Marketers have been so focused on millennials, but a new generation is coming of age and will soon comprise 40% of all consumers. The growing ranks of Gen Z, people born in the mid to late 90s, should cause brands to sit up and take notice.
Generation Z — aka Gen Z, iGen, post-millennials, or plurals — will be remarkably different than the millennials that precede it. At roughly 25% of the population, half of this age group has a minority status, making multiracial children the fastest growing youth group in the U.S. today. Collectively, Gen Z already wields $44 billion in purchasing power, and they make up the largest demographic among TV-watching households.
Marketers must prepare to shift strategies based on this demographic’s preferences, which will dictate the media and marketing landscape in just a few years. Data on preferences and behaviour are key guides in doing so.
Here are six of the profound ways that marketing will have to adapt for brands to meet the needs of this large and uniquely diverse demographic.