Gen Z: screenagers, digital natives, meme-obsessed, entrepreneurs–welcome to the world’s next biggest cohort. As a Millennial, I’m more than happy (and relieved) to have another generation moving up in the world–not just in influence but in spending power. By 2020 (NEXT YEAR), Generation Z will make up 40% of the US population and with their rise to power, comes great responsibility on the part of brands that want to survive.
Gen Z’s Incredible Spending Power
Gen Z isn’t just a bunch of kids glued to their cell phones–they’re actually savvy, bargain shoppers who are willing to invest in brands and products they truly believe in. In fact, Gen Z spends about $44 billion a year on themselves and influence another $600 billion of spending in others. Yep. You read that right–Generation Z is a spending power that can’t be ignored.
Gen Z-ers are cold-blooded killers
Like their Millennial predecessors, Gen Z is also more than willing to “kill” brands and businesses that don’t align with their ideals. In just one short year (2020), Gen Z will make up 40% of US consumers and brands that don’t understand their needs and their points of view will go the way of the dinosaur, kind of like cable TV and Applebee’s (too soon?).
Gen Z’s attention span is short
Like, 8 seconds short–which is shorter than a goldfish’s attention span. BUT, don’t mistake this as a reflection on their intelligence and cognitive ability. Think about this: Gen Z is the first generation to be true digital natives–they’ve never known a world without smartphones or social media. They’re growing up on YouTube and Instagram and as a result, their brains work differently. It takes them much less time to asses a brand or a campaign than it does us elderly Millennials and so your brand has EVEN LESS TIME to make a good first impression–because once Gen Z bounces, they don’t come back.
Harnessing the power of Gen Z for your business
So, how do you control Gen Z and make them brand ambassadors? The answer is: you don’t. Gen Z is savvy, educated, and careful with their money. Having watched Millenials struggle to pay for school, mired in debt so they can get through our 20s, Gen Z is not looking to repeat their siblings’ mistakes. As a brand, you need to understand who they are, what they care about, and how your brand serves a purpose in their lives.
Sounds easy? No, it doesn’t. Are you crazy?!?!
LUCKILY, the marketing gurus here at Envision Creative created THE definitive guide to help your business understand Gen Z and navigate their world. Check out our free Gen Z-book and learn how to survive and thrive in our brave new world. (Psst: learn to love yellow).