How Gen Z Relates to Brands
Gen Z is quickly becoming the most impactful consumer group, with them already affecting purchasing patterns in a huge manner, and as days go by this is just going to get bigger.
This is also causing significant changes in the business landscape, such as realigning your marketing strategy around new consumer behaviors and upgrading your checkout process to meet greater eCommerce demand.
You're already lagging if you haven't included these factors in your preparation, and as we approach the next big digital transition, the approaching metaverse, you'll have to place more emphasis on important trends among younger people to optimize your potential.
To help with this, the Rave Reviews team (through Now Sourcing) recently compiled a summary of key Gen Z consumption trends and what they signify for marketing and ad planning.
The infographic includes the following statistics and insights:
Gen Z is already responsible for $143 billion in annual spending, with another $127 billion paid on their behalf by family members.
In comparison to earlier generations, 20% of Gen Z-ers identify as LGBT+, an increase of more than 100 percent, and Gen Z is significantly more racially diverse.
Younger audiences are gradually moving away from social media platforms in favor of interactive apps such as Roblox, Fortnite, and Twitch, which have also become important locations for digital events.
That final statement, yet again, alludes to the impending metaverse shift - as younger audiences who grew up immersed in virtual worlds turn to the next phase, enabling the same on a larger scale and for broader purposes sounds reasonable.
For more info, see the complete infographic below.