless Mondays
They are less likely to eat meat than older generations.
Opinion: Although there is still a growing ways to go for this generation, these are some trends that may come to solid as this group ages. From a marketing standpoint, it’s worth testing out and keeping these habits of their in mind as part of an overall strategy.