They may be young, but those who fall within Gen Z are a force to be reckoned with. Born between 1995 and 2012, Gen Z consumers are a financial powerhouse – even though half of this generation has yet to enter the job market.
According to Forbes, this generation has incredible buying power – with an estimated 40% of all consumer shopping being attributed to them.
While their shopping behaviours have continued to help redefine the way retailers operate, the pandemic cemented their value as a generation of consumers steadfast on transforming the economy – demonstrating serious influence and buying power.
More importantly, in the wake of the global shutdown to reduce the spread of Covid-19, Gen Z consumers are prioritising spending on local businesses, high-quality goods and sustainability.
While the pandemic ushered in a new era of omnichannel shopping for many, Gen Z consumers are digital natives and have always been able to navigate eCommerce with ease and power, quickly finding any information necessary to shape their opinions independently.
But, this year, their expectations are a lot higher:
Before changing your marketing strategy to target these consumers, it’s important to understand that they are a lot more selective than previous generations about the brands that they support or the products and services that they spend money on