We are now living in the Generation Z era. This generation is a very dynamic one. In fact, this generation is often referred to as the most disruptive generation. Moreover, statistical data shows that they are likely to overtake the earnings of the Millennials by 2031. Therefore, we can well imagine how dynamic this generation is.
But, what exactly is Generation Z? Well, Generation Z is a popular name assigned to the generation of people born between 1995 and 2010. Therefore, at present most of them are in their teens or early 20s. They are the first generation to grow up with access to the Internet and portable digital technology from a young age. Moreover, with the arrival of this generation, the enrollment rate in primary and secondary schools has increased significantly in developing countries.
Therefore, it suggests that this generation of ‘digital natives’ have a greater literacy rate. All these factors together make Generation Z a highly sought-after group for brands and businesses. Read the article to know more about this generation and their response to businesses and brands.
Understanding Generation Z Response to Brands
We already know that people born between 1995 and 2010 are grouped as Generation Z. Therefore, at present their average age will fall somewhere around 10 to early 20s. Their current global population totals around 2 billion. Therefore, the number is quite significant. In fact, in the U.S. they account for around 40% of the total population.
Therefore, it is essential for brands and businesses to understand this generation. Businesses need to understand how this generation responds to various brands and technology. In fact, this will help them to appeal to the taste of this generation. Various surveys have been conducted to this end.
As a result, relevant and ample data are available in this regard. This makes the job of the businesses easier as they can analyse these data, in order to know about the preferences of Generation Z.
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Generation Z Influences on Spending
Recently, on behalf of Rave Reviews, NowSourcing gathered information about Gen Z’s response to brands. The collected data showed that the generation spends money mainly on clothes, books, music, shoes, games, etc. Two more popular areas of expenditure are outings and events.
The study also located the most popular brands among Gen Z. This list includes the likes of Oreo, Amazon, Netflix, Google, Playstation, YouTube, etc. The retail giant Walmart is also on the list. Gen Z also takes a special liking to Doritos and Nintendo. However, a small section of this generation showed loyalty to a particular brand.
A Diverse Generation
Generation Z is also a highly diverse group. 48% of this generation are non-white and 22% have at least one immigrant parent. Moreover, there are a significant number of Gen Z members who identify themselves as belonging to the LGBTQ community.
Even on educational grounds, this generation is highly advanced. In fact, around 57% of recent high school graduates have enrolled themselves in a 2 or 4-year college. Therefore, it can well be understood how diverse a generation is Gen Z.
Values and Ethics
Recent surveys and data show that Generation Z considers that the way in which companies manufacture products can be hugely influenced by the world. The research further suggests that ethical products attract Gen Z the most. In fact, this generation researches the origin of a product before buying it. In addition, a lion’s share of the generation prefers products which promote sustainable and ethical business strategies.
Therefore, businesses need to consider a whole lot of things if they wish to attract Gen Z.
Concluding Lines
Generation Z is now the ruling generation. It has its own way of looking at things. Therefore, if a business wants to grow in a healthy manner, then it needs to do proper research on the needs and demands of Gen Z.
Given the large section of the present population that they form, a large market awaits the businesses. However, it ultimately depends on the businesses whether they take Gen Z into account or not. In fact, this decision is going to be a vital one in the near future.
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