Nearly half of Gen Z teens are online for 10 hours each day. As this technology-centered generation begins to step into the professional workforce, their importance as global consumers grows. In fact, Gen Z’s income will grow to over $2 trillion by 2031, surpassing the income of millennials.
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Accounting for roughly 2 billion people worldwide, Gen Zers are set to be the highest-paid and best-educated generation on the planet. As they take higher-paying jobs, the disposable income of Gen Z will increase and businesses will look to them as a target audience. It is clear that Generation Z will soon be the most important age group of consumers, but how will this affect the global market?
Currently, around half of Gen Zers get their news primarily from social media, and two out of three are interested in making a purchase through a social media platform. As such, brands who want a direct connection to Gen Z consumers should do so through the digital world. For example, Gen Z’s current top three brands (Google, Netflix, and YouTube) are all technology companies with a strong online presence.
But there are more important things to Gen Z than just a good social media account. Young consumers are increasingly interested in business accountability and will adjust their purchasing habits based on a business’ practices. Gen Z will support brands that emphasize inclusivity and sustainability in their company.
As the upcoming Gen Zers begins to move into higher-paying jobs, businesses will try to grab this new and important generation of consumers. In the same way that Gen Z consumers search for brands that resonate with them, businesses will begin finding shared values with this demographic of consumers and connect with them online. To learn more information about this shift in the global marketplace, check out the infographic below.
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